With its drawn-out acquisition of Timber Pharmaceuticals, Inc. finally signed off, LEO Pharma A/S can now turn its attention to other potential deals that will cement its place as a leading player in the medical dermatology field.
Key Takeaways
- Leo has completed the acquisition of Timber which had fallen into chapter 11, and its congenital ichthyosis therapy
- CEO Christophe Bourdon is eager to ink more medical dermatology deals
- The firm's lead pipeline asset,
The Danish group agreed to acquire New Jersey-headquartered Timber for up to $36m, including an upfront payment of $14m, back in August to get hold of TMB-001, a topical reformulation of isotretinoin which is in Phase III for congenital ichthyosis. Both boards agreed the deal but could not reach the 50% shareholder approval to get the merger over the line and in November Timber filed for bankruptcy under chapter 11
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