Leo Pharma to acquire Timber Pharmaceuticals and with it TMB 001 for congenital ichthyosis
Leo Pharma announced that it signed an agreement to acquire U.S.-listed Timber Pharmaceuticals, Inc. Upon closing, this transaction will add an attractive late-stage asset to Leo Pharma’s pipeline in medical dermatology
The deal is subject to certain closing conditions including, but not limited to, Timber Pharmaceuticals’ shareholder approval. The deal represents a total transaction value of up to $36 million with (i) an initial upfront consideration of $14 million, and (ii) up to an additional $22.0 million in contingent value rights (CVRs) payable upon achievement of certain milestones. Timber Pharmaceuticals’ lead investigational product candidate, TMB 001, is a topical reformulation of the active ingredient, isotretinoin, which is aimed at treating congenital ichthyosis – a rare skin disease with significant unmet need and no approved prescription therapies available.
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