India’s Sun Pharmaceutical Industries Limited entered a merger agreement on March 9, 2025, to acquire U.S.-based immunotherapy and targeted oncology company Checkpoint Therapeutics, Inc. (CKPT) in a deal valued at $355 million.
Under the terms of the agreement, Sun Pharma will acquire all outstanding shares of Checkpoint, with Checkpoint stockholders receiving an upfront cash payment of $4.10 per share. Additionally, stockholders will receive a non-transferable contingent value right (CVR), granting them up to an extra $0.70 per share if cosibelimab secures approval within specified deadlines in the European Union under the centralized approval process or in Germany, France, Italy, Spain, or the United Kingdom, under the terms of the contingent value rights agreement.