LEO Pharma Completes Key Asset Acquisition, Including TMB-001, From Timber Pharmaceuticals

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LEO Pharma announced today¹ that its acquisition of assets from Timber Pharmaceuticals has been completed.

In August, LEO Pharma announced its acquisition of Timber Pharmaceuticals following Timber's chapter 11 bankruptcy filing. The transaction, valued at approximately $36 million, was unanimously approved by the board of directors of both companies and closed in the fourth quarter of 2023.²

The acquisition includes key assets such as the TMB-001 project, a breakthrough topical isotretinoin formulation in development for various moderate to severe subtypes of congenital ichthyosis.

The reformulation has gained orphan, fast track, and breakthrough designations from the US Food and Drug Administration. Positive phase 2 results have been observed, and phase 3 recruitment is actively underway in both the US and Europe.

LEO Pharma reassured that the TMB-001 project will continue as planned, with no alterations, and all Timber Pharmaceuticals employees will transition to LEO Pharma's offices in New Jersey.

“I am incredibly excited to hear that LEO Pharma has officially acquired Timber. Being an investigator for the Timber clinical trials has been one of the highlights of my professional career," said Christopher Bunick, MD, PhD, Dermatology Times winter editor in chief and associate professor of dermatology and physician-scientist at the Yale School of Medicine in New Haven, Connecticut. "I am so excited LEO Pharma will now lead TMB-001 into the homestretch as we wind down the phase 3 clinical trials and gear up for FDA approval. This medicine has a chance to revolutionize the topical therapy of congenital ichthyosis for so many patients. This is a wonderful day for dermatology and ichthyosis patients.”

Christophe Bourdon, CEO of LEO Pharma, expressed enthusiasm about the addition of TMB-001 to their pipeline and the integration of Timber Pharmaceuticals' employees into LEO Pharma.

"We are excited to kick-off 2024 by adding TMB-001 to our pipeline and to welcome the employees of Timber Pharmaceuticals to LEO Pharma," Bourdon said. "The transaction will further strengthen our pipeline with a strategic Phase 3 asset that has the potential to be able to help people living with a debilitating disease for which there are currently no proper treatment options."

LEO Pharma anticipates that the acquisition will have no significant financial impact on its 2024 financial results.

References

1. LEO Pharma. LEO Pharma finalizes acquisition of key assets from Timber Pharmaceuticals. BusinessWire. January 23, 2024. Accessed January 23, 2024. https://www.businesswire.com/news/home/20240123892208/en/LEO-Pharma-Finalizes-Acquisition-of-Key-Assets-From-Timber-Pharmaceuticals
2. LEO Pharma. Timber Pharmaceuticals to be acquired by LEO Pharma. GlobeNewswire. August 21, 2023. Accessed January 23, 2024. https://www.globenewswire.com/en/news-release/2023/08/21/2728628/0/en/Timber-Pharmaceuticals-to-be-Acquired-by-LEO-Pharma.html