Tech5: Big Tech leads US selloff, Apple reportedly planning 'dramatic' software overhaul, Sun Pharma to acquire Checkpoint, and more
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Dilip Shanghvi, CMD of Sun Pharmaceutical Industries. Image: Vikas Khot
Sun Pharma to acquire cancer drug maker Checkpoint for $355 million
Sun Pharmaceutical Industries has agreed to acquire US-based cancer drug maker in a deal valued at $355 million in upfront cash payment, India’s biggest pharma company said in a press release filed with the stock exchanges in Mumbai on March 10. The deal will bring Unloxcyt (cosibelimab-ipdl), the first and only FDA-approved anti-PD-L1 treatment for metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC), to Sun Pharma’s global onco-derm franchise, the company said.
Checkpoint is a Nasdaq-listed commercial-stage company focussed on developing novel treatments for patients with solid tumour cancers.Â
The upfront cash payment of $4.1 per share of common stock represents a premium of approximately 66 percent to Checkpoint’s closing share price on March 7, 2025, the last trading day prior to the March 10 announcement. Investors may also get an additional $0.7 per share in milestone payments, according to the press release.
Big Tech leads US stock selloff on worry Trump hurting growth
Technology stocks led a massive selloff in the US on March 10, as concerns mounted that US President Donald Trump’s tariff war and other extant macroeconomic issues will slow down the world’s biggest economic engine. The so-called ‘Magnificent 7’ Big Tech stocks, including Apple, Alphabet (Google’s parent), Amazon, Microsoft, Meta Platforms, Nvidia and Tesla, all fell. Tesla fell 15.43 percent, its worst show since 2020, according to Bloomberg, as investors worried about its deliveries and mounting competition from China’s BYD.
The Nasdaq 100 fell 3.8 percent, the most since 2022, Bloomberg reports, wiping out more than $1 trillion in value. The Nasdaq Composite index fell 4 percent, the blue-chip Dow Jones Industrial Average fell 2.08 percent, and S&P 500 fell 2.7 percent.
