This lithograph, Clown for Leiris, was printed by Mourlot and announces an exhibition of drawings at the Paris Galerie Louise Leiris. 

That gallery, founded in 1920 by Daniel-Henry Kahnweiler as the Galerie Simon (named after Kahnweiler's partner, André Simon) was turned over to Louise Leiris (Simon's daughter-in-law) in 1940, and then run under her name.  Picasso had a long-term working relationship with the gallery.

The lithograph was printed in an edition of 2,000 copies on Arches paper with the Mourlot watermark.  Mourlot Atelier is where Picasso created most of his lithographs after 1945.