Checkpoint Therapeutics Shares Leap Premarket on Takeover by Sun Pharma

Dow Jones

Mar 10, 2025

By Colin Kellaher

Shares of Checkpoint Therapeutics surged in premarktet trading Monday after the immunotherapy and targeted oncology company agreed to be acquired by Indian pharmaceutical giant Sun Pharmaceutical Industries.

Sun late Sunday said it would pay an initial $4.10 a share in cash for Checkpoint, a 66% premium to Friday's closing price for the Waltham, Mass., company.

Checkpoint shareholders will also receive contingent value rights worth up to an additional 70 cents a share tied to European approvals of its Unloxcyt cancer drug, bringing the total potential deal value to $4.80 a share.

Checkpoint shares were recently up 65% at $4.09 in premarket trading.

Fortress Biotech, Checkpoint's controlling shareholder, has agreed to support the deal, slated to close in the second quarter.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 10, 2025 06:08 ET (10:08 GMT)

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