LEO Pharma
A Danish, foundation-owned pharmaceutical company focused on dermatology, thrombosis, coagulation and bone-remodeling medicines.
Last updated October 14, 2026
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Overview
LEO Pharma is a Danish pharmaceutical company headquartered in Ballerup, near Copenhagen. Its origins date to 1908, when pharmacists August Kongsted and Anton Antons acquired the LEO Pharmacy in Copenhagen and established a chemical manufacturing business known as Københavns Løveapoteks kemiske Fabrik. The enterprise later became LEO Pharma and developed from a local pharmacy-related manufacturer into an international medicines company. The company has historically combined proprietary drug development with the manufacture and marketing of established prescription treatments. Its principal therapeutic areas are dermatology, thrombosis and coagulation, and bone remodeling. Dermatology is the company’s central strategic identity, while its anticoagulation and related hospital medicines represent important parts of its historical and commercial portfolio. LEO products are distributed in more than 100 countries, supported by a workforce of more than 4,800 specialists, with particular emphasis on dermatology and thrombosis. Several milestones shaped the company’s early development. LEO introduced its own aspirin headache tablet in 1912 and exported Digisolvin in 1917, described as Denmark’s first exported drug. It launched a heparin product in 1940 and became the first producer of penicillin outside the United States and the United Kingdom in 1945. The company later filed a patent for bendrofluazide in 1958 and launched Fucidin in 1962 for staphylococcal infections. Fucidin became one of the best-known products associated with the LEO name and reinforced its position in anti-infective dermatology. In the twenty-first century, LEO Pharma expanded its dermatology platform through external transactions as well as internal research. In 2018 it acquired Bayer’s dermatology unit, broadening its product portfolio and commercial reach. During the 2020s, the company pursued restructuring, cost reduction and a greater reliance on external innovation. In 2023 it agreed to acquire key Timber Pharmaceuticals assets, including TMB-001, an investigational topical isotretinoin ointment for congenital ichthyosis, a group of rare inherited skin disorders with limited treatment options. LEO Pharma is fully integrated into the private LEO Foundation rather than being publicly listed. This ownership structure gives the company a long-term institutional owner but has not removed financial pressure. The company reported significant losses in 2023 and 2024 while continuing to grow revenue and reduce operating costs. In 2023 it announced a new capital structure allocating more than DKK 4 billion for business development and mergers and acquisitions, particularly targeting rare skin diseases with substantial unmet medical need. Its current direction therefore combines a strong dermatology franchise with selective business development, operational restructuring and the pursuit of late-stage or differentiated assets from external sources.
History
LEO Pharma began in Copenhagen in 1908, when pharmacists August Kongsted and Anton Antons purchased the LEO Pharmacy. They established Københavns Løveapoteks kemiske Fabrik, a chemical manufacturing business that later became known as LEO Pharma. The early company developed medicines for the Danish market and gradually built an export business. Its own aspirin tablet appeared in 1912, followed by the export of Digisolvin in 1917. The latter is described in company history as Denmark’s first exported drug. The company expanded its manufacturing capabilities during the first half of the twentieth century. It introduced a heparin product in 1940 and in 1945 became the first producer of penicillin outside the United States and the United Kingdom. These developments established LEO as an important Danish pharmaceutical manufacturer at a time when European drug production was becoming more industrialized. In 1958 the company filed a patent for bendrofluazide, and in 1962 it launched Fucidin for staphylococcal infections. Fucidin helped anchor LEO’s long-term presence in dermatology and anti-infective treatment. Over subsequent decades, LEO Pharma broadened its portfolio beyond dermatology. Its activities came to include medicines related to thrombosis and coagulation, as well as bone remodeling. The company also expanded internationally, eventually making its products available in more than 100 countries. Its ownership model remained distinctive: the business became fully integrated into the private LEO Foundation, which functions as its owner and provides a foundation-based alternative to public-market ownership. The company entered a more active external-growth phase in the twenty-first century. In 2018 it acquired Bayer’s dermatology unit for an undisclosed amount. The transaction strengthened LEO Pharma’s principal therapeutic franchise and expanded its dermatology product base. In April 2022, Christophe Bourdon became CEO after previously leading Orphazyme A/S. During 2023, LEO Pharma undertook a substantial restructuring. Approximately 300 positions were eliminated, representing about five percent of the workforce, and the company reduced parts of its early-stage research program. The restructuring reflected an effort to control costs and improve the company’s development model, including greater use of externally sourced drug candidates. In August 2023 LEO Pharma agreed to acquire important assets from Timber Pharmaceuticals for its dermatology pipeline. The transaction included TMB-001, a topical isotretinoin ointment being developed for moderate to severe congenital ichthyosis. In September 2023, LEO Pharma announced a new capital structure with more than DKK 4 billion designated for business development and mergers and acquisitions. The stated priority was the acquisition of assets addressing rare dermatological conditions and significant unmet needs. Financial results subsequently showed the cost of restructuring, impairments and financing pressure. The company reported a DKK 3.6 billion net loss for 2023 despite revenue growth and operating-cost reductions, followed by a DKK 1.7 billion loss for 2024 alongside revenue of DKK 12.4 billion. LEO Pharma therefore remains an active international specialist pharmaceutical company, with dermatology at the center of its strategy and foundation ownership supporting a long-term but commercially disciplined approach.
