Sun Pharmaceutical Industries, India’s largest drugmaker, announced today that it has agreed to acquire US-based immunotherapy and oncology company Checkpoint Therapeutics (NASDAQ:CKPT) for an upfront payment of $355 million.
The deal, revealed in a filing on Monday, marks Sun Pharma’s latest move to expand its specialty therapy offerings and diversify beyond its traditional generic drug business.
Under the terms of the agreement, Sun Pharma will purchase all outstanding shares of Checkpoint, headquartered in Waltham, Massachusetts, at $4.10 per share in cash.
This represents a 66% premium over Checkpoint’s closing price on the previous Friday.
Additionally, the deal includes a contingent value right of up to $0.70 per share, payable in cash based on certain milestones, though this right is non-transferable.
The acquisition is Sun Pharma’s second in less than three months, underscoring its aggressive push into novel therapies.