LEO Pharma Valuation, Funding & Investors

LEO Pharma is valued at $4.2B as of March 2021.

Last LEO Pharma valuation

$4.2B

Undisclosed stage · Mar 2021

Last LEO Pharma funding round

$528M

Undisclosed stage · Mar 2021

Cumulative funding LEO Pharma raised

$528M

across 1 funding round

Key investors in LEO Pharma

  • Nordic Capital

LEO Pharma Overview

About LEO Pharma

LEO Pharma is a Ballerup-headquartered pharmaceutical company focused on medical dermatology. It develops therapies for psoriasis, atopic dermatitis, actinic keratosis, and other skin ailments. Key products include calcipotriol/betamethasone dipropionate combinations, IL-17 inhibitors, and topical treatments. Research occurs at facilities in Denmark, the United States, the United Kingdom, and Ireland. The firm distributes in over 100 countries through direct subsidiaries and licensing agreements. Founded in 1908.


Founded

1908

HQ

DenmarkCopenhagen

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$4.2B (Mar 2021)

LEO Pharma Valuation

LEO Pharma is currently valued at $4.2B, based on its undisclosed-stage round in March 2021.

The $528M round was led by Nordic Capital.

LEO Pharma valuation by funding round

LEO Pharma valuation by funding round
DateStageValuation
Mar 2021Undisclosed stage$4.2B

LEO Pharma Funding History

LEO Pharma has raised a total of $528M across 1 funding round.

LEO Pharma funding rounds

LEO Pharma funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2021Undisclosed stageNordic Capital (lead)$528M$4.2BLEO Pharma is a Denmark-headquartered global leader in medical dermatology, developing, manufacturing, and marketing pharmaceutical products for dermatological and thrombotic diseases, serving nearly 100 million patients annually across over 70 countries with a workforce of around 4,000. The company launched its 2030 strategy in 2020 to expand its topical dermatology franchise and build an innovative pipeline. On March 23, 2021, the LEO Foundation announced a partnership with Nordic Capital, who invested EUR 450 million (approximately $527.9 million) for a minority stake (reported as 20% in one source), becoming an active co-owner while the LEO Foundation retained majority control to fuel growth, R&D investments, and positioning in medical dermatology. The deal closed on July 22, 2021, providing flexible funding including DKK 11.2 billion in loan facilities extending to 2026. In 2021, LEO Pharma reported total revenue growth of 1.7% compared to 2020, with specific product highlights including Enstilar revenue up 3% to DKK 1,125 million and Kyntheum up 40% to DKK 467 million, amid a topical market decline. However, the company posted an operating EBITDA loss of DKK 1,957 million and EBIT loss of DKK 4,156 million, attributed to high investments in R&D and pipeline development, below expectations. The new ownership structure supported strategic ambitions like the anticipated tralokinumab launch for atopic dermatitis and a lean operating model. Nordic Capital, a healthcare-focused private equity firm with experience in pharmaceuticals like Advanz Pharma and Meda, partnered to accelerate innovation and global leadership. EU merger review confirmed limited overlaps in markets like antibacterials. Post-investment, LEO Pharma emphasized resilience during COVID-19, portfolio diversification (91% innovative), and future profitability, with first profit in six years noted later positioning for potential IPO.

Who has invested in LEO Pharma?

1 investor has backed LEO Pharma across its funding rounds, including Nordic Capital.

Lead investors include Nordic Capital.


LEO Pharma Investors

Investors in LEO Pharma by funding rounds participated
InvestorHQRoundsRoleFirst check

This data is available for Pro users. Sign up to see all 1 LEO Pharma investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Acquisitions by LEO Pharma

LEO Pharma has acquired 2 companies to date.

Last acquisition by LEO Pharma was on April 29th 2026. LEO Pharma acquired Replay for $50M.


Latest Acquisitions by LEO Pharma

Replay
Timber Pharmaceuticals
Description
Replay develops synthetic biology tools for large DNA payloads up to 10 kb via its Reprogrammable AAV platform. San Francisco-headquartered, the company writes genomic sequences for in vivo delivery to liver and muscle tissues. Replay advances applications in hemophilia and muscular dystrophy through preclinical partnerships.
Timber Pharmaceuticals is a biopharmaceutical company developing therapies for rare skin disorders. Headquartered in Pennington, New Jersey, it commercializes topical treatments including Zilxi minocycline foam approved by the FDA in 2022 for rosacea. The pipeline targets conditions like CNV and pachyonychia congenita, with partnerships including Galderma for distribution in the United States and Europe.
HQ CountryUnited StatesUnited States
HQ City
San Diego, CA
Woodcliff Lake, NJ
Deal Date29 Apr 202621 Aug 2023
Valuation$50M$36M
EV/Revenue
EV/EBITDA

This data is available for Pro users. Sign up to see all LEO Pharma acquisitions and their M&A valuation multiples.

