Leo Pharma has agreed to acquire US-based Timber Pharmaceuticals, a clinical-stage biopharma company that develops treatments for rare skin conditions, for $36 million. The deal mandates an initial payment of $14 million and commits to $22 million in further payments as future milestones are achieved. Leo Pharma aims to enhance its medical dermatology pipeline by acquiring rights to Timber’s late-stage investigational product candidate, TMB-001. TMB-001 is a new formulation intended to treat a rare skin condition, congenital ichthyosis, and has shown positive results in Phase II clinical trials. Leo Pharma and Timber Pharmaceuticals expect to close the deal in the last quarter of 2023 upon meeting specific requirements.
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[Source: Pharmaceutical Technology, August 22nd, 2023]