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LEO Pharma to Acquire Timber Pharmaceuticals
The deal is worth up to $36 million with an initial upfront consideration of $14 million, with an additional $22 million in contingent value rights (CVRs) that is payable upon achieving certain milestones.
LEO Pharma announced on Aug. 21, 2023 that they have signed an agreement to acquire Timber Pharmaceuticals. Additionally, this agreement is set to add more to LEO Pharma’s dermatology pipeline, according to the press release.
The deal is worth up to $36 million with an initial upfront consideration of $14 million, with an additional $22 million in contingent value rights (CVRs) that is payable upon achieving certain milestones.
The lead investigational candidate from Timber, TMB-001, is a topical reformulation of the active ingredient, isotretinoin, and is aimed at treating congenital ichthyosis, which is defined as a rare skin disease with significant unmet need and no approved prescription therapies available, according to the press release.
Further, isotretinoin is an API that only exists in an oral formulation in the United States. TMB-001 has previously received an orphan and breakthrough designation by FDA and is on track for an action date by mid-2025.
“Signing an agreement to acquire Timber Pharmaceuticals and TMB-001, which is still subject to certain closing conditions, is an additional step in delivering on our strategy,” said Christophe Bourdon, CEO of LEO Pharma, in a press release. “We will add an attractive late-stage asset to our medical dermatology pipeline and strengthen our team in the US. And most importantly, we will add an asset with promising outlook to be able to help patients suffering from a debilitating disease that today have no proper treatment options.”
John Koconis, chairman and chief executive officer of Timber Pharmaceuticals, added that the company is pleased to deliver a transaction that will maximize long-term value for Timber Pharmaceuticals’ shareholders. “LEO Pharma is a leader in global dermatology with a mission that matches our own—a relentless pursuit to help patients suffering from skin diseases,” Koconis said in a press release. “LEO’s expertise and global footprint make it the best choice to advance and achieve the full potential of Timber Pharmaceuticals’ portfolio of product candidates. We believe that LEO has the potential to establish TMB-001 as the standard of care in the treatment of congenital ichthyosis, a devastating, rare disease.”
Source: LEO Pharma
