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Timber Pharmaceuticals, Inc.

Merger

  • Date:
  • 8/21/2023
  • Company Name:
  • Timber Pharmaceuticals, Inc.
  • Stock Symbol:
  • TMBR
  • Company Name - Buyer:
  • LEO Pharma A/S
  • Status:
  • Investigating
  • Merger Announcement Date:
  • 8/21/2023

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NEW YORK, August 21, 2023 – Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the officers or directors of Timber Pharmaceuticals, Inc. (NYSE: TMBR) (“Timber”) breached their fiduciary duties or violated the federal securities laws in connection with the company’s acquisition by LEO Pharma A/S (“LEO Pharma”).

On August 21, 2023, Timber announced that it had entered into an agreement to be acquired by LEO Pharma in a $36 million cash and stock deal. Pursuant to the merger agreement, Transaction value represents an initial upfront consideration of $14 million and an additional $22.0 million in contingent value rights (CVRs) payable upon achievement of certain milestones. 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. The deal is expected to close by the fourth quarter of 2023.

Bragar Eagel & Squire is concerned that Timber's board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Timber's stockholders.
The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in Timber Pharmaceuticals. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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