Zealand Pharma Ambitious agreement with Roche sets petrelintide up to win in obesity

Zealand has secured an ambitious global collaboration and license agreement with Roche to co-develop and co-commercialise petrelintide (amylin analog) as a foundational therapy for weight management with 50/50 commercialisation rights in the US and Europe and $1.65b upfront. This deal validates the potential of amylin as the next hot target in obesity management, and with Roche onboard, we believe petrelintide is on the right path to capture a good chunk of this growing market (we est. petrelintide peak sales of $19b). We look forward to today's conference call to better understand Zealand's role in the co-commercialisation stage, and plan a future model update. All in all, we view this as a good deal where Zealand has achieved its stated ambitions and reiterate our DKK 970 TP and BUY rating.