Zealand Pharma

Major Shareholding Notification • Mar 18, 2015

Company Announcement No. 6/2015

Major shareholder announcement

Copenhagen, 18 March 2015 – Zealand Pharma (Nasdaq Copenhagen: ZEAL) ("Zealand") has received a major shareholder announcement from Innovation Capital S.A.S, 57 Franklin D. Roosevelt, 75008 Paris (French registration no. 424 386 795) ("Innovation Capital").

Pursuant to Section 29 of the Danish Securities Act, cf. executive order no. 668 of 25 June 2012 on major shareholders and the Danish Companies Act section 55, cf. section 56, it has been announced that Innovation Capital no longer manages nor control the voting rights of CDC Entreprises Capital Investissement (French registration no. 351 910 625).

Further, on 17 March 2015 it has been announced that funds managed by Innovation Capital have sold shares in Zealand Pharma A/S.

Accordingly, Innovation Capital manages and may exercise voting rights on 1,137,669 shares, corresponding to less than 5% of the company's share capital and voting rights.

Innovation Capital has been a shareholder in Zealand since 2006.

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For further information, please contact:

Hanne Leth Hillman, Vice President and Head of IR & Corporate Communications Tel: +45 5060 3689, email: hlh@zealandpharma.com

About Zealand Pharma

Zealand Pharma A/S ("Zealand") (Nasdaq Copenhagen: ZEAL) is a biotechnology company based in Copenhagen, Denmark. Zealand has leading expertise in the discovery, design and development of novel peptide medicines and possesses in-house competences in clinical trial design and management with a therapeutic focus on metabolic diseases and acute care indications. The company is advancing a proprietary pipeline of novel medicines alongside a partnered product and development portfolio.

Zealand's first invented medicine, lixisenatide, a once-daily prandial GLP-1 agonist for the treatment of Type 2 diabetes, is marketed globally (ex-US) as Lyxumia® and in Phase III development as a single-injection combination with Lantus® (LixiLan), both under a global license agreement with Sanofi. US regulatory submission of Lyxumia® is planned for Q3 2015 and US/EU regulatory submissions for LixiLan in Q4 2015.

Zealand proprietary pipeline includes danegaptide (prevention of Ischemic Reperfusion Injury) and the stable glucagon product, ZP4207 (treatment of severe hypoglycemia) as well as several preclinical peptide therapeutics. Partnering

represents an important component of strategy to leverage in-house expertise, share development risk in large clinical trials, provide funding and commercialize the company's products. Zealand currently has global license agreements and partnerships with Sanofi, Helsinn Healthcare, Boehringer Ingelheim and Eli Lilly.

For further information: www.zealandpharma.com Follow us on Twitter @ZealandPharma