New Delhi, March 10 -- Sun Pharmaceutical Industries Ltd. has announced the acquisition of Nasdaq-listed Checkpoint Therapeutics, Inc., an immunotherapy and targeted oncology company, in a $355 million cash deal. The acquisition will bolster Sun Pharma's onco-dermatology portfolio, adding Checkpoint's recently FDA-approved cancer drug, UNLOXCYT (cosibelimab-ipdl), to its pipeline.

The deal, expected to close in the second quarter of the 2025 calendar year, marks a strategic move by Sun Pharma to expand its presence in the oncology segment. Following the announcement, Sun Pharma's stock gained 2 percent, while Checkpoint's shares jumped 3.78 percent on the Nasdaq.

Sun Pharma will pay an upfront cash consideration of $4.1 per share, repre...