Sun Pharmaceutical Industries Limited together with its subsidiaries and/or associated companies, announced the successful completion of its acquisition of Checkpoint Therapeutics, an immunotherapy and targeted oncology company. As part of the acquisition, Sun Pharma acquires UNLOXCYT, the first and only FDA-approved anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma.
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“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 UNLOXCYT™, 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.”
Financial Terms
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 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.
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Source – PR Newswire
