India's Sun Pharmaceutical Industries said on Monday it will acquire Checkpoint Therapeutics, a U.S.-based immunotherapy and targeted oncology company, for $355 million.
The deal is in line with Sun Pharma's active push in recent years to expand its oncology and immunotherapy portfolio through several acquisitions and collaborations. Last year, it signed a licensing agreement with Italian-Swiss firm Philogen for its anti-cancer drug Fibromun.
Monday's transaction, which is expected to be completed in the second quarter of 2025, will add UNLOXCYT, a U.S. FDA-approved treatment for advanced skin cancer, to Sun Pharma's global franchise.
The deal will be made through an upfront cash payment of $4.10 per common share, a premium of about 66% to Checkpoint's last close on Friday, the Indian pharma company said in an exchange filing.
Checkpoint shareholders could also receive up to an additional $0.70 per share in cash, if its cancer immunotherapy cosibelimab secures approval in the EU or key European markets by specific deadlines, as per the deal terms.
Checkpoint's controlling shareholder Fortress Biotech will receive royalty payments on future sales of cosibelimab for a set period, as per the deal.
Sun Pharma shares were trading 1.2% higher in early trade on Monday after the deal announcement.
