Fortress Biotech subsidiary Checkpoint to be acquired by Sun Pharma for $4.10/share plus CVR

Fortress Biotech, Inc.

Sun Pharma to acquire Checkpoint at $4.10 per share in cash plus non-tradable CVR for up to $0.70 based on EU regulatory milestones for cosibelimab.
Fortress, owning ~11.2% of Checkpoint shares and controlling majority voting power, agrees to vote in favor and forgo certain payments.
Fortress will receive a 2.5% royalty on worldwide net sales of certain Checkpoint/Sun Pharma products post-closing.
Deal expected to close by Sept 5, 2025, subject to stockholder and antitrust approvals; termination fee of $12.5M.

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