LEO Pharma has signed a definitive agreement for the acquisition of Replay, a gene therapy company that develops treatments for rare genetic dermatological conditions.
The acquisition aims to strengthen LEO Pharma’s capabilities while leveraging Replay’s high payload herpes simplex virus (HSV) delivery vector.
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It is set to expand LEO Pharma’s pipeline in rare dermatology.
Viral gene therapy involves the use of engineered viruses to introduce therapeutic genetic material into a patient’s cells, treating diseases at their source.
Replay’s platform utilises the HSV vector, notable for delivering large genes, making it suitable for treating rare and genetically driven dermatological disorders.
The HSV-based therapy is developed as a topical gel, designed to target the deficient genes with direct application to the skin.
Replay’s lead drug candidate is currently in preclinical studies for dystrophic epidermolysis bullosa (DEB), a rare genetic disorder that causes fragile skin and persistent wounds, leading to scarring and increased cancer risk.
LEO Pharma will integrate Replay’s HSV gene therapy design and manufacturing specialists into its dermatology portfolio.
Replay’s equity holders will receive $50m upfront, along with milestone payments and tiered single-digit royalties.
Legal advisers for the transaction are Latham & Watkins for LEO Pharma and Mintz, as well as Levin, Cohn, Ferris, Glovsky and Popeo for Replay.
LEO Pharma CEO Christophe Bourdon said: “Replay’s HSV gene therapy platform holds significant promise for patients with rare genetic skin diseases, and realising its full potential requires focused expertise in medical dermatology – an area where LEO Pharma brings decades of leadership, scale and proven execution.
“Using our unique AI-powered scouting platform, Innoviewer, we identified Replay as a high-potential opportunity. The acquisition aligns with our strategy of investing in the most impactful opportunities in dermatology and positions LEO Pharma at the forefront of next-generation gene therapy.”
In December 2025, LEO Pharma submitted an application to the European Medicines Agency seeking to expand the label for Anzupgo (delgocitinib) cream to include adolescents aged from 12 to 17 years with moderate to severe chronic hand eczema in the European Union.
