Indian giant Sun Pharma is going to purchase US based immunotherapy and oncology company Checkpoint Therapeutics Inc. in Mar-24 for $355 million, which is its second big acquisition in three months. It enhances India’s biggest drug maker’s product portfolio in specialty therapies, especially in oncology. Checkpoint recently got the FDA approval for UNLOXCYT, a new treatment for metastatic cutaneous squamous cell carcinoma (cSCC), the second most common skin cancer in the US. The new therapy is expected to address a critical medical need with 1.8 million annual cases and 40,000 severe instances. “Patients with cSCC may soon have an important new treatment option” said Dilip Shanghvi, Sun Pharma’s chairman. “This acquisition enhances our onco derm portfolio and shows our dedication to innovation”. Checkpoint’s President and CEO, James Oliviero, also highlighted the global impact of the deal: “I believe this transaction will provide accelerated access to UNLOXCYT in the United States, Europe, and beyond.” Sun Pharma will buy the outstanding shares of Checkpoint at $4.10 per share, a 66% premium over its last closing price, and up to $0.70 per share more under certain circumstances. The deal is expected to be closed by June 2025. The US pharmaceutical market, the largest in the world, contributed one-third of Sun Pharma’s revenue in FY 2023–24. This acquisition also helps to cement Sun Pharma’s strategy to expand into the lucrative oncology segment.
Sun Pharma Acquires US Oncology Firm for $355 Million Amid Cancer Drug Expansion
