Timber shares nearly double on buyout deal with Leo Pharma

Trex Wind-Down

21/08/2023 13:53

** Shares of Timber Pharmaceuticals  TMBR.A  surge 95.1% to
$2.77 premarket
    ** Privately-held Leo Pharma to acquire TMBR at a deal
valued at up to $36 mln, to bulk up its portfolio of skin
disease treatments 
    ** Deal includes upfront payment of $14 mln and up to $22
mln upon achievement of some regulatory and sales milestones 
    ** Under initial payment, TMBR shareholders will receive
about $2.62 per share in cash, representing a premium of 84.5%
on stock's last close
    ** YTD, TMBR up 31.6% through last close 

 (Reporting by Christy Santhosh in Bengaluru)
 ((Christy.Santhosh@thomsonreuters.com))