Roche has entered into an exclusive collaboration and licensing agreement with Zealand Pharma, a Søborg, Denmark-based bio/pharmaceutical company, to co-develop and co-commercialize petrelintide, an obesity drug, in a deal worth up to $5.3 billion ($1.65 billion upfront and $3.6 billion in milestone payments). This deal was announced earlier this month (March 11, 2025).

Petrelintide is a long-acting amylin analog suitable for once-weekly subcutaneous administration that has been designed with chemical and physical stability with no fibrillation around neutral pH, allowing for co-formulation and co-administration with other peptides. The drug is being developed as a standalone therapy as well as a fixed-dose combination with Roche’s lead incretin asset, CT-388, an agonist targeting the receptors for GLP-1 (glucagon-like peptide-1) and GIP (glucose-dependent insulinotropic polypeptide). Petrelintide is being evaluated in Phase IIb clinical trials for people with obesity/overweight without Type 2 diabetes. A separate trial for people with obesity/overweight with Type 2 diabetes is expected to be initiated in the first half of 2025.

The collaboration agreement covers the co-development and co-commercialization of petrelintide. As a part of the agreement, Zealand Pharma and Roche will co-commercialize petrelintide in the US and Europe, and Roche will obtain exclusive rights to commercialization in the rest of the world. Roche will be responsible for commercial manufacturing and supply.

Under the agreement, Zealand Pharma will receive upfront cash payments of $1.65 billion, including $1.4 billion due upon closing and $250 million over the first two anniversaries of the collaboration. Zealand Pharma is also eligible for development milestones of $1.2 billion primarily linked to initiation of Phase III trials with petrelintide monotherapy and sales-based milestones of $2.4 billion, for a total consideration to Zealand Pharma of up to $5.3 billion. Profits and losses for petrelintide and petrelintide/CT-388 will be shared on a 50/50 basis in the US and Europe, and Zealand Pharma is eligible to receive tiered double-digit royalties up to the high teens on net sales in the rest of the world.

Zealand Pharma will pay Roche $350 million, offsettable against milestone payments, for the petrelintide/CT-388 fixed-dose combination product or petrelintide combination products being pursued under the collaboration agreement.

The closing of the transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the second quarter of 2025.

Source: Roche