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Sun Pharmaceuticals Industries is a leading global pharmaceutical company with a specialty and generic presence and India's top pharma company.
The pharma major’s consolidated net profit increased 15.04% to Rs 2,903.38 crore on a 10.46% rise in revenue from operations to Rs 13,675.46 crore in Q3 FY25 over Q3 FY24
Sun Pharmaceuticals Industries Ltd rose for a fifth straight session today. The stock is quoting at Rs 1699.6, up 0.96% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.31% on the day, quoting at 22466.9. The Sensex is at 74002.67, up 0.24%. Sun Pharmaceuticals Industries Ltd has dropped around 0.12% in last one month.
Meanwhile, Nifty Pharma index of which Sun Pharmaceuticals Industries Ltd is a constituent, has dropped around 1.58% in last one month and is currently quoting at 20386.85, up 1.23% on the day. The volume in the stock stood at 14.7 lakh shares today, compared to the daily average of 22.43 lakh shares in last one month.
The benchmark March futures contract for the stock is quoting at Rs 1699.9, up 0.91% on the day. Sun Pharmaceuticals Industries Ltd is up 8.17% in last one year as compared to a 1.86% gain in NIFTY and a 9.69% gain in the Nifty Pharma index.
The PE of the stock is 128.24 based on TTM earnings ending December 24.
Sun Pharmaceuticals Industries Ltd is up for a third straight session today. The stock is quoting at Rs 1673.25, up 1.08% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.71% on the day, quoting at 22337.55. The Sensex is at 73661.95, down 0.59%. Sun Pharmaceuticals Industries Ltd has slipped around 4.19% in last one month.
Meanwhile, Nifty Pharma index of which Sun Pharmaceuticals Industries Ltd is a constituent, has slipped around 5.49% in last one month and is currently quoting at 20332.1, down 0.4% on the day. The volume in the stock stood at 11.98 lakh shares today, compared to the daily average of 22.91 lakh shares in last one month.
The benchmark March futures contract for the stock is quoting at Rs 1674.7, up 1.07% on the day. Sun Pharmaceuticals Industries Ltd is up 7.36% in last one year as compared to a 1.54% jump in NIFTY and a 8.67% jump in the Nifty Pharma index.
The PE of the stock is 126.1 based on TTM earnings ending December 24.
Sun Pharmaceutical Industries and Checkpoint Therapeutics, Inc. (Nasdaq: CKPT) (Checkpoint) today announced that they have entered into an agreement by which Sun Pharma will acquire Checkpoint, an immunotherapy and targeted oncology company.
Checkpoint is a Nasdaq-listed commercial-stage company focused on developing novel treatments for patients with solid tumor cancers. Checkpoint has received approval from the U.S. Food & Drug Administration (FDA) for UNLOXCYT™ (cosibelimab-ipdl) for the treatment of adults with metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC who are not candidates for curative surgery or curative radiation.
Upon completion of the transaction, Sun Pharma will acquire all outstanding shares of Checkpoint and Checkpoint stockholders will receive, for each share of common stock they hold, an upfront cash payment of $4.10, without interest, and a non-transferable contingent value right (CVR) entitling the stockholder to receive up to an additional $0.70 in cash, without interest, if cosibelimab is approved prior to certain deadlines in the European Union pursuant to the centralized approval procedure or in Germany, France, Italy, Spain or the United Kingdom, subject to the terms and conditions in the contingent value rights agreement.
The upfront cash payment of $4.10 per share of common stock represents a premium of approximately 66.0% to Checkpoint's closing share price on 07 March 2025, the last trading day prior to today's announcement.
The transaction is expected to be completed in the second calendar quarter of 2025. The transaction is subject to customary closing conditions, including required regulatory approvals and approval by the holders of a majority of the voting power of outstanding shares of Checkpoint common stock, and by the holders of a majority of the shares of Checkpoint common stock that are not held by Fortress or by certain other affiliates of Checkpoint.
For the nine-month period ending September 2024, Checkpoint reported $0.04 million in revenue and a net loss of $27.3 million. The R&D expense for the nine-month period was $19.3 million. As of September 30, 2024, Checkpoint had a cash balance of $4.7 million, outstanding accounts payable and accrued expenses of $15.6 million, and outstanding accounts payable and accrued expenses –related party of $2.0 million.
In connection with the transaction, Fortress, which holds a majority of Checkpoint's outstanding voting power, has agreed to vote in favor of the transaction.
The upcoming trading week will be shorter due to holidays, with market participants closely monitoring both global and domestic events.
