Sun Pharma rises on plans to acquire Checkpoint Therapeutics
Sun Pharmaceutical Industries is currently trading at Rs. 1612.90, up by 3.00 points or 0.19% from its previous closing of Rs. 1609.90 on the BSE.
The scrip opened at Rs. 1620.05 and has touched a high and low of Rs. 1643.20 and Rs. 1602.65 respectively. So far 30455 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1960.20 on 30-Sep-2024 and a 52 week low of Rs. 1376.75 on 04-Jun-2024.
Last one week high and low of the scrip stood at Rs. 1643.20 and Rs. 1555.00 respectively. The current market cap of the company is Rs. 385645.11 crore.
The promoters holding in the company stood at 54.48%, while Institutions and Non-Institutions held 36.59% and 8.93% respectively.
Sun Pharmaceutical Industries and Checkpoint Therapeutics, Inc. (Checkpoint) have entered into an agreement by which Sun Pharma will acquire Checkpoint, an immunotherapy and targeted oncology company.
Checkpoint is a Nasdaq-listed 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 (cosibelimab-ipdl) for the treatment of adults with metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC who are not candidates for curative surgery or curative radiation.
Upon completion of the transaction, Sun Pharma will acquire all outstanding shares of Checkpoint and Checkpoint stockholders will receive, for each share of common stock they hold, an upfront cash payment of $4.10, without interest, and a non-transferable contingent value right (CVR) entitling the stockholder to receive up to an additional $0.70 in cash, without interest, if cosibelimab is approved prior to certain deadlines in the European Union pursuant to the centralized approval procedure or in Germany, France, Italy, Spain or the United Kingdom, subject to the terms and conditions in the contingent value rights agreement.
The transaction is expected to be completed in the second calendar quarter of 2025.
Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
