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• Sun Pharmaceutical Industries Limited announced the appointment of Kirti Ganorkar as the Managing Director, effective 1 September 2025, for a term of five years, subject to shareholder approval.
• Dilip Shanghvi's designation will change to Executive Chairman, effective 1 September 2025. He will continue to chair the Board and focus on strengthening Sun Pharma’s specialty portfolio and long-term strategy.
• Kirti Ganorkar, who joined Sun Pharma in 1996, has consistently led the company's India Business since June 2019, growing its market share.
• Kirti Ganorkar stated, "Sun Pharma is at an exciting juncture with all its businesses well-positioned for growth. Building on the strong foundation laid by Mr. Shanghvi and ably supported by our global leadership team, I’m confident of continued success of the company.”
• Dilip Shanghvi commented, “Kirti has consistently demonstrated effective leadership managing diverse roles at Sun. I have a firm belief in his ability to lead the company into its next phase of growth and extend my best wishes for his success. Kirti’s elevation showcases our strong in-house talent pool, ensuring continuity of Sun’s core value systems.”
• Additionally, Abhay Gandhi, President & CEO, North America, will be leaving the company.
• Richard ("Rick") Ascroft will join as CEO – North America, succeeding Abhay Gandhi.
• Aalok Shanghvi, Whole-time Director and Chief Operating Officer, will additionally oversee the North America business, with Rick reporting to him.

• Sun Pharmaceutical Industries Limited announced top-line results from Phase 2 clinical trials evaluating SCD-044 for moderate to severe psoriasis.
• The study, involving 263 participants, did not meet its primary endpoint of achieving a 75% improvement in PASI score at Week 16.
• Sun Pharma is also discontinuing studies of SCD-044 for atopic dermatitis after Phase 2 trial results did not meet the primary objective of a 75% improvement in EASI score at Week 16. This study included 250 people.
• According to Marek Honczarenko, MD, PhD, Senior Vice President and Head of Global Specialty Development at Sun Pharma, the company is disappointed with the top-line results but thanks all participants.
• There were no major safety or tolerability concerns with SCD-044 in either study.
• Sun Pharma and Sun Pharma Advanced Research Company Ltd. will evaluate the next steps for SCD-044; however, Sun Pharma has no further plans for development of SCD-044.

• 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.

Sun Pharmaceutical Industries Limited has announced an agreement to invest up to $25 million in US-based biopharmaceutical company Pharmazz Inc., further to its intimation dated 14 August 2024. This investment, combined with the conversion of earlier investments through SAFE (Simple Agreement for Future Equity), will result in Sun Pharma holding an aggregate stake of up to approximately 22.7% in Pharmazz on a fully diluted basis.

Key details of the investment and Pharmazz Inc. include:

• Pharmazz Inc. is a US-based biopharmaceutical company focused on developing two primary drug candidates:
  • Sovateltide for the treatment of acute cerebral ischemic stroke.
  • Centhaquine for the treatment of hypovolemic shock.
• Both products are approved in India and are marketed through partners under the brand names Tyvalzi (Sovateltide) and Lyfaquin (Centhaquine).
• Pharmazz is developing these products for the USA and other global markets. Phase-3 Investigational New Drug (IND) applications for both products have been approved by the US FDA. Sovateltide has also received a Special Protocol Assessment (SPA) agreement from the US FDA, outlining a clear development and regulatory path in the US.
• Pharmazz plans to initiate global Phase-3 trials for Sovateltide soon to support potential approval in US and ex-US markets.
• The consolidated turnover for Pharmazz Inc. was $3.0 million for FY 2023-24, $0.9 million for FY 2022-23, and $0.9 million for FY 2021-22.
• This transaction is a strategic investment for Sun Pharma, which will receive an option to negotiate licensing of Sovateltide for marketing and distribution in certain developed market countries. Sun Pharma already holds exclusive rights to license Sovateltide for marketing and distribution in certain emerging market countries.
• The investment is a cash consideration of $25 million, at a price of $5.88925 per share. The fresh investment also triggers the conversion of prior SAFE investments at a 20% discount, or $4.7114 per share.
• The investment will be completed in tranches:
  • $10 million (Tranche 1), along with the remaining $7.5 million from the SAFE Tranche 2 investment, is expected to be invested on or before 31 May 2025.
  • $15 million (Tranche 2) will be invested on or before 30 November 2025, subject to the fulfillment of certain customary conditions.