Business

LEO Pharma grabs toehold in Cambridge

Denmark’s LEO Pharma is the latest European health care company to open an office in Cambridge’s Kendall Square, a global life sciences hub.

The company, owned by the LEO Foundation based in the Danish town of Ballerup, plans to announce Friday that it is establishing a local outpost to help invest a $22.5 million fund that will finance collaborations developing skin disease treatments.

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Three executives at LEO Science & Tech Hub, an arm of LEO Pharma, will set up shop in Cambridge to vet potential partnerships in dermatology research in the Boston area and beyond. The office plans to make an unspecified number of investments -- each between $5 million and $10 million -- into alliances with partners making similar contributions.

“By creating alliances with industry and academia here in the region, we hope to change the treatment paradiam in dermatology and improve the quality of life of people with skin diseases,” Kim Kjoeller, executive vice president for global research and development at LEO Pharma, said in a statement.

Robert Weisman can be reached at robert.weisman@globe.com. Follow him on Twitter @GlobeRobW.
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