Sun Pharmaceutical Industries and Checkpoint Therapeutics,
Inc. (Checkpoint) have entered into an agreement by which Sun Pharma will
acquire Checkpoint, an immunotherapy and targeted oncology company.
Checkpoint is a Nasdaq-listed commercial-stage company
focused on developing novel treatments for patients with solid tumor cancers.
Checkpoint has received approval from the U.S. Food & Drug Administration
(FDA) for UNLOXCYT (cosibelimab-ipdl) for the treatment of adults with
metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC
who are not candidates for curative surgery or curative radiation.
Upon completion of the transaction, Sun Pharma will acquire
all outstanding shares of Checkpoint, and Checkpoint stockholders will receive,
for each share of common stock they hold, an upfront cash payment of $4.10,
without interest, and a non-transferable contingent value right (CVR) entitling
the stockholder to receive up to an additional $0.70 in cash, without interest,
if cosibelimab is approved prior to certain deadlines in the European Union
pursuant to the centralized approval procedure or in Germany, France, Italy,
Spain or the United Kingdom, subject to the terms and conditions in the
contingent value rights agreement.
The transaction is expected to be completed in the second
calendar quarter of 2025.
Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical.
Source: Ace Equity
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