Leo Pharma has entered an agreement for the acquisition of US-based clinical-stage biopharma firm Timber Pharmaceuticals for $36m. 

Timber develops and markets therapies to treat rare and orphan dermatologic conditions.

The deal comprises an initial upfront payment of $14m followed by $22m in contingent value rights on meeting specified future milestones.

Leo will bolster its medical dermatology pipeline by gaining rights to a late-stage investigational product candidate of Timber, TMB-001. 

TMB-001 is a new formulation of the active ingredient isotretinoin for topical use. It is intended for the treatment of congenital ichthyosis, a rare skin condition.

The US Food and Drug Administration (FDA) previously granted orphan and breakthrough designations for the asset. A decision on approval is anticipated in 2025. 

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

TMB-001 demonstrated positive results in a Phase II clinical trial. Recruitment for a Phase III study is underway in Europe and the US.

Leo Pharma CEO Christophe Bourdon stated: “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. 

“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 a promising outlook to be able to help patients suffering from a debilitating disease who today have no proper treatment options.”

The deal will be concluded in the fourth quarter of 2023.

Pharmaceutical Technology Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Pharmaceutical Technology Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now