Sun Pharma to acquire Checkpoint Therapeutics for $355m

Sun Pharmaceutical Industries announced it will acquire Checkpoint Therapeutics for an upfront cash payment of $4.10 per share, or up to $355 million, to expand its oncology portfolio. The acquisition will add UNLOXCYT™ (cosibelimab-ipdl), Checkpoint's FDA-approved anti-PD-L1 treatment for metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC), to Sun Pharma’s global onco-derm franchise. Checkpoint stockholders will also receive a contingent value right of up to $0.70 per share upon achieving a milestone. The transaction is subject to Checkpoint stockholder approval and customary closing conditions and is expected to close in the second calendar quarter of 2025. Checkpoint reported revenue of $0.1 million for 2023.