LEO Pharma To Acquire Peplin For $287.5m

Peplin has signed a merger agreement whereby LEO Pharma will acquire all outstanding securities of Peplin for approximately $287.5m in cash.

In addition, LEO will provide Peplin with access to a loan facility to fund ongoing operations until the transaction closes, which is expected to occur by the end of the calendar year.

Reportedly, the board of directors of both companies unanimously approved the transaction. The transaction is subject to approval of Peplin’s stockholders and other customary closing conditions.

The company said that the stockholder proxy materials will be distributed, and a stockholder meeting scheduled to approve the transaction, following any US Securities and Exchange Commission review of the proxy materials.

Gitte Aabo, president and CEO of LEO Pharma, said: We are truly impressed with the amount of work and dedication that the people at Peplin have tied into this project.”

Tom Wiggans, chairman and CEO of Peplin, said: “We are especially delighted to enter into this agreement with LEO. We are very proud of the accomplishments of the entire Peplin team over the past several years to advance our lead candidate PEP005 Gel for actinic keratosis through to near completion of Phase 3 clinical trials. We are pleased LEO recognises the potential of PEP005 Gel as an innovative product for the treatment of actinic keratoses and other skin diseases.”