Zealand Pharma

Major Shareholding Notification • Nov 26, 2010

Company Announcement
No. 8/2010
26 November 2010

Major shareholder announcement

Pursuant to the Danish Securities Act section 29, cf. executive order no. 224 of
13 March 2010 on major shareholders and the Danish Companies Act section 55, cf.
section 56, the following is hereby announced concerning the major shareholders
whose shareholdings or votes meet the thresholds as stated in the sections
mentioned above.:

Sunstone Funds
Sunstone Capital A/S, CVR no. 30573528, Lautrupsgade 7, 5 fl, 2100 Copenhagen,
Denmark is the manager of Sunstone Life Science Funds and as of 26 November 2010
controls the votes of 6,504,740 shares in Zealand Pharma A/S with a nominal
value of DKK 1 each equivalent to 29.5% of the voting rights. Each share of
nominal DKK 1 holds one vote at general meetings of Zealand Pharma A/S. In
addition to the funds described below, Sunstone Capital A/S also controls the
votes of shares in Zealand Pharma A/S owned by Sunstone Life Science Ventures
Fund I K/S, P/S Sunstone Biomedicinsk Venture Fund III and K/S Sunstone
Biomedical Venture Annex II. After the offering of shares in connection with the
initial public offering, Sunstone Capital A/S no longer controls the votes of
more than 1/3 of the shares of Zealand Pharma A/S.

K/S Sunstone Biomedical Venture Annex I, CVR no. 27513468, Lautrupsgade 7, 5 fl,
2100 Copenhagen, Denmark as of 26 November 2010 holds 909,218 shares in Zealand
Pharma A/S with a nominal value of DKK 1 each equivalent to 4.1% of the share
capital. After the offering of shares in connection with the initial public
offering, K/S Sunstone Biomedical Venture Annex I no longer owns more than 5% of
the shares of Zealand Pharma A/S.

K/S Sunstone Biomedical Venture Annex III, CVR no. 27513492, Lautrupsgade 7, 5
fl, 2100 Copenhagen, Denmark as of 26 November 2010 holds 1,904,399 shares in
Zealand Pharma A/S with a nominal value of DKK 1 each equivalent to 8.6% of the
share capital. After the offering of shares in connection with the initial
public offering, K/S Sunstone Biomedical Venture Annex III no longer owns more
than 10% of the shares of Zealand Pharma A/S.

CDC Innovation Funds
Science & Innovation 2001 FCPI, 63 avenue des Champs Elyées, 75008 Paris, France
as of 26 November 2010 holds 922,605 shares in Zealand Pharma A/S with nominal
value of DKK 1 each equivalent to 4.2% of the share capital. After the offering
of shares in connection with the initial public offering, Science & Innovation
2001 FCPI no longer owns more than 5% of the shares of Zealand Pharma A/S.

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For further information, please contact:
Zealand Pharma A/S
David Solomon, President and Chief Executive Officer
Tel: +45 4328 1200
M:Communications
Mary-Jane Elliott / Emma Thompson / Amber Bielecka
Tel: +44(0) 20 7920 2330

About Zealand Pharma A/S
Zealand Pharma is a Danish biopharmaceutical company dedicated to the discovery
and development of innovative peptide drugs. The Company targets diseases where
it believes existing treatments fail to adequately serve the medical needs of
patients and the market potential for improved treatments through the use of
peptide drugs is high.
Zealand Pharma focuses on three therapeutic areas: metabolic (diabetes and
obesity), gastrointestinal and cardiovascular diseases. The Company's expertise
in peptide discovery, optimization and development has resulted in a strong and
growing pipeline of novel peptide drug candidates with favourable therapeutic
attributes.
Since 1999, Zealand Pharma's scientists have built a pipeline that includes five
compounds in clinical development, four of which have been out licensed, two of
these with major pharmaceutical companies (sanofi-aventis and Helsinn
Healthcare). All of Zealand Pharma's compounds emerged from the Company's own
drug discovery.
Zealand Pharma is based in Copenhagen. For more information please visit the
Company's web site: www.zealandpharma.com.
Disclaimer: The securities described herein may not be offered or sold in the
United States unless they are registered or exempt from registration under the
U.S. Securities Act of 1933, as amended (the “Securities Act”) and any United
States state securities laws. The securities have not been and will not be
registered under the Securities Act or any United States state securities laws,
and the Company does not intend to make a public offer of its securities in the
United States.
This announcement and the information contained herein does and shall not
constitute an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of the securities referred to herein in the United States or
any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration, exemption from registration or qualification under the
securities laws of any jurisdiction. This announcement is an advertisement and
not a prospectus and investors should not subscribe for or purchase any
securities referred to in this announcement except on the basis of information
provided in the Offering Documents.
No public offer of securities has been or will be made outside of Denmark. Any
offer of securities that may be deemed to be made pursuant to this communication
in any EEA Member State, other than Denmark, that has implemented Directive
2003/71/EC (together with any applicable implementing measures in any Member
State, the "Prospectus Directive") is only addressed to and is only directed at
qualified investors in that Member State within the meaning of the Prospectus
Directive.
This announcement does not constitute an offer to the public in the United
Kingdom. No prospectus has been or will be approved in the United Kingdom in
respect of the securities. This announcement is not made, and has not been
approved, by an “authorised person” within the meaning of Section 21(2) of the
Financial Services and Markets Act 2000. As a consequence, this announcement is
directed only at persons who (i) are located outside the United Kingdom, (ii)
have professional experience in matters relating to investments and fall within
Article 19(5) (“investment professionals”) of the Financial Services and Markets
Act 2000 (Financial Promotions) Order 2005, (iii) are persons falling within
Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations,
etc.”) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 or (iv) are persons to whom this communication may otherwise lawfully
be communicated (all such persons together being referred to as “Relevant
Persons”). The Securities are directed only at Relevant Persons and no
invitation, offer or agreements to subscribe, purchase or otherwise acquire
Securities may be proposed or made other than with Relevant Persons. Any person
other than a Relevant Person may not act or rely on this document or any
provision thereof. This announcement is not a prospectus which has been approved
by the Financial Services Authority or any other United Kingdom regulatory
authority for the purposes of Section 85 of the Financial Services.