Sun Pharmaceutical Industries Limited has completed its acquisition of Checkpoint Therapeutics, Inc., an immunotherapy and targeted oncology company.
Sun Pharma acquired all outstanding shares of Checkpoint at $4.10 per share in cash, plus one non-tradable contingent value right (CVR) per share, potentially adding $0.70 in cash if milestones are met.
The acquisition includes UNLOXCYTTM, the first FDA-approved anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma (cSCC).
Dilip Shanghvi, Chairman & Managing Director of Sun Pharma, stated that this acquisition demonstrates Sun Pharma’s commitment to patients and growing its innovative therapies business, leveraging their leadership in onco-derm to help patients access an important treatment option and expand their product portfolio.
cSCC is the second-most common type of skin cancer in the United States, with approximately 1.8 million cases annually. About 40,000 cases become advanced each year, leading to an estimated 15,000 deaths in the U.S.