LEO Pharma to acquire Timber Pharmaceuticals for up to $36m
Timber Pharmaceuticals has announced that it has entered a definitive agreement to be acquired by LEO Pharma, with a total transaction value of up to $36m including a $14m initial upfront payment, and up to an additional $22 in contingent value rights (CVRs) payable on the achievement of certain milestones.
Final figures are expected on the closing of the acquisition, with these numbers subject to change currently based on Timber’s trading price at the time of the deal.
The acquisition has been unanimously agreed by the boards of directors of both companies, and is expected to close by the end of 2023, subject to closing conditions.
John Koconis, chairman and chief executive officer of Timber, commented: “We are very pleased to deliver a transaction that will maximise long term value for Timber’s 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’s 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. Finally, I would like to sincerely thank our dedicated team at Timber for their tireless efforts, and the clinical investigators, medical professionals, patients and families whose personal contributions have been instrumental in shaping our understanding of TMB-001.”
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