LEO Pharma announced that it has finalized the acquisition of the strategic asset TMB-001 as well as certain other assets from Timber Pharmaceuticals following its chapter 11 bankruptcy filing.
The TMB-001 project aims to develop a topical treatment for multiple moderate to severe subtypes of congenital ichthyosis – a skin disease with significant unmet need and no approved prescription therapies available. The TMB-001 project continues as planned and without changes within LEO Pharma. All employees of Timber Pharmaceuticals will transition to LEO Pharma’s offices in New Jersey, US.
TMB-001 is an investigational topical reformulation of the active pharmaceutical ingredient (API), isotretinoin that today only exists in an oral formulation in the U.S. The reformulation has received orphan, fast track, and breakthrough designation by the FDA. TMB-001 has shown positive results in Phase 2, with Phase 3 recruitment currently on-going in the US and in Europe.
LEO Pharma expects the acquisition to strengthen its US business. The transaction will not have a material financial impact on LEO Pharma’s financial results for 2024.
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