Sun Pharmaceutical Industries—controlled by Indian billionaire Dilip Shanghvi—has agreed to buy U.S.-based immunotherapy and oncology company Checkpoint Therapeutics for $355 million to bolster the Mumbai-based company’s drug portfolio.

India's Sun Pharmaceutical Industries said on Monday it will acquire Checkpoint Therapeutics, a U.S.-based immunotherapy and targeted oncology company, for $355 million. The deal is in line with Sun Pharma's active push in recent years to expand its oncology and immunotherapy portfolio through several acquisitions and collaborations.

Sun Pharmaceutical Industries has agreed to acquire Checkpoint Therapeutics, a company specialising in immunotherapy and targeted oncology treatments, for an aggregate upfront price of $355m. The acquisition is set to add Checkpoint's US Food and Drug Administration (FDA)-approved Unloxcyt (cosibelimab-ipdl) to the global onco-derm franchise of Sun Pharma.