LEO Pharma Acquires Global Rights to Spevigo from Boehringer Ingelheim

LEO Pharma has entered into an agreement to acquire the global rights to Spevigo, a treatment for generalized pustular psoriasis (GPP), from Boehringer Ingelheim. The deal involves an upfront payment of €90 million ($105 million), with additional milestone and royalty payments to follow.

The Danish dermatology-focused company will assume worldwide responsibility for both the development and commercialization of the drug. LEO Pharma announced that the transaction is expected to conclude in the second half of the year, subject to regulatory approvals. Spevigo is already approved in more than 40 countries and can be administered to manage flare-ups or prevent them with injections every four weeks. The product received its initial approval in 2022 and was later cleared for use in patients aged 12 and older.

This is the second major deal LEO has signed this year. In January, the company finalized a licensing agreement with Gilead Sciences worth $1.7 billion, including a $250 million upfront payment, relating to part of its STAT6 transcription factor program. In that agreement, LEO retained topical candidates while Gilead took on oral therapies targeting inflammatory diseases.

LEO Pharma is adjusting its business strategy by reallocating assets and focusing on its dermatology expertise. According to CEO Christophe Bourdon, the company is reinforcing its position in the U.S. and sees this deal as a pivotal move in its ongoing transformation. “We are adding a growth engine to the portfolio. We are clearly reinforcing our US footprint,” Bourdon stated.

Bourdon also commented on the rationale behind the acquisition, noting that Boehringer Ingelheim had built a broad global presence for Spevigo, but ultimately selected LEO as the more specialized partner. “Boehringer Ingelheim has picked us as the best owner of the asset,” he said.

Spevigo, a selective antibody that blocks IL-36 signaling, is the first targeted therapy approved for GPP, a serious and potentially fatal skin condition. It is also undergoing a phase 3 trial for pyoderma gangrenosum (PG), another rare skin disorder characterized by painful ulcers.

Chief Scientific Officer Pontoppidan Thyssen, Ph.D., said the asset aligns with the company’s focus on severe, underserved conditions, describing it as “a transformative treatment that can really help patients.” He added, “It’s worth a shot on goal.”

The move comes as LEO prepares for a public listing targeted for the first half of 2026. Owned by Nordic Capital and the LEO Foundation, the company reported a profit in the first quarter. Bourdon, who joined in 2022, has guided the company through restructuring, focusing on external innovation and refining its dermatology portfolio. “Three years ago, two years ago, when we talked about transforming the company, about inventing a new innovation model, I think it was a wild ambition,” Bourdon said.

LEO Pharma Acquires Global Rights to Spevigo from Boehringer Ingelheim

LEO Pharma, a global leader in medical dermatology, has announced the acquisition of global rights to Spevigo from Boehringer Ingelheim. This strategic move marks a significant step in LEO Pharma’s mission to expand its innovative portfolio and strengthen its position as a leading player in skin health.

Spevigo is a groundbreaking treatment designed to address rare and severe skin conditions, offering new hope for patients with limited therapeutic options. Through this acquisition, LEO Pharma aims to accelerate access to advanced dermatological therapies and drive innovation in the management of immune-mediated skin diseases.

The transaction highlights LEO Pharma’s continued commitment to delivering science-driven solutions that improve the quality of life for patients worldwide. As the company integrates Spevigo into its global operations, it reaffirms its dedication to transforming dermatology through research, innovation, and collaboration.The acquisition also aligns with LEO Pharma’s long-term vision of becoming the preferred partner in dermatology innovation. It enhances the company’s research capabilities and adds a high-value biologic to its growing portfolio, which already includes leading treatments for psoriasis, eczema, and other chronic skin conditions.