Zealand Pharma A/S

Royalty Pharma has agreed to pay Zealand Pharma $100 million for the rights to future royalties on rusfertide, an experimental treatment for the rare blood disorder polycythemia vera, with the deal announced on August 12. The payment is split into two $50 million installments, one at closing and one on the first anniversary, in exchange for a 1% royalty on global sales plus regulatory and commercial milestones. Rusfertide, a once-weekly self-injected therapy, has an FDA goal date in the third quarter of 2026, with Takeda handling commercialization. This is Royalty Pharma's second collaboration with Zealand, and the company's broader portfolio showed strength, with Royalty Receipts up 14% to $768 million in the second quarter of 2026 and full-year guidance raised to $3.4 billion to $3.5 billion. However, the royalty structure caps Royalty Pharma's share at 0.75% once global sales exceed $1.5 billion, and the second payment is committed before the FDA decision, adding risk to a balance sheet with $9.2 billion in debt principal and $812 million in cash as of June 30, 2026.