Sun Pharmaceutical Industries Ltd, India’s largest drugmaker, has announced the acquisition of US-based oncology and immunotherapy firm Checkpoint Therapeutics Inc. for $355 million (₹3,000 crore) in a strategic move to strengthen its specialty therapy portfolio.
This marks Sun Pharma’s second major acquisition in less than three months as the company seeks to expand its presence in the oncology and dermatology space.
Expanding Oncology Portfolio with FDA-Approved Drug
The acquisition comes at a pivotal time for Checkpoint Therapeutics, which recently secured approval from the US Food and Drug Administration (FDA) for UNLOXCYT, a treatment for metastatic cutaneous squamous cell carcinoma (cSCC)—the second-most common type of skin cancer in the United States.
Checkpoint estimates that the US sees 1.8 million cSCC cases annually, with about 40,000 severe cases and 15,000 deaths attributed to the condition each year.
“Patients with cSCC may soon have access to an important, new treatment option,” said Dilip Shanghvi, Chairman of Sun Pharma. “The acquisition further bolsters our innovative portfolio in onco-dermatology.”
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Deal Structure and Market Impact
Under the terms of the acquisition, Sun Pharma will purchase all outstanding shares of Checkpoint for $4.10 per share upfront, with an additional $0.70 per share contingent on achieving certain milestones. The $4.10 per share offer represents a 66% premium over Checkpoint’s last closing price.
Checkpoint’s President and CEO, James Oliviero, welcomed the deal, saying, “This transaction will provide accelerated access to UNLOXCYT in the United States, Europe, and other markets worldwide.”
Strengthening Sun Pharma’s US Market Presence
The deal is expected to close by June 2025, further solidifying Sun Pharma’s presence in the United States, the world’s largest pharmaceutical market. The US already contributes about one-third of Sun Pharma’s revenue, making it a crucial region for the company’s growth strategy.
With this acquisition, Sun Pharma is reinforcing its position in oncology, immunotherapy, and dermatology while expanding its footprint in global specialty pharmaceuticals.
