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, for a total of $355 million (approximately Rs 3,000 crore). This acquisition will involve an upfront cash payment of $4.10 per share, as disclosed in a company statement on March 10.

Checkpoint Therapeutics is a commercial-stage company focused on developing innovative treatments for patients with solid tumor cancers. The acquisition includes UNLOXCYT, an FDA-approved treatment for advanced skin cancer, further strengthening Sun Pharma’s oncology portfolio.

This move marks a significant step for Sun Pharma as it expands its presence in the high-margin specialty pharmaceuticals market, particularly in the United States—a key revenue driver for the company. Dilip Shanghvi, Chairman & Managing Director of Sun Pharma, commented, “This acquisition enhances our innovative portfolio in onco-derm therapies, solidifying our position in the oncology space.”

James Oliviero, President and CEO of Checkpoint Therapeutics, emphasized, “This transaction will maximize value for our stockholders and accelerate global access to UNLOXCYT, including in the US, Europe, and other international markets.”

The acquisition comes with a premium of approximately 66% over Checkpoint’s closing share price of $2.47 on March 7, 2025, underscoring Sun Pharma’s strategic investment. The deal is subject to shareholder and regulatory approvals and is expected to close in Q2 CY25.

For the nine months ending September 2024, Checkpoint reported a modest revenue of $0.04 million, alongside a net loss of $27.3 million, and an R&D expense of $19.3 million.

This acquisition follows Sun Pharma’s 2023 purchase of Concert Pharma Inc for $576 million, aimed at expanding its dermatology portfolio, aligning with its broader strategy in specialty pharma.

With a market capitalization of Rs 3.86 lakh crore, Sun Pharma’s stock has remained flat over the past year but has seen a decline of 15% in 2025 so far.