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 partner Janet Andolina; counsel Sonita Bennitt; and associates Catherine Magazu and Mayan Katz.
For additional details on the agreement, please read the press release.