Sun Pharmaceuticals announced its plan to acquire Checkpoint Therapeutics, a company specializing in immunotherapy and targeted oncology, for $355 million on Monday. The deal will close in the second quarter of 2025.
Checkpoint, a Nasdaq-listed company, is focused on developing innovative treatments for solid tumour cancers. It holds FDA approval for UNLOXCYT (cosibelimab-ipdl), a drug used to treat adults with metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) who are not eligible for curative surgery or radiation.
Dilip Shanghvi, Chairman & Managing Director of Sun Pharmaceuticals, said, “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. The acquisition further bolsters our innovative portfolio in onco-derm therapy.”
“I am proud of the dedication and passion of our team at Checkpoint that allowed us to achieve the first and only FDA-approved anti-PD-L1 treatment for patients with advanced cSCC, and we are excited to enter this transaction with Sun Pharma as the next step to bringing UNLOXCYT to cSCC patients in need of a differentiated immunotherapy treatment option,” said James Oliviero, President and Chief Executive Officer of Checkpoint.
“Sun Pharma is aligned with Checkpoint’s commitment to improving the lives of skin cancer patients. I believe this transaction will maximize value for our stockholders and provide accelerated access to UNLOXCYT in the United States, Europe and other markets worldwide,” he added.
Once the transaction is finalized, Sun Pharma will purchase all outstanding shares of Checkpoint. Checkpoint stockholders will receive an immediate cash payment of $4.10 per share, without interest, along with a non-transferable contingent value right (CVR), which could provide them with an additional $0.70 in cash, without interest.
