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Denmark's Zealand Pharma to raise 560 million kroner to develop peptide drugs

Zealand Pharma A/S said it is looking to raise about 560 million Danish kroner through a private placement and issuance of directed shares to Van Herk Investments BV.

The Denmark-based biotechnology company will issue 3,975,000 new shares at a price of 140.79 kroner each. Van Herk Investments is a long-term investor in biotech and has been associated with Zealand Pharma since early 2018.

The gross proceeds will be used to develop Zealand Pharma's peptide-based medications and the launch of the company's first fully owned asset. Zealand Pharma has peptide-based medicines in late-stage clinical development to treat gastrointestinal and metabolic diseases.

The newly issued shares will not garner any pre-emption rights for Zealand's current shareholders and will carry the same dividend rate.

The company expects to close the offering by Sept. 10.

As of Sept. 4, US$1 was equivalent to 6.77 Danish kroner.