Sun Pharmaceutical Industries Ltd. sign is displayed outside the company's corporate office … [+]
Sun Pharmaceutical Industry– Controlled by Indian billionaire Dilip Shanghai– Agreed to purchase U.S.-based immunotherapy and oncology checkpoint therapy for $355 million to enhance the drug portfolio of the Mumbai-based company.
According to the deal, Sun Pharma will buy outstanding shares of the Massachusetts-based company for $4.10 each, a premium of about 66% for the Indian pharmaceutical company last Friday, the Indian pharmaceutical company closed at about 66%.
“This acquisition further enhances our innovative portfolio in Onco-Derm Therapy,” said Shanghvi, chairman and managing director of Sun Pharma.
The transaction is expected to be completed in June this year, awaiting approval from regulators and shareholders at the checkpoint. Sun Pharma also agreed to pay checkpoint shareholders up to $0.70 per share under certain conditions.
“Sun Pharma is aligned with Checkpoint's commitment to improving the lives of people with skin cancer,” Checkpoint President and CEO James Oliviero said in a statement. “This deal will maximize our shareholder value.”
The U.S. Food and Drug Administration approved Unloxcyt, the second most common skin cancer in the United States, to treat checkpoints in adults with metastatic or topical skin squamous cell carcinoma
Shanghai's real-time net worth is $24.9 billion Forbes' data. The son of a pharmaceutical distributor founded Sun Pharma in 1983, and his father borrowed $200 to produce psychiatric drugs. Today, the company has become India's most valuable pharmaceutical manufacturer with a market value of over US$44 billion. In recent years, it has expanded through multiple acquisitions, including the purchase of Ranbaxy labs in India in 2014 and Concert Pharmaceuticals in the United States two years ago.
