Zealand Pharma shares surge on obesity drug news

Shares of Danish biotech company Zealand Pharma surged by 18.6% to DKK 767.5 following the release of positive research data for their obesity treatment candidate, Petrelintid. According to the preliminary phase 1b study data, patients achieved an average weight loss of 8.6% with a high weekly dose of Petrelintid over 16 weeks, compared to a 1.7% loss with placebo. The final study results are anticipated later this year. Unlike Novo Nordisk’s Ozempic and Wegovy, which are based on the GLP-1 hormone, Petrelintid is based on a synthetic form of amylin. Zealand Pharma’s market value exceeded DKK 47 billion on Friday afternoon. The company’s share has seen a remarkable increase of 176% over the past year.