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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