M&A
Sun Pharma to acquire oncology-focused biotech firm Checkpoint Therapeutics for $355-M
BSE Announcement Business Line
Publicly-listed, Mumbai-based Sun Pharmaceutical Industries is to acquire Massachusetts (USA)-headquartered biotech company Checkpoint Therapeutics Inc , for USD 4.10 per share up to USD 355 million (INR 3,088 crore) in cash.Checkpoint, Sun Pharma and Fortress Biotech Inc (Checkpoint’s controlling stockholder) have entered into a royalty agreement, under which following the closing of the transaction Fortress would receive royalty payments based on future sales of cosibelimab during a specified term.Established in 2014, Checkpoint is a Nasdaq-listed commercial-stage immunotherapy and targeted oncology company focused on developing novel treatments for patients with solid tumor cancers. It makes drugs 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.Checkpoint reported USD 0.04 million in revenue and a net loss of USD 27.3 million.
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