LEO Pharma to Acquire Timber Pharmaceuticals

LEO Pharma announced today its acquisition of Timber Pharmaceuticals, a transaction valued at $36 million.¹ Timber Pharmaceuticals has been evaluating the safety and efficacy of its breakthrough therapy, TMB-001, for the treatment of congenital ichthyosis (CI). TMB-001, a topical isotretinoin formulation, was granted Fast Track Designation in April 2022 and Breakthrough Therapy Designation in May 2022 by the FDA. With no other FDA-approved treatments available for patients with CI, Timber Pharmaceuticals has been working tirelessly toward approval.

"I couldn't be more excited at this news. I literally had just finished caring for a Timber clinical trial patient the moment I learned of this acquisition. First and foremost, I am excited for ichthyosis patients, because LEO's and Timber's deal means one step closer to these patients having an FDA-approved medication. LEO Pharma will be excellent in leading TMB-001 onto the market,” Christopher Bunick, MD, PhD, a physician-scientist and associate professor of dermatology at the Yale School of Medicine in New Haven, Connecticut, told Dermatology Times®. “Second, I am grateful and thrilled for all of the investigators across the world who helped TMB-001 ointment through the clinical trials. Importantly, the phase 3 clinical trial is ongoing and there is still time and room for patients to be enrolled! Lastly, this is great for dermatology because it demonstrates how therapeutic innovation continues to thrive in our specialty, including for rare genetic disorders."

In the news release, John Koconis, chairman and chief executive officer of Timber Pharmaceuticals, said, “We are very pleased to deliver a transaction that will maximize 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.”

Most recently, Timber Pharmaceuticals’ chief medical officer, Alan Mendelsohn, MD, presented interim PK data from the phase 3 ASCEND (NCT05295732) trial at the Society of Pediatric Dermatology Meeting in Asheville, North Carolina, held July 13-16.

The acquisition was unanimously approved by the board of directors of both companies and is expected to close in the fourth quarter of 2023.

Reference

1. Timber Pharmaceuticals to be acquired by LEO Pharma. GlobeNewswire. August 21, 2023. Accessed August 21, 2023. https://www.globenewswire.com/en/news-release/2023/08/21/2728628/0/en/Timber-Pharmaceuticals-to-be-Acquired-by-LEO-Pharma.html