Checkpoint Therapeutics Inc (CKPT) News & EventsCKPTNews & EventsCheckpoint Therapeutics Inc

Checkpoint Therapeutics reports FY24 EPS ($1.42) vs ($3.17) last year

Reports FY24 revenue $41k vs $103k last year

Checkpoint Therapeutics jumps after deal to be acquired by Sun Pharma

Shares of Checkpoint Therapeutics (CKPT) have jumped $1.59, or 64%, to $4.06 in Monday morning trading after the company and Sun Pharmaceutical Industries announced on March 9 that they have entered into an agreement by which Sun Pharma will acquire the immunotherapy and targeted oncology company. 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, or CVR, entitling the stockholder to receive up to an additional 70c 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 upfront cash payment of $4.10 per share of common stock represents a premium of approximately 66.0% to Checkpoint's closing share price on March 7, the last trading day prior to today's announcement. In connection with the transaction, Checkpoint, Sun Pharma and Fortress Biotech (FBIO), Checkpoint's controlling stockholder, have entered into a royalty agreement, under which following the closing of the transaction Fortress would be entitled to receive royalty payments based on future sales of cosibelimab during a specified term, in lieu of royalty rights that were granted to Fortress in connection with its founding of Checkpoint. The transaction is expected to be completed in the second calendar quarter of 2025. The transaction is subject to customary closing conditions, including required regulatory approvals and approval by the holders of a majority of the voting power of outstanding shares of Checkpoint common stock, and by the holders of a majority of the shares of Checkpoint common stock that are not held by Fortress or by certain other affiliates of Checkpoint. In connection with the transaction, Fortress, which holds a majority of Checkpoint's outstanding voting power, has agreed to vote in favor of the transaction.

Checkpoint Therapeutics confirms FDA approval of unloxcyt

Checkpoint Therapeutics announced that the U.S. FDA has approved unloxcyt for the treatment of adults with metastatic cutaneous squamous cell carcinoma or locally advanced cSCC who are not candidates for curative surgery or curative radiation. Unloxcyt is the first and only programmed death ligand-1 blocking antibody to receive FDA marketing approval for this indication. The recommended commercial dosage of unloxcyt is 1,200 mg administered as an intravenous infusion over 60 minutes every three weeks.