Zealand bags a $77M IPO haul as investors embrace another biotech offering
Copenhagen-based Zealand Pharma is the latest biotech to march out onto Nasdaq this year. The peptide drug developer — closely allied with Sanofi — raised $77 million after selling an upsized package of 4.4 million shares at the very precise figure of $17.87 each. And that can jump to about $90 million if the underwriters step up for their allotment.
Zealand outlicensed the diabetes drug lixisenatide to Sanofi while it concentrates on its lead development program for glepaglutide, a GLP-2 drug that has been in mid-stage development for short bowel syndrome. The biotech reported in June that their drug had hit the primary endpoint in the Phase II.
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