Sun Pharmaceuticals. document. |Photo source: Reuters
Checkpoint Therapeutics, Inc, which is listed by Sun Pharmaceutical Industries Ltd and Nasdaq. It was announced that they have signed an agreement that Sun Pharma will get checkpoints from immunotherapy and targeted oncology companies.
CheckPoint is a business-stage company dedicated to developing new treatments for patients with solid tumor cancer.
It has been approved by the U.S. Food and Drug Administration (FDA) for UNLOXCYT™ (COSIBELIMAB-IPDL), for the treatment of metastatic cutaneous squamous cell carcinoma (CSCC) in adults, which are not candidates for the treatment of surgical or therapeutic radiation.
“Combining the FDA-approved anti-PD-L1 treatment for Unloxcyt, anti-PD-L1 treatment for advanced skin squamous cell carcinoma, and the global presence of Sun Pharma, means that patients with CSCC have CSCC patients and may soon have access to important, new treatments.”
“The acquisition further strengthens our innovative portfolio in Onco-Derm therapy.”
“I am proud of the team’s dedication and enthusiasm at the checkpoints, which has enabled us to obtain the first and only FDA-approved anti-PD-L1 treatment for patients with advanced CSCC, and we are excited to be able to conduct this deal with Sun Pharma as the next step in bringing Unloxcyt to CSCC patients, requiring differentiated immunotherapy options.”
“Sun Pharma and Checkpoint are committed to improving the lives of skin cancer patients, and I believe this deal will maximize the value of our shareholders and accelerate the opportunity to obtain Unloxcyt worldwide in the U.S., Europe and other markets,” he said.
Upon completion of the transaction, Sun Pharma will acquire outstanding shares of all checkpoints and checkpoint shareholders, pay for each common share they hold, with interest-free cash advance payments and receive non-transferable shareholders of non-transferable shareholders, while shareholders acquire additional shares without interest to determine the additional costs of the stock or in Germany, France, Italy, Spain or the United Kingdom, comply with the terms and conditions of the agreement with value rights.
The expected payments for the expected common stock represent a closing price of approximately 66.0% on March 7, 2025, the last trading day announced today, the companies said in a joint statement.
About Transactions, Checkpoints, Sun Pharma and Fortress Biotech, Inc. , The controlling shareholder of Checkpoint has entered into a royalty agreement under which, upon the end of the transaction, will be entitled to obtain a specific sale based on a specific period of future sales of Cosibelimab to designate its specific royal rights associated with the company, focusing on providing specific royal rights.
The transaction is expected to be completed in the second calendar quarter of 2025.
Checkpoint reported revenue of $1.04 million and net loss of $27.3 million for the nine-month period ending September 2024. R&D expenses over the nine-month period were $19.3 million.
As of September 30, 2024, Checkpoint’s cash balance was $4.7 million, accounts payable and billable $15.6 million, and payments payable and billable fees – $2 million for the parties involved.
publishing – March 10, 2025 09:20 on IS
