Copenhagen-based Zealand Pharma (Nasdaq: ZEAL) has agreed to sell its economic interests in rusfertide (PTG-300) to Royalty Pharma (Nasdaq: RPRX) for USD 100 million, converting a legacy royalty entitlement into immediate capital ahead of a pending FDA decision on the drug.
The transaction covers Zealand's 1% royalty on global net sales of rusfertide, a first-in-class subcutaneous hepcidin mimetic developed by Protagonist Therapeutics for polycythemia vera (PV), plus associated regulatory and commercial milestones. Zealand will receive USD 50 million at closing and a further USD 50 million on the first anniversary of the agreement. The company retains a residual 0.25% royalty on annual net global sales above USD 1.5 billion; Royalty Pharma receives 0.75% above that threshold.
Zealand's interest in rusfertide stems from a 2012 research collaboration with Protagonist on disulfide-rich peptides, which ended in 2014, with the royalty obligations subsequently clarified in a 2021 settlement. Takeda acquired worldwide rights to rusfertide through a 2024 collaboration with Protagonist and has since filed an NDA, with a US FDA decision due in Q3 2026.
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