Zealand Pharma A/S (ZEAL) announced a global collaboration and license agreement with Roche (RHHBY) to develop petrelintide, Zealand Pharma's amylin analog. The two companies will co-develop and co-commercialize petrelintide and combination products with petrelintide, including a fixed-dose combination product of petrelintide and CT-388, Roche's lead incretin asset.
The companies will co-commercialize petrelintide and other products arising from the collaboration in the U.S. and Europe, whereas Roche obtains exclusive rights to commercialization in the rest of the world. Zealand Pharma can participate in up to 50% of commercialization activities in the U.S. and Europe, with opt-out and opt-in rights. Roche will be responsible for commercial manufacturing and supply.
Zealand Pharma will receive upfront cash payments of $1.65 billion, including $1.4 billion due upon closing and $250 million over the first two anniversaries of the collaboration. Zealand Pharma is also eligible for development milestones of $1.2 billion, primarily linked to initiation of Phase 3 trials with petrelintide monotherapy, and sales-based milestones of $2.4 billion, for a total consideration to Zealand Pharma of up to $5.3 billion.
Zealand Pharma will pay Roche $350 million, offsetable against the development milestone payments, for the petrelintide/CT-388 fixed-dose combination product or next-generation petrelintide combination products being pursued under the collaboration agreement.
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