Timber Pharmaceuticals files for bankruptcy

Timber Pharmaceuticals filed for Chapter 11 bankruptcy Nov. 17. 

The company was researching rare dermatological diseases with no approved treatments, according to its website.

Timber and its subsidiary BioPharmX, a specialty dermatology pharmaceutical company, are now in a "stalking horse" agreement with LEO Pharma, which signed a deal in August to acquire Timber for about $14 million. The stalking horse asset purchase agreement allows LEO Pharma to sell Timber for the acquisition price.

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