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Zealand Pharma and Generate Biomedicines enter collaboration and license agreement to develop protein therapeutics engineered with AI for metabolic diseases. October 13, 2026 16:30 ET | Source: Zealand Pharma * Collaboration will combine Zealand Pharma's expertise in metabolic health with Generate's proprietary generative AI platform to create multispecific drug candidates with tailored biological functions * Generate will receive USD 30 million up-front, up to USD 35 million in early preclinical milestones, and a total of nearly USD 1.2 billion in milestones, plus tiered royalties for two initial programs, with an option to add a third * The agreement will broaden Zealand Pharma's modality capabilities beyond peptides while extending The Generate Platform into obesity and other metabolic diseases Copenhagen, Denmark, October 13, 2026 - Zealand Pharma A/S (Nasdaq: ZEAL) (CVR-no. 20045078), a biotechnology company transforming the future of metabolic health, today announced a multi-target strategic collaboration with Generate Biomedicines Inc. ("Generate") (NASDAQ: GENB). Under the collaboration, the companies intend to design and develop multispecific protein therapeutics for obesity and other metabolic diseases using The Generate Platform, which integrates generative AI with high-throughput experimental validation. The collaboration is intended to accelerate the design and development of protein therapeutics for obesity and metabolic disease by combining Zealand Pharma's expertise in metabolic health with Generate's ability to engineer proteins with AI and refine those designs using experimental data toward the desired biological function. "We are thrilled to collaborate with Generate, a leader in AI and structure-enabled drug generation. This collaboration expands our toolbox to include proteins, complementing our existing small-molecule and peptide capabilities and opening new approaches for polypharmacology for innovative therapeutics," said Utpal Singh, Chief Scientific Officer at Zealand Pharma. "This collaboration reflects our strategy of expanding our platform and integrating our metabolic expertise in Copenhagen with the multi-modality expertise in Cambridge to develop next-generation therapeutics for metabolic health." "We are excited to bring together Zealand Pharma's deep expertise in peptide therapeutics and metabolic disease with Generate's cutting-edge computational platform and experimental capabilities to address the continued unmet medical need for patients with cardiometabolic disease," said Mike Nally, chief executive officer of Generate. "Together, our teams will first define what a great medicine for patients looks like for each of the two initial programs, and then leverage The Generate Platform to design multispecific candidates that meet or exceed that profile." About the Collaboration Under the terms of the agreement, Generate will use its proprietary generative AI platform to lead research through lead-candidate selection. Zealand Pharma will assume responsibility for subsequent clinical development, regulatory submissions, and worldwide commercialization. For the two initial programs, Generate will receive USD 30 million up-front and up to USD 35 million in early preclinical milestones, and is eligible for total milestones of nearly USD 1.2 billion, including potential development, regulatory, and commercial milestones, plus tiered royalties on future worldwide net sales of any commercialized products resulting from the collaboration. Cooley LLP acted as legal advisor to Zealand Pharma. Ropes & Gray LLP acted as legal advisor to Generate. About Zealand Pharma Zealand Pharma A/S (Nasdaq: ZEAL) is a biotechnology company focused on advancing medicines for obesity and metabolic health. Combining more than 25 years of peptide R&D expertise with a proprietary data platform that leverages advanced data-driven and AI/ML approaches, Zealand Pharma aims to lead a new era in obesity and metabolic health. To date, more than 10 Zealand Pharma-invented drug candidates have entered clinical development, of which two products have reached the market and three candidates are in late-stage development. The company has collaborations with global pharmaceutical and biotechnology partners for research, development, and commercialization. About Generate:Biomedicines Inc. Generate (NASDAQ: GENB) is a clinical-stage generative biology company founded at the intersection of machine learning, biological engineering, and medicine, advancing a new era of programmable biology to engineer better drug candidates for patients, faster. The Generate Platform integrates computational design with large-scale biological experimentation, enabling the creation of novel, optimized therapeutics that address historically undruggable and hard-to-drug targets, as well as known targets in new and more effective ways. The platform has enabled the generation of a broad pipeline across multiple therapeutic areas and protein-based modalities, addressing health challenges out of reach of traditional approaches. Founded in 2018, Generate is leading a fundamental shift from drug discovery to drug generation. Learn more at www.generatebiomedicines.com or follow us on X, LinkedIn, and YouTube. Forward-Looking Statements This press release contains "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995 in the United States, as amended. Even though no longer listed in the United States, this is used as a definition to provide Zealand Pharma's expectations or forecasts of future events regarding the research, development, and commercialization of pharmaceutical products; the timing of the company's pre-clinical and clinical trials; and the reporting of data therefrom. These forward-looking statements may be identified by words such as "aim," "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "plan," "possible," "potential," "will," "would," and other words and terms of similar meaning. You should not place undue reliance on these statements, or on the scientific data presented. The reader is cautioned not to rely on these forward-looking statements. Such forward-looking statements are subject to risks, uncertainties, and inaccurate