News

Sun Pharma to Acquire Nasdaq-Listed Checkpoint Therapeutics in $355 Million Deal

The move strengthens Sun Pharma’s global oncology and dermatology portfolio, adding Checkpoint’s FDA-approved immunotherapy drug, UNLOXCYT™ (cosibelimab-ipdl), to its product lineup.

• By Pooja Chaturvedi Sah
• New Delhi
• Mar 10, 2025

News

Sun Pharmaceutical Industries Ltd. has announced the acquisition of U.S.-based Checkpoint Therapeutics Inc. (Nasdaq: CKPT) in a deal worth up to $355 million. The move strengthens Sun Pharma’s global oncology and dermatology portfolio, adding Checkpoint’s FDA-approved immunotherapy drug, UNLOXCYT™ (cosibelimab-ipdl), to its product lineup.

Checkpoint’s FDA-Approved Drug to Boost Sun Pharma’s Oncology Reach

Checkpoint, a Nasdaq-listed commercial-stage biotech firm, focuses on developing therapies for solid tumor cancers. Its flagship drug, UNLOXCYT™, is the first and only FDA-approved anti-PD-L1 treatment for adults with metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) who are not candidates for curative surgery or radiation.

Dilip Shanghvi, Chairman & Managing Director of Sun Pharma, stated, “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.”

James Oliviero, President and CEO of Checkpoint, said, “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.”

Transaction Details and Financial Terms

Sun Pharma will acquire all outstanding shares of Checkpoint, with stockholders receiving an upfront cash payment of $4.10 per share—representing a 66% premium over Checkpoint’s closing stock price on March 7, 2025. Additionally, shareholders will receive a non-transferable contingent value right (CVR) of up to $0.70 per share, dependent on regulatory approval of cosibelimab in the European Union or select European markets.

Checkpoint reported $0.04 million in revenue and a net loss of $27.3 million for the nine-month period ending September 2024. Its research and development expenses stood at $19.3 million. As of September 30, 2024, the company had a cash balance of $4.7 million and outstanding payables of $15.6 million.

Regulatory and Shareholder Approvals Pending

The transaction, expected to close in the second quarter of 2025, is subject to regulatory approvals and the approval of Checkpoint’s stockholders, including a majority vote from non-Fortress shareholders. Fortress Biotech, Checkpoint’s controlling stockholder, has already agreed to vote in favor of the acquisition.

Strategic Expansion in Oncology

By acquiring Checkpoint, Sun Pharma aims to leverage its global footprint to accelerate access to UNLOXCYT™ for skin cancer patients worldwide. The company has been expanding its oncology and dermatology portfolio, and this acquisition aligns with its strategy to strengthen its presence in the specialty pharmaceutical sector.

Cutaneous squamous cell carcinoma (cSCC) is the second most common skin cancer in the U.S., with approximately 1.8 million cases annually. While most cases are treatable, around 40,000 cases progress to advanced stages, leading to an estimated 15,000 deaths each year. Apart from UNLOXCYT™, Checkpoint is also developing olafertinib, a third-generation EGFR inhibitor targeting non-small cell lung cancer.

Sun Pharmaceutical is growing its portfolio in oncology, dermatology, and ophthalmology. This acquisition further cements the company's footprint in the global oncology market.