Drug maker Sun Pharma, which is listed on the stock exchange, will acquire Nasdaq-listed Checkpoint Therapeutics, a immunotherapy and targeted oncology company, for $355 million, the company stated.
Checkpoint develops novel treatments for patients with solid tumor cancers, and the acquisition includes UNLOXCYT, an FDA-approved treatment for advanced skin cancer. The deal entails an upfront cash payment of $4.10 per share.
Dilip Shanghvi, chairman & managing director of Sun Pharma, said, “The acquisition further bolsters our innovative portfolio in onco-derm therapy.”
James Oliviero, president and chief executive officer of Checkpoint said, “…this transaction will maximize value for our stockholders and provide accelerated access to UNLOXCYT in the US, Europe and other markets worldwide.” The US market is a major revenue driver for Sun Pharma.
Sun Pharma had acquired Concert Pharma Inc for $576 million in 2023 for Sun’s dermatology portfolio, and the latest acquisition aligns with the previous move.