Start Free Trial

Investments by LEO Pharma

LEO Pharma has invested in 1 company to date.

Latest investment by LEO Pharma was on July 30th 2018. LEO Pharma invested in SkinVision in their $8M Series B round.


Latest Investments by LEO Pharma

SkinVision
SkinVision
Description
SkinVision is an Amsterdam-headquartered app for early detection of skin cancers including melanoma, squamous cell carcinoma, basal cell carcinoma, and actinic keratosis. Certified via clinical trials with Ludwig Maximilian University in Munich and published in JEADV, the AI analyzes lesion images for risk assessment. SkinVision maintains a database of millions of images and serves users worldwide through iOS and Android platforms.
SkinVision is an Amsterdam-headquartered app for early detection of skin cancers including melanoma, squamous cell carcinoma, basal cell carcinoma, and actinic keratosis. Certified via clinical trials with Ludwig Maximilian University in Munich and published in JEADV, the AI analyzes lesion images for risk assessment. SkinVision maintains a database of millions of images and serves users worldwide through iOS and Android platforms.
HQ CountryNetherlandsNetherlands
HQ City
Amsterdam
Amsterdam
Deal Date30 Jul 201810 Jul 2015
RoundSeries BSeries A
Raised$8M$3M
InvestorsPHS CapitalPHS Capital
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

This data is available for Pro users. Sign up to see all LEO Pharma investments and their VC round multiples.

Start Free Trial

LEO Pharma Competitors

LEO Pharma competitors include listed companies like Indivior Pharmaceuticals, Yuhan, Relay Therapeutics and Aspen Pharmacare, and private ones like Biomat USA and Intas Pharmaceuticals.

Public and private companies comparable to LEO Pharma
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Indivior PharmaceuticalsUnited StatesUnited StatesPublicly listed$1.2B$282M$4.2B3.4x
YuhanSouth KoreaSouth KoreaPublicly listed$1.6B$218M$4.2B2.6x
Relay TherapeuticsUnited StatesUnited StatesPublicly listed$15M($300M)$4.2B279.1x
Biomat USAUnited StatesLos Angeles, CAPrivate--$4.2B-
Intas PharmaceuticalsIndiaAhmedabadPrivate$2B-$4.3B2.1x
Aspen PharmacareSouth AfricaSouth AfricaPublicly listed$2.7B$200M$4.2B2.7x
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Indivior Pharmaceuticals$1.2B$282M3.6x3.4x16.0x7.0x
Yuhan$1.6B$218M2.6x2.6x19.3x29.8x
Relay Therapeutics$15M($300M)216.4x279.1x(11.1x)(10.0x)
Aspen Pharmacare$2.7B$200M2.2x2.7x29.2x14.1x
Celcuity-($172M)-163.2x(24.2x)(17.8x)
Zelgen Biopharmaceuticals$121M($22M)33.5x17.6x(181.4x)62.6x
Shanghai Junshi$373M($99M)11.9x9.6x(44.9x)(225.8x)
Amylyx Pharmaceuticals-($153M)--(26.6x)(24.5x)

This data is available for Pro users. Sign up to see all LEO Pharma competitors and their valuation data.

Start Free Trial

Common questions about LEO Pharma

When was LEO Pharma founded?LEO Pharma was founded in 1908.
Where is LEO Pharma headquartered?LEO Pharma is headquartered in Copenhagen, Denmark.
Is LEO Pharma publicly listed?No, LEO Pharma is a private, VC-backed company.
What is LEO Pharma's valuation?LEO Pharma was last valued at $4.2B in its undisclosed-stage round in March 2021.
How much funding has LEO Pharma raised?LEO Pharma has raised $528M across 1 funding round.
What was LEO Pharma's last funding round?LEO Pharma's last funding round was a $528M undisclosed-stage round in March 2021, led by Nordic Capital.
Who are LEO Pharma's investors?LEO Pharma's investors include Nordic Capital.
Which companies are comparable to LEO Pharma?Companies comparable to LEO Pharma include Indivior Pharmaceuticals, Yuhan, Relay Therapeutics, Biomat USA, Intas Pharmaceuticals and Aspen Pharmacare.
How many companies has LEO Pharma acquired?LEO Pharma has acquired 2 companies, including Replay and Timber Pharmaceuticals.
What was the largest acquisition by LEO Pharma?The $50M acquisition of Replay in April 2026 is the largest acquisition LEO Pharma has made to date.
How many companies has LEO Pharma invested in?LEO Pharma has invested in 1 company, including SkinVision.
What was LEO Pharma's last investment?In July 2018, LEO Pharma invested in SkinVision's $8M Series B alongside PHS Capital.

See companies similar to LEO Pharma

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial