Fortress Biotech Announces Closing of Sale of Subsidiary Checkpoint Therapeutics

Core Insights - Fortress Biotech's subsidiary Checkpoint Therapeutics has been acquired by Sun Pharmaceutical Industries for $4.10 per share in cash, with additional contingent value rights and royalties tied to future sales of UNLOXCYT™ [1][2] Financial Details - Fortress will receive approximately$28 million shortly after the closing of the transaction and is eligible for an additional contingent value right (CVR) of up to $4.8 million, plus a 2.5% royalty on future net sales of UNLOXCYT™ [1][2] - The acquisition deal was approved by Checkpoint's stockholders on May 28, 2025, and closed on May 30, 2025 [1][2] Product Information - UNLOXCYT™ (cosibelimab-ipdl) is the first and only FDA-approved PD-L1 blocking antibody for advanced cutaneous squamous cell carcinoma, receiving FDA approval in December 2024 [3] Company Strategy - Fortress Biotech focuses on acquiring and advancing biopharmaceutical assets to enhance long-term shareholder value through product revenue, equity holdings, and dividend and royalty revenue [4] - The company aims to strengthen its balance sheet through opportunistic transactions and is actively evaluating business development opportunities [2][4]