US medical giant buys rights to promising Danish drug  

2003.05.01
Wyeth acquires the rights to a new heart drug from Danish biotech company Zealand Pharma

US medical giant Wyeth has bought the rights to a promising new heart drug from the Danish biotech company Zealand Pharma. The two companies yesterday released news of their cooperation, which involves further development and subsequent marketing of Zealand's potential "half blockbuster" ZP123, which is expected to achieve annual sales of USD 500 million when it is marketed in 5 to 6 years time (analysts use the blockbuster term for new drugs forecast to generate annual sales of USD 1 billion).

 

ZP123 is based on ‘gap junction technology’ which Zealand Pharma is so far the only company in the world to master. The studies which form the basis of the agreement with Wyeth show that unlike existing products on the market, ZP123 can prevent cardiac arrhythmias without producing side effects.

 

Zealand Pharma will receive milestone payments from Wyeth as the development of ZP123 proceeds. However, since Zealand will have used up its cash resources in a year's turning, it is vital that the company seals a deal with another pharmaceutical company regarding Zealand's new Type 2 diabetes drug ZP10. Negotiations are currently under way with a number of companies and Zealand's MD Eva Steiness is confident of an agreement materialising in the coming months. The news is reported in national broadsheet Berlingske Tidende.

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