Timber pharmaceuticals to be acquired by leo pharma
Warren, nj, aug. 21, 2023 (globe newswire) -- via newmediawire -- timber pharmaceuticals, inc. (“timber” or the “company”) (nyse american: tmbr) today announced that it has entered into a definitive agreement to be acquired by leo us holding, inc. (“leo pharma”), a wholly-owned subsidiary of leo pharma a/s, in a total transaction value of up to $36 million with (i) an initial upfront consideration of $14 million and (ii) up to an additional $22.0 million in contingent value rights (cvrs) payable upon achievement of certain milestones described below. all of the issued and outstanding shares of capital stock and other equity interests of timber will be converted into the right to receive the initial upfront consideration, less the payments for certain outstanding warrants that contain a black scholes cash payout value. for example, based on a current estimate of the black scholes value of such warrants of approximately $5.1 million, subject to change based on the assumptions detailed below, timber expects the initial amount per share to be paid to timber stockholders to be approximately $2.62 based on approximately 3.4 million shares of timber common stock and restricted stock issued and outstanding as of august 20, 2023.
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