On the heels of FDA nod for cancer drug, Sun Pharma buys Checkpoint Therapeutics for up to $416M
Sun Pharma Acquires Checkpoint Therapeutics
Deal Value:
Up to $416 million
Key Details:
- Sun Pharma will acquire Checkpoint Therapeutics, a Nasdaq-listed immunotherapy and targeted oncology company
- Upfront cash payment of $355 million ($4.10 per share)
- Additional contingent value right of up to $0.70 per share based on regulatory approvals in Europe
- Total potential deal value of up to $416 million
Strategic Rationale:
- Adds UNLOXCYT (cosibelimab-ipdl) to Sun Pharma's portfolio
- UNLOXCYT is the first and only FDA-approved anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma (cSCC)
- Bolsters Sun Pharma's oncology and dermatology franchise
UNLOXCYT was recently approved by the FDA for treating metastatic or locally advanced cSCC
Estimated US market opportunity of $1-1.6 billion annually for UNLOXCYT
Deal expected to close in Q2 2025, subject to regulatory approvals
Executive Commentary:
"Combining UNLOXCYT 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." - Dilip Shanghvi, Chairman & Managing Director, Sun Pharma
This acquisition allows Sun Pharma to expand its specialty portfolio in the US oncology and dermatology markets, leveraging its global presence to accelerate patient access to UNLOXCYT.