- 2023
Timber Pharmaceuticals asset acquisition agreed
[1]LEO Pharma agreed to acquire key Timber Pharmaceuticals assets, including the investigational dermatology candidate TMB-001.
- 2018
Acquisition of Bayer’s dermatology unit
[1]LEO Pharma acquired Bayer’s dermatology unit in a transaction whose value was not disclosed.
- 1962
Fucidin launched
[1]LEO introduced Fucidin for the treatment of staphylococcal infections.
- 1958
Bendrofluazide patent filed
[1]The company filed a patent for bendrofluazide.
- 1945
Penicillin production begins outside the United States and United Kingdom
[1]LEO became the first producer of penicillin outside the United States and the United Kingdom.
- 1940
Heparin product launched
[1]LEO introduced its own heparin product, expanding its role in anticoagulation medicines.
- 1917
First reported Danish drug export
[1]LEO exported Digisolvin, identified in company history as Denmark’s first exported drug.
- 1912
Launch of an in-house aspirin tablet
[1]The company introduced its own aspirin headache medicine.
- 1908
LEO Pharma is established in Copenhagen
[1]August Kongsted and Anton Antons acquired the LEO Pharmacy and created Københavns Løveapoteks kemiske Fabrik, the predecessor of LEO Pharma.
Products and positioning
Specialist pharmaceutical company with a strong dermatology focus and additional expertise in thrombosis, coagulation and bone remodeling, increasingly targeting rare skin diseases and unmet medical needs.
Dermatology and anti-infective medicine · 1962
Fucidin
Fucidin is a LEO Pharma product launched in 1962 for staphylococcal infections. Its introduction became an important part of the company’s dermatology and topical anti-infective history. The available reference material does not specify the complete current formulation range or market status.
Anticoagulation · 1940
Heparin products
LEO launched its own heparin product in 1940, establishing a historical connection with thrombosis and coagulation treatment. Heparin products are part of the company’s broader specialist pharmaceutical heritage, although the supplied sources do not provide a complete current brand and formulation list.
Rare dermatology pipeline
TMB-001
TMB-001 is a topical isotretinoin ointment acquired through LEO Pharma’s 2023 agreement with Timber Pharmaceuticals. It was under development for moderate to severe subtypes of congenital ichthyosis, a group of rare inherited skin disorders for which treatment options are limited. It is described in the supplied material as an investigational candidate rather than an established marketed medicine.
Controversies
2005
Oil-for-Food Programme bribery allegations
LEO Pharma was one of 22 Danish companies accused in connection with alleged bribery and corruption surrounding the United Nations Oil-for-Food Programme. The company settled with Danish police and paid DKK 8.5 million. The episode prompted stronger anti-corruption measures and increased internal scrutiny.
Brand decisions
2023
Restructure the organization and reduce early-stage researchStrategyBackground
LEO Pharma undertook a major reorganization amid pressure to improve efficiency and prepare for a possible future initial public offering.
Action taken
The company cut approximately 300 jobs and narrowed parts of its early-stage research program, with more drug candidates expected to be sourced externally.
Aftermath
The restructuring reduced the workforce and operating-cost base while shifting emphasis toward external innovation and business development.
2023
Acquire Timber Pharmaceuticals dermatology assetsM&ABackground
LEO Pharma aimed to expand its pipeline in rare dermatological diseases with limited treatment options.
Action taken
The company entered a definitive agreement to acquire key Timber Pharmaceuticals assets, including TMB-001.
Aftermath
The transaction added an investigational treatment for congenital ichthyosis to LEO Pharma’s rare-disease dermatology pipeline.
Transaction consideration. USD 36 million (2023 announced transaction)
2023
Create a capital structure for business development and acquisitionsStrategyBackground
LEO Pharma intended to strengthen its ability to acquire assets in rare dermatology and other areas with unmet medical need.
Action taken
The company announced more than DKK 4 billion in capital allocation for business development and mergers and acquisitions.
Aftermath
The strategy placed external asset acquisition at the center of the company’s growth plans.
2018
Acquire Bayer’s dermatology unitM&ABackground
LEO Pharma sought to reinforce its core dermatology business and expand its international portfolio.
Action taken
The company acquired Bayer’s dermatology unit for an undisclosed amount.
Aftermath
The acquisition broadened LEO Pharma’s dermatology platform and supported its positioning as a specialist skin-disease company.
Recent events
LEO Pharma acquires worldwide rights to dersimelagon from Tanabe Pharma[2]
Reported:
LEO Pharma agreed to acquire worldwide rights to dersimelagon, an oral once-daily MC1R agonist being developed for EPP and XLP, from Tanabe Pharma for up to $435m in up-front and near-term milestone payments plus potential downstream milestones and tiered royalties on net sales.
Medable acquires Omhu[3]
Reported:
Medable announced that it had acquired Omhu A/S from LEO Innovation Lab's owner, LEO Pharma A/S, taking over Omhu's mobile applications and a team of 38 people.
LEO Pharma appoints Nadege Feeser to lead its Atopic Dermatitis Business Unit[4]
Reported:
LEO Pharma UK and Ireland appointed Nadege Feeser to lead its Atopic Dermatitis Business Unit and drive its work in atopic dermatitis across northern European cluster countries.
Sources4 sources
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