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Leo Pharma to acquire Timber Pharmaceuticals for $14M upfront
Leo Pharma plans to acquire dermatology biotech Timber Pharmaceuticals, which is developing a treatment for a rare, genetic skin disease.
The privately…
Leo Pharma plans to acquire dermatology biotech Timber Pharmaceuticals, which is developing a treatment for a rare, genetic skin disease.
The privately held Danish biopharma will pay $14 million upfront, and Timber can receive up to another $22 million in milestone payments, bringing the transaction’s total potential value to $36 million. The deal is expected to close in the fourth quarter of this year.
John KoconisLeo said Monday it plans to give out the milestone payments as Timber progresses with TMB-001, which aims to treat congenital ichthyosis, a condition that causes scaly and dry skin. Timber expects TMB-001 to have FDA approval by Oct. 1, 2025, which would hand the biotech $12 million in milestone payments. It is up for another $10 million if sales pass $100 million by Dec. 31, 2028.
“LEO’s expertise and global footprint make it the best choice to advance and achieve the full potential of Timber’s portfolio of product candidates,” Timber CEO John Koconis said in a release.
Timber’s stock $TMBR soared about 95% on Monday morning.
Earlier this year, Leo Pharma let go of around 300 employees and split its R&D operations into two separate divisions.
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