Timber Pharmaceuticals rockets as it agrees to a takeover

US rare and orphan dermatologic diseases firm Timber Pharmaceuticals (NYSE American: TMBR) saw it shares almost double to $2.79 this morning, on the news of a takeover bid from privately-held LEO Pharma.

On closing, this transaction will add an attractive late-stage asset to LEO Pharma’s pipeline in medical dermatology, the Danish company noted. The deal is subject to certain closing conditions including, but not limited to, Timber Pharmaceuticals’ shareholder approval. Timber itself was the product of a reverse merger with BioPharmX in 2020.

$36 million transaction value