Fortress Biotech has successfully closed the sale of its subsidiary Checkpoint Therapeutics to Sun Pharmaceutical Industries for approximately $28 million, with additional potential contingent value rights and royalties tied to the future sales of UNLOXCYT™.

Information on the Target

Checkpoint Therapeutics, Inc. is a subsidiary of Fortress Biotech, Inc. that has recently been acquired by Sun Pharmaceutical Industries Limited. The company is known for its innovative cancer therapeutics, including UNLOXCYT™ (cosibelimab-ipdl), which is the first FDA-approved programmed death ligand-1 (PD-L1) blocking antibody specifically designed for the treatment of advanced cutaneous squamous cell carcinoma. This acquisition positions Sun Pharma to enhance patient access to this vital treatment through its established global commercial infrastructure.

The acquisition includes a cash offer of approximately $4.10 per share along with a potential contingent value right (CVR) that could yield an additional $0.70 if certain approval milestones for cosibelimab are met in the European Union or specific countries like Germany, France, Italy, Spain, or the UK.

Industry Overview in the Target’s Specific Country

The biopharmaceutical industry in the United States has experienced significant growth in recent years, driven by advances in technology, robust investment in research and development, and an ever-increasing demand for