11:36 AM EDT, 03/10/2025 (MT Newswires) -- (Adds Checkpoint's stock move in the headline and first paragraph. Adds Fortress Biotech's ( FBIO ) stock move in the third paragraph.)

Checkpoint Therapeutics ( CKPT ) shares were rising 62% in recent Monday trading after the company and India's Sun Pharmaceutical Industries said Sunday that Checkpoint has agreed to be acquired by Sun Pharma for $4.10 per share in cash plus a non-transferable contingent value right.

The contingent value right entitles the stockholder to receive up to an additional $0.70 in cash if the metastatic cutaneous squamous cell carcinoma treatment cosibelimab is approved before deadlines in the European Union or in certain countries, the companies said.

Checkpoint, its controlling shareholder Fortress Biotech ( FBIO ) , and Sun Pharma has also entered into a royalty agreement under which Fortress will receive royalties from future sales of cosibelimab during a specified term. Fortress shares jumped past 11% in recent Monday trading.

The proposed transaction is expected to close in Q2, the companies said.

Price: 4.02, Change: +1.55, Percent Change: +62.55