Zealand Pharma FIRST LOOK: Starts petrelintide phase 2b in overweight/obesity
Zealand announced that the first participant has been enrolled in the randomised, double-blind, placebo-controlled phase 2b trial of petrelintide (long acting amylin analog) in obesity or overweight + co-morbidities. We believe petrelintide is on track to achieve GLP-1-like weight loss in the phase 2b trial (we expect results in 2026), but with a better tolerability profile. In the meantime, we expect some read-through from the phase 3 results of CagriSema (GLP-1/amylin analog) expected in 4Q24, and see the event as a potential trigger for a partnering deal for Zealand. We reiterate our DKK 980 TP and BUY rating.Zealand Pharma is a biotechnology company. Co. is engaged in the discovery development and commercialization of peptide-based medicines. Co.'s pipeline comprises two implementation areas: Cardio-metabolic diseases and Other indications. The Cardio-metabolic diseases area includes medicines for diabetes and obesity treatment, such as Lyxumia (Lixisenatide), Lyxumia/Lantus, ZP2929 and Danegaptide. The Other indications area are ZP1848, Elsiglutide and ZP1480 (ABT-719) drugs for inflammatory bowel disease, chemotherapy-induced diarrhea and acute kidney injury treatment.
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