Indian multinational pharma company Sun Pharmaceutical Industries on Monday announced a definitive agreement to acquire Nasdaq-listed immunotherapy and targeted oncology firm Checkpoint Therapeutics for an upfront cash payment of $355 million (around Rs 3,099.51 crore/Rs 30.99 billion).
The deal is expected to close in the second quarter of the 2025 calendar year.
Sun Pharma will acquire all outstanding shares of Checkpoint at $4.10 per share in cash, representing a 66 per cent premium to the US companys closing share price on March 7.
Checkpoint stockholders will also receive a contingent value right of up to $0.70 per share if cosibelimab secures regulatory approval in select European markets.
The deal will add Checkpoints recently FDA-approved cancer treatment, UNLOXCYT (cosibelimab-ipdl), to its portfolio. UNLOXCYT is the first and only FDA-approved anti-PD-L1 treatment for metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC), a form of skin cancer.
Sun Pharma Chairman and Managing Director Dilip Shanghvi said combining UNLOXCYT with the companys global presence means patients with cSCC may soon have access to an important new treatment option.
Sun Pharma has been pursuing collaborations to expand its portfolio. For example, it last year signed a licensing agreement with Philogen, an Italian-Swiss firm, for its anti-cancer drug Fibromun.
According to analysts, the US market opportunity for the drug is between $1 billion and $1.6 billion annually. Even if the drug captures a 15 to 20 per cent peak market share, it could prove to be a successful investment for Sun Pharma.
Sun Pharmas stock rose by 0.13 per cent, closing at Rs 1,612 per share on the BSE.
Cutaneous squamous cell carcinoma (cSCC) is the second most common skin cancer in the US, with an estimated 1.8 million cases diagnosed annually.
Around 40,000 cases progress to advanced stages, and the disease causes an estimated 15,000 deaths each year.
For the nine-month period ended September 2024, Checkpoint reported revenues of $0.04 million and a net loss of $27.3 million. The company held a cash balance of $4.7 million as of September 30, 2024.
The acquisition remains subject to Checkpoint stockholder approval and regulatory clearances. Fortress Biotech, Checkpoints controlling stockholder, has agreed to vote in favour of the transaction.
As part of the deal, Checkpoints controlling shareholder Fortress Biotech will receive royalty payments on future sales of cosibelimab for a set period.
Checkpoint President and CEO James Oliviero said the transaction would maximise value for the companys stockholders and provide accelerated access to UNLOXCYT in the US, Europe, and other markets worldwide.
Anjali Singh, Business Standard
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