Sun Pharma to acquire a US-based oncology firm in a deal exceeding ₹3,000 crore
Checkpoint is a business in commercialization which is developing novel treatment options for patients suffering from cancers of the solid tumor The acquisition also includes UNLOXCYT the FDA-approved treatment that treats advanced skin cancer.
Sun Pharma to acquire a US-based oncology firm in a deal exceeding ₹3,000 crore
Sun Pharma, India's largest pharmaceutical company, has acquired Nasdaq-listed Checkpoint Therapeutics, an immunotherapy and targeted oncology Treatment Company at a cost of $355 million (over three hundred crores of rupees).
The Sun Pharmaceuticals acquisition will add to the specialization portfolio of the company. Checkpoint is a company in the commercial stage which is developing innovative solutions for patients suffering from solid tumor cancers. And the acquisition will include UNLOXCYT which is an FDA-approved treatment for skin cancers, as per an official statement from the company.
Dilip Shanghvi statement, CMD of Sun Pharma, said, "Combining UNLOXCYT which is FDA-approved treatment for cSCC treatment for the most advanced cutaneous squamous-cell cancer, and Sun Pharma's presence across the globe ensures that patients be able to access a crucial new treatment option. The acquisition also strengthens our unique portfolio of onco-derm treatment."
James Oliviero, president and chief executive officer of Checkpoint James Oliviero, president and chief executive officer of Checkpoint, said "This transaction will maximise value for our stockholders and provide accelerated access to UNLOXCYT in the United States, Europe and other markets worldwide."
Following the completion of the transaction, Sun Pharma will acquire all shares outstanding in Checkpoint in the process. Checkpoint stockholders will be awarded, for every shares of the common stock held, a cash advance of $4.1.
This transaction will require checkpoint stockholder cash payment as well as regulatory approvals. It is expected to be completed by Q2CY25.
In connection with the deal, Checkpoint Therapeutics, Sun Pharma and Fortress Biotech, Checkpoint's controlling stockholders, have signed an agreement for royalty payments, according to which, following the conclusion of the transaction Fortress could be eligible to receive royalties in the future based on sales of cosibelimab for the specified time frame as a substitute for the royalty rights accorded to Fortress.
