India's largest pharmaceutical company, Sun Pharmaceutical Industries, has announced its acquisition of U.S.-based Checkpoint Therapeutics, aiming to enhance its oncology portfolio.
Key Details:
- Acquisition Announcement: Sun Pharma will acquire all outstanding shares of Checkpoint Therapeutics for an upfront cash payment of $4.10 per share, totaling approximately $355 million.
- Product Portfolio Expansion: This acquisition adds UNLOXCYT (cosibelimab-ipdl), an FDA-approved treatment for advanced cutaneous squamous cell carcinoma (cSCC), to Sun Pharma's offerings.
- Strategic Alignment: The deal aligns with Sun Pharma's strategy to expand its oncology and immunotherapy portfolio through acquisitions and collaborations.
Founder's Background:
- Dilip Shanghvi: Founder and Managing Director of Sun Pharma, Shanghvi established the company in 1983. Under his leadership, it has grown into India's largest pharmaceutical firm with a strong global presence.
- James F. Oliviero: President and CEO of Checkpoint Therapeutics, Oliviero has over two decades of experience in the biotechnology industry. Before joining Checkpoint, he served as Chief Financial Officer at Keryx Biopharmaceuticals.
Funding Details:
- Upfront Payment: Checkpoint stockholders will receive $4.10 per share in cash, representing a 66% premium over the company's last closing price.
- Contingent Value Rights (CVR): Shareholders may receive an additional $0.70 per share if cosibelimab secures approval in the European Union or key European markets within specified deadlines.
- Royalty Agreement: Fortress Biotech, Checkpoint's controlling shareholder, will receive royalty payments based on future sales of cosibelimab for a specified term.
This acquisition is expected to bolster Sun Pharma's innovative portfolio in onco-derm therapy, providing new treatment options for patients with advanced cSCC.