Danish Diabetes Biotech Shoots for a €75M IPO in the US Nasdaq
Zealand Pharma, known for its partnership with Sanofi to boost the insulin blockbuster Lantus, is aiming high in an IPO on the US Nasdaq.
Zealand Pharma has announced it has already filed for an IPO at the Nasdaq Global Select Market, an exclusive listing for large cap companies. Currently listed on the Nasdaq Copenhagen, Zealand Pharma has a market cap of €460M (DKK 3.4Bn). If the application is accepted, Zealand expects to raise €75M ($86M) from the IPO.
After succeeding in bringing to the market a combination therapy for type 2 diabetes with Sanofi, Zealand seems determined to keep growing. Its pipeline includes a rescue pen carrying a glucagon analog for acute episodes of hypoglycemia, in Phase III, and two preclinical programs for obesity and type 2 diabetes in partnership with Boehringer Ingelheim.
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