Sun Pharma completes its acquisition of Checkpoint Therapeutics

Checkpoint Therapeutics is a Nasdaq-listed company focused on developing treatments for solid tumor cancers, including UNLOXCYT. The deal was valued at $355 million in cash and milestone payments.

Viswanath Pilla

May 30, 2025 / 21:32 IST

Sun Pharma

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Sun Pharmaceutical Industries on Friday announced the successful completion of its acquisition of Checkpoint Therapeutics, Inc. (Checkpoint), an immunotherapy and targeted oncology company. As part of the acquisition, Sun Pharma acquires UNLOXCYTTM, the first and only FDA-approved anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma, a form of skin cancer.

Checkpoint Therapeutics is a Nasdaq-listed company focused on developing treatments for solid tumor cancers, including UNLOXCYT. The deal was valued at $355 million in cash and milestone payments.

“This acquisition exemplifies Sun Pharma’s commitment to supporting patients and growing its innovative therapies business,” said Dilip Shanghvi, Chairman & Managing Director of Sun Pharma. “By adding UNLOXCYTTM, we will be able to leverage our leadership in the onco-derm space to help patients access an important treatment option while growing our product portfolio.”

Sun Pharma has acquired all outstanding shares of Checkpoint at a price of $4.10 per share in cash, without interest, plus one non-tradable contingent value right (CVR) per share representing the right to receive up to an additional $0.70 in cash, without interest, if certain specified milestones are met, as set out in the terms and conditions of the contingent value rights agreement.

The announcement comes even as a lawsuit was filed in the Delaware Court of Chancery by a Checkpoint Therapeutics stockholder, Gary Fell, seeking corporate records related to the proposed merger with Sun Pharmaceuticals. The lawsuit alleges potential conflicts of interest and insufficient disclosures regarding the role of Fortress Biotech, a controlling investor in Checkpoint. The merger was scheduled to be voted on by shareholders on May 28 and was expected to close on May 30.