LEO Pharma acquires key assets from Timber Pharma

Privately-held Danish dermatology specialist LEO Pharma says it has finalized the acquisition of the strategic asset TMB-001 as well as certain other assets from Timber Pharmaceuticals following the US firm’s Chapter 11 bankruptcy filing.

The TMB-001 project aims to develop a topical treatment for multiple moderate to severe subtypes of congenital ichthyosis – a skin disease with significant unmet need and no approved prescription therapies available. The TMB-001 project continues as planned and without changes within LEO Pharma. All employees of Timber Pharmaceuticals will transition to LEO Pharma’s offices in New Jersey, USA

The transaction involved at upfront payment of $14 million, with a further $22.0 million in contingent value rights (CVRs) payable on the achievement of certain milestones.