Leo Pharma to Acquire Timber for ~$36M
Shots:
- Leo Pharma to acquire Timber at a deal valued ~$36M incl. $14M up front & ~$22.0M in CVRs upon achievement of milestones for TMB-001 incl. ~$12M upon US FDA approval of NDA for the commercial marketing & sale of TMB-001 for congenital ichthyosis in adults and paediatric patients aged ≥6yrs. on or before Oct 2025 and $10M linked to TMB-001’s net sales crossing $100M within 4 consecutive calendar quarters by Dec 2028
- Timber shareholders will receive $2.62/share based on ~3.4M shares of Timber common stock representing a premium of 84.5% on the stock's last close while the transaction is expected to be close in Q4’23. The transaction will add a late-stage asset to LEO Pharma’s pipeline in medical dermatology
- Additionally, Timber will receive bridge loan of ~$3.0M from Leo Pharma. TMB-001 received ODD & BTD from the US FDA. TMB-001 showed positive results in the P-II study while patient enrolment in the P-III study is currently ongoing in the US & EU
Ref: Businesswire | Image: Timber Pharmaceuticals
Related News:- Timber Pharmaceuticals’ TMB-001 Receives the US FDA’s Breakthrough Therapy Designation for the Treatment of Congenital Ichthyosis
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Neha is a Senior Editor at PharmaShots. She is passionate and very enthusiastic about recent updates and developments in the life sciences and pharma industry. She covers Biopharma, MedTech, and Digital health segments along with different reports at PharmaShots. She can be contacted at connect@pharmashots.com.
