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LEO Pharma to Acquire Replay in $50 Million Gene-Therapy Deal

The move underscores LEO’s effort to show a growth path ahead of a potential stock-market listing.

LEO Pharma will integrate Replay’s HSV gene therapy design and manufacturing specialists into its dermatology portfolio. Credit: Gorodenkoff / Shutterstock.com.

Overview

  • LEO Pharma, in a Thursday agreement, said it will buy U.S.-based Replay for $50 million upfront with additional milestone payments and tiered single-digit royalties.
  • The deal brings a topical gene therapy that uses an engineered herpes simplex virus to deliver large genes directly into skin cells.
  • Replay’s specialist HSV design and manufacturing team will join LEO’s dermatology business to speed development of programs.
  • The lead program targets dystrophic epidermolysis bullosa, a rare disease that causes fragile, blistering skin, and it remains in preclinical testing.
  • LEO framed the purchase as a way to build its rare-disease pipeline before a possible IPO, and it did not disclose milestone sizes or a closing timeline.