India’s Sun Pharma to buy Checkpoint Therapeutics for $355 mln
Investing.com-- Sun Pharmaceutical (TADAWUL:2070) Industries Ltd. (NSE:SUN) said on Monday that it will buy Checkpoint Therapeutics Inc (NASDAQ:CKPT)- a Nasdaq-listed immunotherapy and oncology firm- for about $355 million.
Sun said it will offer $4.10 in cash for each share in Checkpoint, a nearly 66% premium to Checkpoint’s Friday close of $2.470. Checkpoint shareholders will also receive a commitment for an additional $0.70 per share if the company’s cosbelimab treatment is approved in Europe prior to certain deadlines.
Cosibelimab- which is Checkpoint’s FDA-approved treatment for certain variants of skin cancer- is the key motivator behind Sun’s bid, with the Indian pharmaceutical firm stating that the deal will introduce Checkpoint’s treatment across more countries.
The deal is expected to be completed in the second quarter of 2025.
Sun has also entered into a royalty agreement with Fortress Biotech Inc (NASDAQ:FBIO), Checkpoint’s controlling shareholder, under which the latter will receive payments based on future sales of cosibelimab.
Sun Pharma was founded in 1983 and is one of the world’s biggest manufacturers of generic pharmaceuticals, which are also a major export product for India. The company has diversified into a wide range of healthcare services in recent years, and offers services in over 100 countries.
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