Fortress Biotech Completes Acquisition of Checkpoint by Sun Pharma
Fortress Biotech Celebrates Successful Acquisition of Checkpoint Therapeutics
MIAMI – Fortress Biotech, Inc. (Nasdaq: FBIO) has reached an exciting milestone by announcing the successful acquisition of its subsidiary, Checkpoint Therapeutics, Inc., by Sun Pharmaceutical Industries Limited. This acquisition marks a significant step in the company's strategy to enhance shareholder value and ensure wider access to innovative treatments.
Details of the Acquisition
The acquisition agreement was finalized on a significant date, following necessary approvals from Checkpoint's shareholders earlier. Under the terms, Sun Pharma has acquired all outstanding shares of Checkpoint at a cash price of $4.10 per share. Additionally, shareholders will also have the opportunity to earn a non-transferable contingent value right (CVR), which could yield up to $0.70 in cash if the promising treatment, cosibelimab, secures its approval in Europe.
Impacts and Financial Prospects
Fortress Biotech is thrilled about this development, as it capitalizes on its strategic endeavors to strengthen its financial base while delivering innovative therapies to patients. The deal is expected to generate approximately $28 million soon after the closing, alongside a 2.5% royalty on net sales of UNLOXCYT™, a groundbreaking treatment for advanced cutaneous squamous cell carcinoma.
Expectations from the Future
Lindsay A. Rosenwald, M.D., the Chairman, President, and CEO of Fortress, expressed great enthusiasm for the strategic advantages this acquisition presents. The integration with Sun Pharma is not just a financial boon but also presents an avenue for broader distribution and enhanced patient access globally. Fortress is dedicated to exploring further avenues for growth, including upcoming milestones for its other subsidiaries, such as Cyprium Therapeutics and the anticipated review of the product CUTX-101.
Focus on Innovative Treatments
Checkpoint Therapeutics achieved a significant milestone with its FDA approval for UNLOXCYT, the first FDA-approved programmed death ligand-1 (PD-L1) blocking antibody designed specifically for treating advanced cutaneous squamous cell carcinoma. This achievement sets the stage for further developments and positions Fortress’s portfolio heavily in the oncological space.
Expertise and Partnerships
Fortress Biotech stands at the forefront of the biopharmaceutical industry, with a dedicated approach towards leveraging strategic partnerships to maximize the potential of its product pipeline. The company has cultivated relationships with prominent players in the industry, ensuring a robust network that enhances its development capabilities. With numerous programs underway, Fortress is focused on advancing into various therapeutic areas, including oncology and rare diseases.
The Path Ahead
As Fortress Biotech solidifies its position in the industry, the leadership is committed to evaluating new business development opportunities that align with its mission. The acquisition of Checkpoint backs its fundamental strategy of leveraging assets to create long-term financial growth. The strategic foresight guiding Fortress will continue to drive its initiatives as the company explores evolving market needs and innovative solutions for patients worldwide.
Frequently Asked Questions
What is Fortress Biotech's latest acquisition?
Fortress Biotech has recently completed the acquisition of its subsidiary Checkpoint Therapeutics by Sun Pharmaceutical Industries Limited.
What are the financial implications of this acquisition?
The acquisition is expected to yield approximately $28 million to Fortress, along with a 2.5% royalty on future net sales of UNLOXCYT.
What is UNLOXCYT?
UNLOXCYT is the first FDA-approved PD-L1 blocking antibody indicated for advanced cutaneous squamous cell carcinoma.
Who is leading Fortress Biotech?
Lindsay A. Rosenwald, M.D., serves as the Chairman, President, and CEO of Fortress Biotech.
What are Fortress Biotech's future plans?
The company is focused on advancing its product pipeline and evaluating new business opportunities to enhance shareholder value.
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