---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-25-002541"
form_type: "8-K"
ticker: "FBIO"
cik: "0001429260"
company_name: "Fortress Biotech, Inc."
filed_at: "2025-03-10T23:59:59+00:00"
generated_at: "2026-05-25T01:04:48.784236+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001558370-25-002541
- form_type: 8-K
- ticker: FBIO
- cik: 0001429260
- company_name: Fortress Biotech, Inc.
- filed_at: 2025-03-10T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1429260/000155837025002541/0001558370-25-002541-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1429260/000155837025002541/fbio-20250309x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-25-002541
- JSON: https://secwatch.observer/filing/0001558370-25-002541.json
- Plain text: https://secwatch.observer/filing/0001558370-25-002541.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.