While the FDA considers whether to approve Takeda and Protagonist Therapeutics’ rusfertide, Zealand Pharma has monetized its remaining economic interest in the blood cancer treatment through a $100 million agreement with Royalty Pharma.
Takeda and Protagonist are awaiting an FDA decision during the third quarter following Phase 3 results that showed a nearly 77% response rate among patients with polycythemia vera (PV). Rusfertide is a hepcidin mimetic designed to reproduce the effects of the naturally occurring hormone that controls iron balance and red blood cell production. Protagonist has positioned the therapy as a potential way for people with PV to reduce or potentially avoid routine phlebotomy.
How Takeda’s Business With Protagonist Began
Takeda acquired rights to rusfertide from Protagonist in 2024 for $300 million upfront. However, Zealand’s involvement with the drug dates back considerably further. In 2012, the Danish biotech entered a research partnership with Protagonist focused on developing disulfide-rich peptides (DRPs).
Under that collaboration, Zealand was responsible for clinically developing DRPs that emerged from the research. Although the partnership ended in 2014, Zealand retained an economic stake in the asset that eventually became rusfertide.
Copenhagen-based Zealand has now agreed to transfer that economic interest to Royalty Pharma for $100 million. The transaction consists of an immediate $50 million payment followed by another $50 million one year later. Zealand will nevertheless retain a 0.25% royalty on worldwide net sales of rusfertide exceeding $1.5 billion. Royalty Pharma will receive a separate 0.75% royalty on sales above that same threshold.
Zealand’s Ambitions
Zealand classified rusfertide as a non-core asset and had 14.4 billion Danish kroner, equivalent to approximately $2.2 billion, in cash at the end of June. The company said the additional capital could help support its ambition to launch five products by 2030.
Among those programs are the obesity-focused amylin analog petrelintide, which is expected to enter Phase 3 testing in the coming months, and survodutide, a glucagon/GLP-1 agonist being developed with Boehringer Ingelheim that has already reached late-stage trials.
Chief Financial Officer Henriette Wennicke said the transaction allows Zealand to turn a future royalty opportunity into capital that can be deployed immediately toward new growth initiatives under its Metabolic Frontier 2030 strategy.
Royalty Pharma’s Portfolio Expansion
Royalty Pharma, the largest purchaser of biopharmaceutical royalty interests globally, has continued to expand its portfolio through deals this year. Recent transactions have included backing Johnson & Johnson’s chronic autoimmune disease program, acquiring an interest in Neurimmune’s transthyretin-mediated amyloidosis therapy partnered with AstraZeneca, and providing financing linked to Teva’s vitiligo treatment.
Royalty Pharma’s relationship with Zealand Pharma dates back to 2018, when the royalty investment firm acquired an interest in the economics of two diabetes medicines, Soliqua and Adlyxin. Both treatments originated at Zealand before the Danish biotech licensed them to Sanofi.
Royalty Pharma Chief Executive Officer Pablo Legorreta said the latest deal strengthens the companies’ existing relationship and reflects the firm’s continued support for Zealand as it develops its pipeline of medicines targeting obesity and metabolic health.
Blood Cancer Drug Deal Gives Zealand Major Funding
The Blood Cancer treatment market has seen another major licensing transaction as Zealand Pharma reaches an agreement involving Takeda and rights to an investigational therapy. The deal gives Zealand access to substantial financial resources while allowing Takeda to take a larger role in the program.
For the Blood Cancer field, such partnerships can help promising therapies move through development and potentially reach patients more efficiently.
Blood Cancer Program Moves to Takeda
Under the agreement, Takeda gains rights to develop and commercialize the relevant Blood Cancer drug in specified markets. Zealand can benefit from upfront payments, potential milestone payments, and royalties depending on the development and commercial performance of the medicine.
Blood Cancer Market Remains Highly Competitive
The Blood Cancer treatment landscape continues to evolve with targeted therapies, immunotherapies, antibody-based medicines, and other advanced approaches. Pharmaceutical companies are increasingly using licensing deals and strategic partnerships to expand their pipelines.
The Zealand-Takeda agreement highlights how Blood Cancer assets can attract significant interest when companies see potential for differentiated treatments.
Blood Cancer Outlook
The future of the Blood Cancer program will depend on clinical trial results, regulatory decisions, and the ability to demonstrate meaningful benefits for patients. While licensing agreements can provide important funding and development expertise, the therapy must still successfully progress through the clinical and regulatory process.
For Zealand and Takeda, the Blood Cancer partnership could become an important component of their broader oncology strategies as development continues.
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