Fortress Biotech Completes Sale of Checkpoint Therapeutics Subsidiary

Fortress Biotech, a leading biopharmaceutical company, has announced a significant development with its subsidiary, Checkpoint Therapeutics. On May 30, 2025, Checkpoint was acquired by Sun Pharmaceutical Industries, a global pharmaceutical leader, marking a major milestone for Fortress Biotech. This acquisition, approved by Checkpoint's shareholders, positions Sun Pharma to bring the FDA-approved UNLOXCYT™ (cosibelimab-ipdl) to a wider patient base through its extensive commercial network.

The terms of the acquisition entail Sun Pharma acquiring all outstanding shares of Checkpoint for $4.10 per share. Additionally, there is a contingent value right (CVR) of up to $0.70 per share, contingent upon cosibelimab receiving approval in the European Union or specific European countries within set deadlines. This strategic move underscores Fortress Biotech's commitment to enhancing shareholder value and advancing its assets.

Fortress Biotech is poised to receive approximately $28 million shortly after the deal's closure and is set to benefit from a 2.5% royalty on future net sales of UNLOXCYT. There is also a potential to earn an additional $4.8 million if the CVR conditions are met. Lindsay A. Rosenwald, Fortress Biotech’s Chairman, President, and CEO, expressed enthusiasm about the transaction, highlighting its potential to bolster Fortress's financial position through opportunistic deals that generate long-term shareholder value.

Checkpoint Therapeutics received FDA approval for UNLOXCYT in December 2024. UNLOXCYT is recognized as the sole FDA-approved PD-L1 blocking antibody for advanced cutaneous squamous cell carcinoma. This approval has paved the way for broader patient access through Sun Pharma’s established channels.

Fortress Biotech’s business model strategically focuses on acquiring and developing assets to their maximum potential. The company generates long-term cash flow through diversified revenue streams, including product sales, equity holdings, and royalties. Fortress Biotech's portfolio is diverse, comprising eight marketed prescription products with several other programs in development. The company operates across various therapeutic areas such as oncology, dermatology, and rare diseases.

Fortress has built strategic partnerships with leading academic institutions and biopharmaceutical firms, including AstraZeneca and the City of Hope. These collaborations aim to expand and maximize the potential of its product portfolio, leveraging the company’s industry expertise and extensive network.

Looking ahead, Fortress is eagerly anticipating another significant milestone with its subsidiary, Cyprium Therapeutics. The Prescription Drug User Fee Act (PDUFA) goal date for CUTX-101 is set for September 30, 2025. Should CUTX-101 receive FDA approval, Cyprium may be eligible for a Priority Review Voucher, further enhancing Fortress’s strategic position.

Fortress Biotech continues to explore business development opportunities and advance its robust pipeline of promising product candidates. The company remains focused on driving growth and maximizing value across its subsidiaries and partner companies, reinforcing its status as an innovative player in the biopharmaceutical industry.