Sun Pharma, India’s largest pharmaceutical company by revenue, has announced its acquisition of Nasdaq-listed Checkpoint Therapeutics, a company specializing in immunotherapy and targeted oncology treatments. The deal, valued at up to $355 million, involves an upfront cash payment of $4.10 per share, representing a 66% premium over Checkpoint’s closing price on March 7, 2025.
Checkpoint is a commercial-stage firm focused on developing therapies for solid tumor cancers. The acquisition includes UNLOXCYT, an FDA-approved treatment for advanced skin cancer, strengthening Sun Pharma’s oncology portfolio. This move aligns with the company’s strategy to expand its presence in the high-margin specialty pharma market, particularly in the U.S.
Dilip Shanghvi, Chairman & Managing Director of Sun Pharma, stated that the acquisition enhances the company’s innovative onco-derm portfolio. Meanwhile, Checkpoint CEO James Oliviero emphasized that the deal offers maximum value for shareholders while accelerating UNLOXCYT’s availability in the U.S., Europe, and other global markets.
The transaction is subject to regulatory and shareholder approvals and is expected to be finalized by Q2 2025. For the nine-month period ending September 2024, Checkpoint reported $0.04 million in revenue, a net loss of $27.3 million, and R&D expenses of $19.3 million.
This acquisition follows Sun Pharma’s $576 million purchase of Concert Pharma in 2023, reinforcing its focus on dermatology and oncology. Sun Pharma currently has a market capitalization of ₹3.86 lakh crore, with its stock remaining flat over the past year and down 15% in 2025 so far.
