Overview
BFKN served as M&A counsel to Sun Pharmaceutical Industries Limited (“Sun Pharma”) in its acquisition of Checkpoint Therapeutics, Inc. (“Checkpoint”) (NASDAQ: CKPT), an immunotherapy and targeted oncology company. Sun Pharma acquired all outstanding shares of Checkpoint at a price of $4.10 per share in cash, without interest, plus one non-tradable contingent value right (CVR) per share representing the right to receive up to an additional $0.70 in cash, without interest, if certain specified milestones are met, as set out in the terms and conditions of the contingent value rights agreement.
Sun Pharma is the world’s leading specialty generics company with a presence in specialty, generics, and consumer healthcare products. It is the largest pharmaceutical company in India and is a leading generic company in the U.S. as well as global emerging markets. Sun Pharma’s high-growth global specialty portfolio spans innovative products in dermatology, ophthalmology, and onco-dermatology and accounts for over 18% of company sales.
Checkpoint is a commercial-stage company focused on developing novel treatments for patients with solid tumor cancers. Checkpoint has received approval from the U.S. Food & Drug Administration (FDA) for UNLOXCYT™ for the treatment of advanced cutaneous squamous cell carcinoma.
“This acquisition exemplifies Sun Pharma’s commitment to supporting patients and growing its innovative therapies business,” said Dilip Shanghvi, Chairman & Managing Director of Sun Pharma. “By adding UNLOXCYT™, we will be able to leverage our leadership in the onco-derm space to help patients access an important treatment option while growing our product portfolio.”
BFKN’s team was led by partner Bill Fay and associates Gregory Klein, Puja O. Narain, and Camryn C. Dreyer.
To read more about this deal, visit: Yahoo Finance | Sun Pharma Agrees to Acquire Checkpoint Therapeutics
