LEO Pharma A/S announced on August 21 it acquired Timber Pharmaceuticals LLC, a biopharmaceutical company focused on developing and commercializing treatments for orphan dermatologic diseases.
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 needs and no approved prescription therapies available.
Founded in 1908, LEO Pharma A/S is owned by the LEO Foundation, one of Denmark’s largest commercial foundations. LEO Pharma is a specialty pharmaceutical company focused on dermatology, and markets products in more than 130 countries.
The deal represents a total transaction value of up to $36 million with an initial upfront consideration of $14 million and up to an additional $22 million in contingent value rights payable upon achievement of certain milestones. The transaction is expected to close in the fourth quarter of 2023.
According to data captured in the LevinPro HC database, this transaction is the 68th Pharmaceutical acquisition of 2023.
