trending Market Intelligence /marketintelligence/en/news-insights/trending/KuGdhGmRYU_6Y9ccdALFkg2 content esgSubNav
In This List

Zealand Pharma plans IPO of American depositary

Case Study

Identifying PPE Suppliers During the Pandemic

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Video

COVID-19 Impact & Recovery: Healthcare Outlook for H2 2021

Blog

Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective


Zealand Pharma plans IPO of American depositary

Zealand Pharma A/S plans to offer up to 3.9 million American depositary shares in an initial public offering on the Nasdaq Global Select Market in the U.S. under the symbol ZEAL.

In addition, Zealand will grant the underwriters an overallotment option to buy an additional 15% of the shares sold in the offering, of which 500,000 of the underlying shares will be delivered in the form of existing treasury shares and the rest of the underlying shares will be delivered in the form of newly issued shares.

Zealand intends to use about $45 million of the net proceeds to fund clinical trials and registration of glepaglutide to treat short bowel syndrome. About $25 million will be used to fund clinical trials and registration of dasiglucagon as single-dose rescue treatment for insulin shock

The company will use about $20 million to fund clinical trials of dasiglucagon as a multiple-dose version for use in a dual-hormone artificial pancreas system for improved hypoglycemia control and better diabetes management; and about $10 million to fund clinical trials of the drug as a multiple-dose version for use in a single-hormone pump for the treatment of congenital hyperinsulinism.

Zealand will use the remaining proceeds to advance in-house, as well as in licensed, research projects into preclinical and clinical development, to fund working capital, and for general corporate purposes.

Pricing of the offering is expected to take place Aug. 8 after market close in the U.S.

Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are acting as joint book-running managers, while Guggenheim Partners LLC and Needham & Co. LLC are acting as co-lead managers for the offering.