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.

Three months after an FDA approval for cancer immunotherapy Unloxcyt, Checkpoint Therapeutics has found a buyer. | Three months after an FDA approval for cancer immunotherapy Unloxcyt, Checkpoint Therapeutics has found a buyer.

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.