At 10:30 IST, the barometer index, the S&P BSE Sensex, rose 205.14 points or 0.28% to 74,571.42. The Nifty 50 index added 66 points or 0.29%, to 22,618.50.
In the broader market, the S&P BSE Mid-Cap index rose 0.02% and the S&P BSE Small-Cap index declined 0.62%.
The market breadth was negative. On the BSE, 1,714 shares rose and 1,915 shares fell. A total of 183 shares were unchanged.
Economy:
India's forex reserves dropped by $1.781 billion to $638.698 billion in the week ended February 28, the RBI said on Friday.
Foreign currency assets, a major component of the reserves, decreased by $493 million to $543.35 billion.
Gold reserves decreased by $1.304 billion to $73.272 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were up by $27 million to $17.998 billion, the apex bank said.
India's reserve position with the IMF fell by $12 million to $4.078 billion in the reporting week, the apex bank data showed.
Buzzing Index:
The Nifty Metal index added 0.95% to 9,012.10. The index surged 9.64% in six consecutive trading sessions.
JSW Steel (up 1.61%), Jindal Steel & Power (up 1.5%), Adani Enterprises (up 1.22%), Tata Steel (up 1.21%) and NMDC (up 1.1%), Hindalco Industries (up 1.02%), Steel Authority of India (up 0.85%), APL Apollo Tubes (up 0.62%), Vedanta (up 0.55%) and Welspun Corp (up 0.38%) advanced.
On the other hand, Ratnamani Metals & Tubes (down 1.10%), National Aluminium Company (down 1.08%) and Hindustan Copper (down 0.94%) edged lower.
Stocks in Spotlight:
Coal India (CIL) rose 0.75%. The company said that it has signed memorandum of understanding (MoU) with Indian Institute of Technology, Hyderabad (IIT-H) to develop clean coal technologies, diversification in coal utilization.
Sun Pharmaceutical Industries added 0.19%. The company said that it has entered into an agreement for the acquisition of all the outstanding shares of Checkpoint Therapeutics, Inc., an immunotherapy and targeted oncology company.
Lupin gained 0.44%. The pharma major announced that it has launched Rivaroxaban tablets USP, 2.5 mg, in the US market following final approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA).
Checkpoint is a Nasdaq-listed commercial-stage company focused on developing novel treatments for patients with solid tumor cancers. For the nine-month period ending September 2024, Checkpoint reported $0.04 million in revenue and a net loss of $27.3 million.
Checkpoint has received approval from the U.S. Food & Drug Administration (FDA) for UNLOXCYT (cosibelimab-ipdl) for the treatment of adults with metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC who are not candidates for curative surgery or curative radiation.
Cutaneous Squamous Cell Carcinoma (cSCC) is the second-most common type of skin cancer in the United States, with an estimated annual incidence of approximately 1.8 million cases according to the Skin Cancer Foundation.
As per the terms of the contract, Sun Pharma will acquire all outstanding shares of Checkpoint and Checkpoint stockholders will receive, for each share of common stock they hold, an upfront cash payment of $4.10, without interest, and a non-transferable contingent value right (CVR) entitling the stockholder to receive up to an additional $0.70 in cash, without interest, if cosibelimab is approved prior to certain deadlines in the European Union pursuant to the centralized approval procedure or in Germany, France, Italy, Spain or the United Kingdom, subject to the terms and conditions in the contingent value rights agreement.
The upfront cash payment of $4.10 per share of common stock represents a premium of approximately 66.0% to Checkpoint’s closing share price on March 7, 2025, the last trading day prior to today’s announcement.
In connection with the transaction, Checkpoint, Sun Pharma and Fortress Biotech, Inc., Checkpoint’s controlling stockholder, have entered into a royalty agreement, under which following the closing of the transaction Fortress would be entitled to receive royalty payments based on future sales of cosibelimab during a specified term, in lieu of royalty rights that were granted to Fortress in connection with its founding of Checkpoint.
The transaction is expected to be completed in the second calendar quarter of 2025.
Dilip Shanghvi, chairman & managing director of Sun Pharma, said: “Combining UNLOXCYT, an FDA approved anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma, with Sun Pharma’s global presence means patients with cSCC may soon have access to an important, new treatment option. The acquisition further bolsters our innovative portfolio in onco-derm therapy.”
The pharma major’s consolidated net profit increased 15.04% to Rs 2,903.38 crore on 10.46% rise in revenue from operations to Rs 13,675.46 crore in Q3 FY25 over Q3 FY24.
The scrip was down 0.06% to currently trade at Rs 1609 on the BSE.