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Sun Pharma is set to acquire Checkpoint Therapeutics, a Nasdaq-listed oncology and immunotherapy company for USD 355 million. This acquisition will strengthen Sun Pharma's specialty portfolio and include UNLOXCYT, an FDA-approved treatment for advanced skin cancer. Sun Pharma's CMD, Dilip Shanghvi, stated that this move would expand patient access to critical oncology therapies. James Oliviero, the CEO of Checkpoint, emphasized the deal's benefits for shareholders and how it will help UNLOXCYT expand its market reach. Upon completion, Sun Pharma will acquire all Checkpoint shares, with stockholders receiving USD 4.1 per share. The deal is expected to close in Q2 2025, subject to approvals, and includes a royalty agreement with Fortress Biotech.
Sun Pharma, India's largest pharmaceutical company, is set to acquire Nasdaq-listed Checkpoint Therapeutics, a firm specializing in immunotherapy and targeted oncology, for USD 355 million (over INR 3,000 crore). This strategic acquisition will enhance Sun Pharma's specialty portfolio, particularly in the oncology segment. Advertisement
Checkpoint Therapeutics, a commercial-stage company, focuses on developing innovative treatments for solid tumor cancers. As part of the acquisition, Sun Pharma will gain ownership of UNLOXCYT, an FDA-approved therapy for advanced skin cancer. According to a company statement, this move aligns with Sun Pharma's efforts to expand its presence in the onco-dermatology sector.
Incorporating UNLOXCYT, an FDA-approved anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma, with Sun Pharma's global network would give patients greater access to this vital treatment, said Dilip Shanghvi, Chairman and Managing Director of Sun Pharma. He also emphasized that the acquisition reinforces the company's innovative pipeline in oncology-focused dermatology therapies.
Upon finalization, Sun Pharma will acquire all outstanding shares of Checkpoint, with stockholders receiving an upfront cash payment of USD 4.1 per share. The transaction remains subject to regulatory and shareholder approvals and is anticipated to be completed in the second quarter of 2025.
Additionally, Checkpoint, Sun Pharma, and Fortress Biotech-Checkpoint's controlling stockholder-have entered into a royalty agreement. Under this arrangement, Fortress will receive royalty payments based on future sales of cosibelimab, replacing its previously granted royalty rights after the transaction is concluded.
Sun Pharma's acquisition of Checkpoint Therapeutics marks a significant step in expanding its presence in the oncology space, particularly in onco-dermatology. By incorporating FDA-approved UNLOXCYT into its portfolio, Sun Pharma aims to enhance treatment accessibility for patients with advanced skin cancer globally. The transaction, pending regulatory and shareholder approvals, underscores Sun Pharma's strategic growth in specialty pharmaceuticals. Additionally, the royalty agreement with Fortress Biotech ensures continued financial incentives linked to cosibelimab's future sales. As the deal progresses, it is expected to further solidify Sun Pharma's footprint in the global oncology market.
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