The Life Sciences team advised Zealand Pharma A/S ("Zealand") in its definitive agreement to sell future royalty streams and $85 million of potential commercial milestones for Soliqua® 100/33/ Suliqua® and Lyxumia®/Adlyxin® to Royalty Pharma. This transaction will immediately provide substantial value and secure funding for development of Zealand's fully-owned product pipeline.
Upon the closing of the transaction, Zealand will receive $205 million from Royalty Pharma and will redeem the outstanding royalty bond of $24.7 million, after which Zealand will be debt free. Zealand will also remain eligible for a payment from Sanofi up to $15 million, expected in 2020.
Zealand Pharma, a Copenhagen-based public company dual-listed in the United States on Nasdaq and Denmark on the Copenhagen OMX, is a biotechnology company focused on the discovery and development of innovative peptide-based medicines. Zealand's current pipeline of internal product candidates focus on specialty gastrointestinal and metabolic diseases.
The Goodwin team was led by partner Kristopher Brown and included partners Jonathan Schur and Janet Andolina; counsel Sonita Bennitt; and associates Catherine Magazu, Michael Rosenberg, Mayan Katz, Andrew Senter and Markus Hiebel.
For additional details on the agreement, please read the press release.