'Buy' Sun Pharma Maintains Systematix, Sees Checkpoint Acquisition To Strengthen Onco Derma Portfolio

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Systematix Report

Sun Pharmaceutical Industries Ltd.’s acquisition of Checkpoint Therapeutics would give Sun Pharma access to a U.S. Food and Drug Administration-approved novel drug asset,

Cosibelimab (approved in December 2024), meant to treat locally advanced or metastatic cutaneous squamous cell carcinoma (laCSCC and mCSCC). Through this acquisition, Sun Pharma intends to deepen its presence in the skin cancer segment; Sun Pharma’s existing portfolio in this space includes Levulan and Odomzo, having filed Nidlegy for melanoma.

The acquisition is valued at $355 million ($400 million including Contingent Value Right. We estimate peak sales opportunity of $250 million-$500 million for Cosibelimab.

We retain our estimates on Sun Pharma and retain Buy with a target price of Rs 2,206 based on 35 times FY27E earnings per share.

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