India-based Sun Pharmaceutical Industries Limited (NSE: SUNPHARMA) announced plans to acquire all outstanding shares of US-headquartered Checkpoint Therapeutics (NASDAQ: CKPT) for USD4.1 per share, totaling USD355 million. As part of the deal, Checkpoint shareholders will receive a contingent value right (CVR) entitling them to up to USD0.70 per share, contingent on specific milestones. The transaction is expected to close in the second quarter of 2025.
Acquisition Details
Sun Pharma’s acquisition of Checkpoint Therapeutics underscores its commitment to expanding its oncology portfolio. Checkpoint Therapeutics, focused on cancer immunotherapy and targeted oncology treatments, received FDA approval late last year for its Uloxcyt (cosibelimab), a PD-L1 blocking antibody for adults with metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) who are not candidates for curative surgery or radiation.
Checkpoint Therapeutics’ Financials
Checkpoint Therapeutics reported USD40,000 in revenues, a USD27.3 million net loss, and USD19.3 million in R&D expenditure in its financial report for the first three quarters of 2024. As of September 30, 2024, the company’s cash balance was USD4.7 million. This acquisition by Sun Pharma is poised to provide Checkpoint with the resources needed to further develop its pipeline and enhance its commercial reach.-Fineline Info & Tech
Leave a Reply