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.
The cash consideration of $4.10 per share, represents a premium of almost 66% from the stock’s last close.
Checkpoint Therapeutics is a commercial-stage immunotherapy and targeted oncology company focused on developing and commercializing novel treatments for solid tumor cancers. Its portfolio includes the FDA-approved UNLOXCYT (cosibelimab) for advanced cSCC and investigational therapies like olafertinib for EGFR-mutant non-small cell lung cancer.
Sun Pharma is a global specialty generics company and India’s largest pharmaceutical firm, with a strong presence in generics, specialty medicines, and consumer healthcare. It operates in over 100 countries, focusing on high-growth therapeutic areas like dermatology, ophthalmology, and oncology.
The acquisition, expected to close in the second quarter of 2025, will expand Sun Pharma’s global portfolio with UNLOXCYT, a U.S. FDA-approved treatment for advanced skin cancer.
“Combining UNLOXCYT, an FDA-approved anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma, with Sun Pharma’s global presence means patients with cSCC may soon have access to an important, new treatment option,” said Dilip Shanghvi, Chairman of Sun Pharma.
Under the agreement, Checkpoint’s controlling shareholder, Fortress Biotech (FBIO), will receive royalty payments on cosibelimab’s future sales for a specified period.
Checkpoint was advised by Locust Walk and Kroll on financial matters, with legal counsel from Cooley, Morris Nichols Arsht & Tunnell, and Alston & Bird. Sun Pharma received legal advice from Barack Ferrazzano Kirschbaum & Nagelberg and Allen Overy Shearman Sterling US.
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Editor’s Note: Baranjot Kaur contributed to this article