On March 12, 2025, Roche, a multinational healthcare company, announced that it had entered into an exclusive collaboration and licensing agreement with Zealand Pharma, a biotechnology company focused on the discovery and development of innovative peptide-based medicines, to co-develop and co-commercialize petrelintide and combination products with petrelintide, including a fixed-dose combination product of petrelintide and Roche’s lead incretin asset CT-388, as a potential foundational therapy for people with overweight and obesity. Zealand Pharma will receive upfront cash payments of $1.65 billion, including $1.4 billion due at closing and $250 million in anniversary payments over two years, as well as potential milestone payments, for a total consideration of up to USD 5.3 billion.

Sarah Hogan, Elese Hanson and Lauren Leonard advised Roche on the transaction, with Bruce Manheim advising on FDA matters.