Sun Pharma to acquire Checkpoint Therapeutics for US$355M

INDIA—Sun Pharmaceutical Industries Limited has announced its plans to acquire Checkpoint Therapeutics, Inc., a Nasdaq-listed company specializing in immunotherapy and targeted oncology treatments.

The acquisition, valued at US$355 million, is part of Sun Pharma’s strategy to expand its oncology and immunotherapy portfolio.

Checkpoint is renowned for developing innovative treatments for solid tumor cancers.

The company has received U.S. FDA approval for UNLOXCYT™ (cosibelimab-ipdl), which is a treatment for adults with metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) who are not candidates for curative surgery or radiation therapy.

According to the agreement, Sun Pharma will acquire all outstanding shares of Checkpoint. Shareholders will receive an upfront cash payment of US$4.10 per share, representing a 66% premium over Checkpoint’s closing price on March 7, 2025.

Additionally, they may receive up to US$0.70 per share through a non-transferable contingent value right (CVR) if cosibelimab gains regulatory approval in the European Union or key European countries by specific deadlines.

The deal also includes a royalty agreement with Fortress Biotech, Checkpoint’s controlling shareholder.

Under this arrangement, Fortress will receive royalties based on future sales of cosibelimab rather than the previously agreed royalty rights.

This acquisition is expected to close in the second quarter of 2025, subject to regulatory approvals and shareholder consent.

Dilip Shanghvi, Chairman and Managing Director of Sun Pharma, expressed enthusiasm about the deal.

He noted that the fusion of UNLOXCYT, a treatment already approved by the FDA, with Sun Pharma’s vast international presence could soon provide patients with cSCC a vital treatment option.

Shanghvi added that this acquisition significantly strengthens Sun Pharma’s innovative portfolio in onco-derm therapy.

James Oliviero, Checkpoint’s president and CEO, also expressed optimism about the transaction.

He praised the team’s dedication to developing the first FDA-approved anti-PD-L1 treatment for advanced cSCC.

Oliviero believes that joining forces with Sun Pharma will not only maximize value for Checkpoint’s shareholders but also accelerate access to UNLOXCYT in the United States, Europe, and beyond, ultimately benefiting patients worldwide.

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