Core Viewpoint - Julie & Holleman LLP is investigating the proposed sale of Checkpoint Therapeutics, Inc. to Sun Pharmaceutical Industries, Inc. due to concerns about conflicts of interest involving Checkpoint's controlling shareholder, Fortress Biotech, Inc. [1] Company Overview - Checkpoint Therapeutics is a pharmaceutical company focused on developing novel treatments for solid tumor cancers and is controlled by its founder, Fortress Biotech [2] Recent Developments - Checkpoint recently received FDA approval for cosibelimab-ipdl (branded as UNLOXCYT) for treating certain cancers in adults, with the U.S. market for this drug estimated to exceed $1 billion annually, and the global market potentially being several times larger [3] - On March 9, 2023, Checkpoint announced a deal with Sun Pharma, offering shareholders $4.10 per share in cash, totaling $355 million, with potential additional payments of up to $0.70 per share if cosibelimab receives EU approval [4] Financial Implications - Fortress Biotech is set to receive royalty payments from future sales of cosibelimab, raising concerns that Fortress and Sun Pharma will benefit significantly from the drug at the expense of ordinary shareholders [5]
CKPT Merger Alert: Checkpoint Shareholders Seeking Money Should Contact Julie & Holleman Regarding Sale to Sun Pharma