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)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.