Timber Pharmaceuticals Shares Soar on Takeover by LEO Pharma

Dow Jones

2023/08/21

By Colin Kellaher

Shares of Timber Pharmaceuticals nearly doubled in premarket trading Monday after the biopharmaceutical company agreed to be acquired by Danish medical dermatology company LEO Pharma in a deal worth up to $36 million.

The stock was recently up more than 96% to $2.79 in premarket trading.

Timber, a Warren, N.J., company focused on orphan dermatologic diseases, said the deal includes initial consideration of $14 million, or $2.62 a share, in cash, a nearly 85% premium to Friday's closing price of $1.42.

Timber said the transaction also includes contingent value rights worth up to an additional $22 million tied to milestones related to its TMB-001 drug candidate.

The deal is slated to close by the end of the year.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

August 21, 2023 08:15 ET (12:15 GMT)

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