Zealand Pharma A/S (Nasdaq: ZEAL) has entered into a royalty purchase and sale agreement with Royalty Pharma plc (Nasdaq: RPRX), under which Zealand Pharma will receive $100 million for its economic interests related to rusfertide, an investigational therapy for polycythemia vera, a rare chronic blood disorder.

Under the terms of the agreement, which closed Aug. 12, 2026, Zealand Pharma sold its rights to a 1% royalty on potential future global net sales of rusfertide, along with regulatory and commercial milestones. Zealand Pharma will receive $50 million upfront, with the remaining $50 million due on the first anniversary of closing.

Zealand Pharma will retain a 0.25% royalty on annual global net sales of rusfertide exceeding $1.5 billion, while Royalty Pharma will hold a 0.75% royalty on sales above that threshold.

Zealand Pharma's economic interests in rusfertide originated from a research collaboration agreement signed in June 2012 with Protagonist Therapeutics, Inc. The collaboration was terminated in 2014, and Protagonist's payment obligations to Zealand Pharma were clarified in a 2021 settlement agreement. In January 2024, Protagonist and Takeda entered into a worldwide license and collaboration agreement for rusfertide, with Takeda responsible for global commercialization.

The U.S. FDA has set a Prescription Drug User Fee Act goal date for rusfertide's New Drug Application in the third quarter of 2026.

"This agreement converts a future potential royalty stream into immediate capital that will be redeployed against future growth opportunities in line with our key strategic priorities," said Henriette Wennicke, Chief Financial Officer at Zealand Pharma.

Goodwin acted as legal advisor to Zealand Pharma. Covington, Dechert, Jones Day, and Kromann acted as legal advisors to Royalty Pharma.