Indian Billionaire Dilip Shanghvi's Sun Pharma to Acquire U.S. Cancer Drug Maker for $355 Million

Sun Pharmaceutical Industries, led by Indian billionaire Dilip Shanghvi, has agreed to acquire Checkpoint Therapeutics, a U.S.-based immunotherapy and oncology company, for $355 million. This strategic move aims to bolster Sun Pharma's onco-dermatology portfolio by adding Checkpoint's FDA-approved treatment, UNLOXCYT (cosibelimab-ipdl), for metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC). The acquisition includes an upfront cash payment of $4.10 per share, with an additional contingent value right of up to $0.70 per share. The deal is subject to regulatory approvals and shareholder consent, expected to close by June 2025. This acquisition will leverage Sun Pharma's global presence to accelerate patient access to UNLOXCYT, enhancing its innovative offerings in onco-derm therapy.

Source: Pharmaceutical Industry News