Leo Pharma to acquire experimental rare-skin disease drug dersimelagon in up to $435 million deal

Leo Pharma announced it will acquire the rights to dersimelagon, an experimental oral therapy currently under FDA review, in a transaction that could total up to $435 million in upfront and near‑term milestone payments.

The drug is being developed for two rare genetic skin disorders, erythropoietic protoporphyria and X‑linked protoporphyria, which cause severe sunlight sensitivity, painful rashes and, in some cases, liver damage. Tanabe Pharma, the current holder, has already submitted an FDA approval request for both indications.

Leo, co‑owned by the Leo Foundation and Nordic Capital, reported a 10% rise in first‑half revenue to 7.26 billion Danish kroner (about $1.12 billion). The acquisition adds a late‑stage asset to its dermatology pipeline as the company aims to launch a new medicine every two to three years and explores a potential initial public offering.

The deal underscores Leo's strategy to expand its portfolio in rare‑disease dermatology and could provide a new oral treatment option for patients with limited therapeutic choices.