Checkpoint checks out

Checkpoint Therapeutics ran its cash down to almost zero and largely lost the market's support, but it played its one remaining card to perfection. That card was an approved anti-PD-L1 MAb, Unloxcyt, which on Sunday prompted India's Sun Pharmaceuticals to table a $355m cash takeover. Checkpoint is effectively being bought from its controlling shareholder, Fortress Biotech, which under the deal will also receive royalties on Unloxcyt sales, a right that originally flowed from Checkpoint. Fortress and all remaining Checkpoint shareholders get a contingent value right to receive an additional $61m in cash if Unloxcyt gains EU approval by a specified date. Unloxcyt had a tortuous path to US approval, involving a complete response letter and Checkpoint verging on insolvency; the group had just $4.7m in cash in September, raised $9.2m in November through the exercise of warrants, but had outstanding accounts payable of $16m. ApexOnco speculated that a takeover bid could come from a big pharma PD-(L)1 latecomer, so the fact an Indian generics player has actually come through is interesting. On Monday Checkpoint shares surged 65% to around the $4.10 level of the up-front value of the Sun deal, though Fortress was up a more restrained 13%. 2025's key oncology acquisitions so farTargetAcquirerDateTermsCheckpoint Therapeutics (Fortress)Sun Pharmaceutical9 Mar$355m cash, $61m CVRChimerixJazz5 Mar$935m cashBluebirdPrivate equity consortium21 Feb$29m cash, $67m CVRBridgeBio OncologyHelix Acquisition Corp II28 Feb$450m Spac deal & private investmentMitsubishi TanabePrivate equity consortium7 Feb$3.3bnEvergreen TheragnosticsLantheus28 Jan$250mIDRxGSK13 Jan$1bnScorpionLilly13 JanReportedly $1bn ($2.5bn incl milestones)Source: OncologyPipeline.