The stock of dermatology-focused biopharmaceutical company Timber Pharmaceuticals (NYSE: TMBR) has been surging over 6% in premarket session just before the start of the regular trading today.
Last session, Timber Pharmaceuticals stock had fallen nearly 11% but after the release of news of the development partner’s exclusive licensing agreement, the TMBR stock has been surging before-hours.
How does the agreement relate to TMBR?
Timber Pharmaceuticals provides treatments for rare and orphan dermatologic diseases through the development and commercialization of biopharmaceutical products. TMBR’s investigational therapies have demonstrated mechanisms of action associated with many decades of experience, strong chemistry, manufacturing and control (CMC) dossiers, and well-established safety profiles.
At the outset, TMBR is focused on developing non-systemic treatments for rare dermatologic disorders such as scleroderma, facial angiofibromas (FA) associated with Tuberous Sclerosis Complex (TSC), and congenital ichthyosis (CI).
AFT Pharmaceuticals Limited, one of Timber Pharmaceuticals’ development partners, today announced the exclusive license and supply agreement it has signed with Desitin Arzneimittel GmbH (“Desitin”). The agreement is for the distribution of topical rapamycin Pascomer or TMB-002 for the treatment of TSC-associated FA in Europe.
AFT and TMBR entered into a licensing and development agreement in North America in 2019 for TMB-002. Under the terms of the agreement, TMBR is entitled to share the financial benefits including royalties and milestones of any licensing transactions conducted by AFT outside of North America, Southeast Asia, Australia, and New Zealand. This provision applies to the current transaction with Desitin, with Timber Pharmaceuticals (TMBR) will receive benefits of that as well.