Zealand hands off disappointing diabetes revenue from Sanofi in exchange for a $205M injection to back a new pipeline
Danish biotech Zealand Pharma is cashing in its royalty chips on its lackluster diabetes drugs. The company, which has switched focus to its rare disease pipeline, is grabbing $205 million from Royalty Pharma in exchange for $85 million in commercial milestones and its revenue stream due from Sanofi on Soliqua and Lyxumia.
Once the money comes through, Zealand plans to pay off a bond to become debt free as it pursues a new future in much more narrowly targeted markets.
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