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Underwriters fully exercise overallotment option in Zealand Pharma IPO

The underwriters for Zealand Pharma A/S' IPO of American depositary shares fully exercised their overallotment option to buy an additional 656,250 ADSs at 112.58 Danish kroner apiece.

Zealand Pharma raised gross total proceeds of 566.4 million kroner from the offering, including proceeds from the option exercise.

The additional shares will be issued as 500,000 existing shares and 156,250 new shares with a nominal value of 1 krone each.

Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC acted as joint book-running managers for the offering, with Guggenheim Securities LLC and Needham & Co. LLC as co-lead managers.

As of Aug. 14, US$1 was equivalent to 6.31 Danish kroner.