Checkpoint Therapeutics (CKPT) has agreed to be acquired by India's Sun Pharmaceutical Industries for $4.10 per share in cash plus a non-transferable contingent value right, the companies said Sunday.
The contingent value right entitles the stockholder to receive up to an additional $0.70 in cash if metastatic cutaneous squamous cell carcinoma treatment cosibelimab is approved before deadlines in the European Union or in certain countries, the companies said.
Checkpoint, its controlling shareholder Fortress Biotech (FBIO), and Sun Pharma have also entered into a royalty agreement under which Fortress will receive royalties from future sales of cosibelimab during a specified term.
The proposed transaction is expected to close in Q2, the companies said.
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