Zealand to Raise $1B in Public Offering to Fund Obesity Candidates

Published: Jun 26, 2024 By Tyler Patchen

Weight Scale, iStock/Cerebro_K

Pictured: Old Russian vintage weight scales/iStock, Cerebro_K

Zealand Pharma announced Tuesday that it is issuing millions of new shares to raise DKK 7 billion ($1 billion) to help advance its obesity candidates after posting promising early-stage data last week.

The Danish Pharma is issuing 8,350,000 new ordinary shares at a price of DKK 843 ($120.71) per share, which is expected to be completed on June 28. The shares will be admitted to trading and listing on Nasdaq Copenhagen on July 1.

The move comes as Zealand posted interim phase Ib data last week for its amylin analog candidate petrelintide, showing weight reduction and a favorable tolerability profile. Petrelintide demonstrated a mean weight reduction of 8.6% from the baseline compared to 1.7% for patients on a placebo….
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