Zealand Pharma Announces Asset Purchase Agreement with MannKind Corporation for V-Go® Insulin Delivery Device
May 17 2022 - 6:04AM
Company announcement – No.
21 / 2022
Zealand Pharma Announces
Asset Purchase Agreement
with MannKind
Corporation for
V-Go®
Insulin Delivery Device
- Deal includes $10 million USD upfront payment to Zealand and
sales-based milestones
- Certain inventory related to V-Go® and employees also included
under the terms of the deal
- Agreement is part of Zealand’s refocused strategy to seek
partners for commercial and late-stage assets while prioritizing
research and development
Copenhagen, May 17, 2022 – Zealand Pharma A/S
(Nasdaq: ZEAL) (CVR-no. 20045078,) a biotechnology company focused
on the discovery and development of innovative peptide-based
medicines, today announced it has entered into an asset purchase
agreement with MannKind Corporation (Nasdaq: MNKD) to sell the V-Go
insulin delivery device for $10 million and additional sales-based
milestones. Certain inventory and employees are also included under
the terms of the agreement.
V-Go is a once-daily, wearable, insulin delivery
device that helps provide blood sugar control for everyday
lifestyles. Designed to be patient-friendly, V-Go is worn like a
patch and eliminates the need for taking multiple daily shots.
“This transaction is an important step forward
in executing on the strategic refocusing we outlined at the end of
March, as we find partners for our commercial and late-stage assets
and prioritize the research and development of innovative new
peptide therapeutics,” said Adam Steensberg, MD, Chief
Executive Officer of Zealand Pharma. “We believe MannKind is the
right partner to fully leverage the value of V-Go and ensure its
continued availability for the patients and prescribers who need
it.”
“MannKind is committed to bringing innovative
solutions to the diabetes patient community to potentially ease
daily disease management,” said Michael Castagna, PharmD, Chief
Executive Officer of MannKind Corporation. “Acquiring V-Go will
help us to address an unmet need while strategically leveraging our
infrastructure in the diabetes space and positioning MannKind’s
endocrine business for additional growth.”
The acquisition of V-Go by MannKind is
anticipated to close in May 2022, subject to the satisfaction of
certain closing conditions.
Today’s news does not impact Zealand Pharma’s
Financial Guidance for 2022 as reiterated in the company’s Interim
Report for the First Quarter 2022 announced on May 12, 2022.
About Zealand Pharma A/S
Zealand Pharma A/S (Nasdaq: ZEAL) ("Zealand") is
a biotechnology company focused on the discovery, and development
of peptide-based medicines. More than 10 drug candidates invented
by Zealand have advanced into clinical development, of which two
have reached the market and three candidates are in late-stage
development. In addition, license collaborations with Boehringer
Ingelheim and AstraZeneca create opportunities for more patients to
potentially benefit from Zealand-invented peptide investigational
agents currently in development.
Zealand was founded in 1998 in Copenhagen,
Denmark, and has presence throughout the U.S. that includes key
locations in Boston, and Marlborough (MA). For more information
about Zealand’s business and activities, please
visit http://www.zealandpharma.com.
Forward-Looking Statements
This announcement may contain forward-looking
statements, including “forward-looking” statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
that are based on the beliefs and assumptions and on information
currently available to management of Zealand, including with
respect to the company’s anticipated revenue and expenses for 2021
and potential product approval by the FDA. All statements other
than statements of historical fact contained in this announcement
are forward-looking statements, including statements regarding the
anticipated final terms of the Investment. In some cases, you can
identify forward-looking statements by terminology such as “may,”
“will,” “should,” “expects,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” “potential” or “continue” or the negative
of these terms or other comparable terminology. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause Zealand's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. These risks and uncertainties include,
but are not limited to, the risks and uncertainties set forth in
the "Risk Factors" section of the Zealand's Annual Report on Form
20-F for the year ended December 31, 2019 filed with the SEC on
March 13, 2020 and subsequent reports that Zealand has filed or
will file with the SEC. Forward-looking statements represent
Zealand's beliefs and assumptions only as of the date of this
announcement. Although Zealand believes that the expectations
reflected in the forward-looking statements are reasonable, it
cannot guarantee future results, levels of activity, performance or
achievements. Except as required by law, Zealand assumes no
obligation to publicly update any forward‐looking statements for
any reason after the date of this announcement to conform any of
the forward-looking statements to actual results or to changes in
its expectations.
For further information, please contact:
Zealand Pharma Investor RelationsMaeve
ConneightonArgot Partnersinvestors@zealandpharma.com
Zealand Pharma Media RelationsDavid RosenArgot
Partnersmedia@zealandpharma.com
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