Sun Pharma plans $355 million acquisition of Checkpoint Therapeutics

Sun Pharma, India's largest drugmaker, is acquiring Checkpoint Therapeutics, a Nasdaq-listed oncology firm, for $355 million to enhance its specialty therapy portfolio. The deal includes UNLOXCYT, an FDA-approved treatment for advanced skin cancer, which will potentially improve patient access to this therapy in the U.S. and Europe. Shareholders of Checkpoint will receive $4.10 per share upfront, representing a 66% premium over its previous closing price, along with a contingent payment of up to $0.70 per share based on future approvals. The transaction is expected to close in Q2 2025, pending shareholder and regulatory approvals. This acquisition marks Sun Pharma's second significant purchase in under three months, reflecting its strategy to expand in the oncology sector. Fortress Biotech, Checkpoint's controlling stockholder, will also receive royalties on future sales of cosibelimab following the transaction's completion.