Timber Pharmaceuticals Files for Chapter 11 (11/17/23)
Story by Josh Beckerman
imber Pharmaceuticals filed for chapter 11 bankruptcy protection on a day when LEO Pharma terminated a merger agreement that didn’t receive a sufficient stockholder vote at a Friday meeting.
Timber signed a stalking-horse asset-sale agreement with LEO Pharma.
Timber, which focuses on treatments for rare and orphan dermatologic diseases, previously warned that there was substantial doubt about its ability to continue as a going concern and said it would “likely need to seek the protection of the bankruptcy courts” if the merger wasn’t completed.
The company adjourned its stockholder meeting on Oct. 16 and again on Oct. 30.
Before a trading halt earlier on Friday, Timber shares were up 17%, to $1.46. On the day the LEO Pharma deal was announced in August, Timber shares closed at $2.99, up from $1.42 in the previous session.
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