M&A · Healthcare · Pharmaceutical Preparations
Sun Pharma to acquire Checkpoint Therapeutics, Inc.
Announced Mar 9, 2025 · Closed May 30, 2025
Deal value$355MEV $355M
Premium66.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$4.10 per share
Transaction
- Acquirer
- Sun Pharma
- Target
- Checkpoint Therapeutics, Inc. (CKPT)
- Buyer type
- Strategic
- Offer price per share
- $4.10
- Enterprise value
- $355M
- Status
- Closed May 30, 2025
Deal protections
- Break fee (target pays)
- $12.5M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Locust Walk, Kroll
Sector context · Healthcare
- Comparable deals
- 93 in the prior 24 months
- Premium
- 66.0% vs. 66.0% sector median
- EV / Adj. EBITDA
- Sector median 13.8x
- Break fee
- 3.5% vs. 3.4% sector median
Timeline
- AnnouncedMar 9, 2025
- Proxy filedApr 14, 2025
- Definitive proxyApr 23, 2025
- Shareholder voteMay 28, 2025
- ClosedMay 30, 2025
Valuation · fairness opinions
Discounted cash flowLocust Walk$2.76$3.40
Discounted cash flowLocust Walk$2.94$3.63
Premiums paidLocust Walk$5.32$7.43
Premiums paidLocust Walk$5.38$6.10
Premiums paidLocust Walk$5.41$6.13
Discounted cash flowKroll$2.04$2.85
Discounted cash flowKroll$2.76$3.49
Discounted cash flowKroll$2.18$3.02
Discounted cash flowKroll$2.35$3.23
Offer $4.10
Implied value per Checkpoint Therapeutics, Inc. share by analysis, from Locust Walk and Kroll.