Danish dermatology leader LEO Pharma has bought the rights to Boehringer Ingelheim’s psoriasis drug Spevigo (spesolimab) for €90m ($105m), strengthening its portfolio ahead of a possible public listing in 2026.
The transaction will see LEO gain the exclusive global licence for Spevigo, taking control of commercialisation and development rights.
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The full terms of the deal were not disclosed as both companies are privately owned, but LEO confirmed it is in line for milestone payments and royalties. The deal is expected to close in the second half of 2025.
Spevigo is approved in the US, Japan, China and most European countries to treat generalised pustular psoriasis (GPP) flares, a rare but severe dermatological disease that can be fatal. It has also been approved in expanded indications in GPP in certain territories.
LEO’s new asset is a monoclonal antibody that blocks the activation of the interleukin-36 (IL-36) receptor – a key signalling pathway in the immune system implicated in the pathogenesis of several autoinflammatory diseases.
Indeed, GPP may not be the ceiling for Spevigo – LEO said there is an “opportunity to investigate the potential of Spevigo in additional skin conditions with high unmet medical need in which IL-36 is implicated”.
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By GlobalDataLEO calls Spevigo “the flagship dermatology product” of Boehringer Ingelheim, though the drug’s sales have not been publicly disclosed. Comparing sales from other drugs is tricky because Spevigo is the only US Food and Drug Administration (FDA)-approved treatment specifically for GPP.
Boehringer Ingelheim’s head of human pharma Shashank Deshpande said: “Spevigo holds a significant promise, and ensuring it reaches its full potential requires continued focus and expertise in medical dermatology. With over six decades of singular dedication to this field, LEO Pharma is exceptionally well-positioned to build on the strong foundation we’ve laid.”
Adding Spevigo to its portfolio represents a strengthening of assets for dermatology specialist LEO. The Danish drugmaker has been building its pipeline amid reports it is planning an initial public offering (IPO) next year. Christophe Bourdon, who was appointed CEO in 2022 and tasked with turning the fortunes of the company around, has made no secret of public listing plans.
In an interview with Bloomberg yesterday [14 July], Bourdon said market conditions and shareholders’ wishes will decide the best timing for an IPO.
The deal with Boehringer Ingelheim marks the second time LEO has signed a licensing agreement with a big pharma company in 2025. In January, Gilead Sciences offered a potential $1.7bn for LEO’s preclinical STAT6 research programmes, which the dermatology company agreed to. As part of the deal, LEO received $250m in an upfront payment, boosting its cash on hand.
