- Companies
- LEO Pharma
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
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
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$4.2B (Mar 2021)
Sectors
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
| Date | Stage | Valuation |
|---|---|---|
| Mar 2021 | Undisclosed stage | $4.2B |
LEO Pharma Funding History
LEO Pharma has raised a total of $528M across 1 funding round.
LEO Pharma funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2021 | Undisclosed stage | Nordic Capital (lead) | $528M | $4.2B | LEO 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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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 TrialAcquisitions 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
| 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 Country | ||
| HQ City | San Diego, CA | Woodcliff Lake, NJ |
| Deal Date | 29 Apr 2026 | 21 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
| 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 Country | ||
| HQ City | Amsterdam | Amsterdam |
| Deal Date | 30 Jul 2018 | 10 Jul 2015 |
| Round | Series B | Series A |
| Raised | $8M | $3M |
| Investors | PHS Capital | PHS Capital |
| Valuation | undisclosed | undisclosed |
| 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.2B | $282M | $4.2B | 3.4x | ||
| Publicly listed | $1.6B | $218M | $4.2B | 2.6x | ||
| Publicly listed | $15M | ($300M) | $4.2B | 279.1x | ||
| Private | - | - | $4.2B | - | ||
| Private | $2B | - | $4.3B | 2.1x | ||
| Publicly listed | $2.7B | $200M | $4.2B | 2.7x |
LEO Pharma Public Comps
LEO Pharma is still privately-owned, but its public comps include Indivior Pharmaceuticals, Yuhan, Relay Therapeutics, Aspen Pharmacare, Celcuity, Zelgen Biopharmaceuticals, Shanghai Junshi, Amylyx Pharmaceuticals, Dong-E-E-Jiao and Hikma Pharmaceuticals.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.2B | $282M | 3.6x | 3.4x | 16.0x | 7.0x | |||
| $1.6B | $218M | 2.6x | 2.6x | 19.3x | 29.8x | |||
| $15M | ($300M) | 216.4x | 279.1x | (11.1x) | (10.0x) | |||
| $2.7B | $200M | 2.2x | 2.7x | 29.2x | 14.1x | |||
| - | ($172M) | - | 163.2x | (24.2x) | (17.8x) | |||
| $121M | ($22M) | 33.5x | 17.6x | (181.4x) | 62.6x | |||
| $373M | ($99M) | 11.9x | 9.6x | (44.9x) | (225.8x) | |||
| - | ($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. |
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