The $36 million deal is subject to certain closing conditions including, but not limited to, Timber Pharmaceuticals’ shareholder approval
Timber Pharmaceuticals is a clinical-stage biopharma company focused on the development and commercialization of treatments for rare and orphan dermatologic diseases. Timber is currently developing non-systemic treatments for rare dermatologic diseases including congenital ichthyosis (CI) and sclerotic skin diseases.
The company’s lead investigational product candidate, TMB-001, is a topical reformulation of the active ingredient, isotretinoin, which is aimed at treating congenital ichthyosis – a rare skin disease with significant unmet need and no approved prescription therapies available.
Isotretinoin is an API that today only exists in an oral formulation in the U.S. The reformulation, TMB-001, has received an orphan and breakthrough designation by the FDA, and is on track with an action date as early as mid-2025.
TMB-001 has shown positive results in phase 2, with phase 3 recruitment currently on-going in the US and in Europe.
Christophe Bourdon, CEO of LEO Pharma, said: ““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 promising outlook to be able to help patients suffering from a debilitating disease that today have no proper treatment options.”
John Koconis, CEO and chairman of Timber Pharmaceuticals, added: “We are very pleased to deliver a transaction that will maximize long term value for Timber Pharmaceuticals’ shareholders. LEO Pharma is a leader in global dermatology with a mission that matches our own - a relentless pursuit to help patients suffering from skin diseases.”
“LEO’s expertise and global footprint make it the best choice to advance and achieve the full potential of Timber Pharmaceuticals’ portfolio of product candidates. We believe that LEO has the potential to establish TMB-001 as the standard of care in the treatment of congenital ichthyosis, a devastating, rare disease.”
Pending shareholder approval and other closing conditions, the acquisition is expected to be finalised in Q4 of 2023.