India-based multinational pharmaceutical company Sun Pharmaceutical Industries (together with its subsidiaries and/or associated companies, 'Sun Pharma) (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) announced on Sunday that it is acquiring Checkpoint Therapeutics (Nasdaq: CKPT), a United States-based company specialising in immunotherapy and targeted oncology.

The deal is valued at USD355m and includes an upfront cash payment of USD4.10 per share, representing a 66% premium over Checkpoint's last closing price. Shareholders are also expected to receive up to USD0.70 per share if certain regulatory milestones are achieved in Germany, France, Italy, Spain or the United Kingdom, subject to the terms and conditions in the contingent value rights agreement. This transaction will add UNLOXCYT (cosibelimab-ipdl), an FDA-approved treatment for advanced cutaneous squamous cell carcinoma (cSCC), to Sun Pharma's portfolio.

The acquisition is expected to be completed in the second quarter of 2025, pending regulatory and shareholder approvals.

The legal advisors to Sun Pharma in the transaction are Barack Ferrazzano Kirschbaum & Nagelberg LLP and Allen Overy Shearman Sterling US LLP. The exclusive financial advisor to Checkpoint and lead financial advisor to Checkpoint on the transaction are Cooley LLP and Morris, Nichols, Arsht & Tunnell LLP. The legal advisor to Checkpoint is Alston & Bird LLP.