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Sun Pharmaceuticals announced that it will acquire Checkpoint Therapeutics, a company specializing in immunotherapy and targeted oncology
Sun Pharma Shares Today
Sun Pharmaceuticals announced on Monday that it will acquire Checkpoint Therapeutics, a company specializing in immunotherapy and targeted oncology, for $355 million. The deal is expected to be finalized in the second quarter of 2025.
Shares of Sun Pharma were trading 2 per cent higher on Monday, early morning trade.
Checkpoint Therapeutics, a Nasdaq-listed company, is focused on developing innovative treatments for solid tumor cancers. It holds FDA approval for its drug, UNLOXCYT (cosibelimab-ipdl), which is used to treat adults with metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC who are not candidates for curative surgery or radiation.
Dilip Shanghvi, Chairman & Managing Director of Sun Pharma, commented, “By combining UNLOXCYT, an FDA-approved anti-PD-L1 treatment for advanced cSCC, with Sun Pharma’s global reach, we can offer a crucial new treatment option for patients. This acquisition further strengthens our portfolio in onco-dermatology therapy.”
James Oliviero, President and CEO of Checkpoint, stated, “I’m incredibly proud of our team’s dedication, which led to the development of the first and only FDA-approved anti-PD-L1 treatment for advanced cSCC. We are excited about this transaction with Sun Pharma, which will help expand access to UNLOXCYT for patients in need of a differentiated immunotherapy treatment.”
He further added, “Sun Pharma shares Checkpoint’s commitment to improving the lives of skin cancer patients. This deal will provide significant value for our shareholders and ensure faster access to UNLOXCYT across the U.S., Europe, and other global markets.”
As part of the acquisition, Sun Pharma will purchase all outstanding shares of Checkpoint. Shareholders of Checkpoint will receive an upfront cash payment of $4.10 per share, along with a contingent value right (CVR) that could entitle them to an additional $0.70 per share, contingent upon future milestones.