assumptions, which may cause actual results to differ materially from expectations set forth herein and may cause any or all of such forward-looking statements to be incorrect, and which include, but are not limited to, unexpected costs or delays in clinical trials and other development activities due to adverse safety events, patient recruitment or otherwise; unexpected concerns that may arise from additional data, analysis or results obtained during clinical trials; our ability to successfully market both new and existing products; changes in reimbursement rules and governmental laws and related interpretation thereof; government-mandated or market-driven price decreases for our products; introduction of competing products; production problems at third-party manufacturers; dependency on third parties, for instance contract research or development organizations; unexpected growth in costs and expenses; our ability to affect the strategic reorganization of our businesses in the manner planned; failure to protect and enforce our data, intellectual property, and other proprietary rights and uncertainties relating to intellectual property claims and challenges; regulatory authorities may require additional information or further studies, or may reject, fail to approve or may delay approval of our drug candidates or expansion of product labeling; failure to obtain regulatory approvals in other jurisdictions; exposure to product liability and other claims; interest rate and currency exchange rate fluctuations; unexpected contract breaches or terminations; inflationary pressures on the global economy; and political uncertainty. If any or all of such forward-looking statements prove to be incorrect, our actual results could differ materially and adversely from those anticipated or implied by such statements. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from our expectations in any forward-looking statement. All such forward-looking statements speak only as of the date of this company announcement and are based on information available to Zealand Pharma as of the date of this announcement. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. Information concerning pharmaceuticals (including compounds under development) contained within this material is not intended as advertising or medical advice. Contacts Eric Rojas (Investors) Vice President, Head of Investor Relations Zealand Pharma Email: [email protected] Neshat Anis Ahmadi (Investors) Investor Relations Manager Zealand Pharma Email: [email protected] Rachel James-Owens (Media) Vice President, Corporate Communications & Media Relations Zealand Pharma Email: [email protected] Andreas Hylleberg Mølleskov (Media) Director, External Communications Zealand Pharma Email: [email protected]

Generate Biomedicines and Zealand Pharma enter collaboration and license agreement to develop protein therapeutics engineered with AI for metabolic diseases. Collaboration will combine Zealand Pharma's expertise in metabolic health with Generate's proprietary generative AI platform to create multispecific drug candidates with tailored biological functions Generate will receive $30M upfront, up to $35M in early preclinical milestones, and a total of up to nearly $1.2B in milestones, plus tiered royalties for two initial programs, with an option to add a third The agreement will broaden Zealand Pharma's modality capabilities beyond peptides while extending The Generate Platform into obesity and other metabolic diseases SOMERVILLE, Mass., Oct. 13, 2026 (GLOBE NEWSWIRE) - Generate Biomedicines Inc. (Nasdaq: GENB) ("Generate") today announced a multi-target strategic collaboration with Zealand Pharma A/S (Nasdaq: ZEAL), a biotechnology company transforming the future of metabolic health. Under the collaboration, the companies intend to design and develop multispecific protein therapeutics for obesity and other metabolic diseases using The Generate Platform, which integrates generative AI with high-throughput experimental validation. The collaboration is intended to accelerate the design and development of protein therapeutics for obesity and metabolic disease by combining Zealand Pharma's expertise in metabolic health with Generate's ability to engineer proteins with AI and refine those designs using experimental data toward the desired biological function. "We are thrilled to collaborate with Generate, a leader in AI and structure-enabled drug generation. This collaboration expands our toolbox to include proteins, complementing our existing small-molecule and peptide capabilities and opening new approaches for polypharmacology for innovative therapeutics," said Utpal Singh, chief scientific officer at Zealand Pharma. "This collaboration reflects our strategy of expanding our platform and integrating our metabolic expertise in Copenhagen with the multi-modality expertise in Cambridge to develop next-generation therapeutics for metabolic health." "We are excited to bring together Zealand Pharma's deep expertise in peptide therapeutics and metabolic disease with Generate's cutting-edge computational platform and experimental capabilities to address the continued unmet medical needs of patients with cardiometabolic disease," said Mike Nally, chief executive officer of Generate. "Together, our teams will first define what a great medicine for patients looks like for each of the two initial programs, and then leverage The Generate Platform to design multispecific candidates that meet or exceed that profile." About the Collaboration Under the terms of the agreement, Generate will use its proprietary generative AI platform to lead research through lead-candidate selection. Zealand Pharma will assume responsibility for subsequent clinical development, regulatory submissions, and worldwide commercialization. For the two initial programs, Generate will receive $30 million upfront and up to $35 million in early preclinical milestones, and is eligible for total milestones of nearly $1.2 billion, including potential development, regulatory, and commercial milestones, plus tiered royalties on future worldwide net sales of any commercialized products resulting from the collaboration. Ropes & Gray LLP acted as legal advisor to Generate, and Cooley LLP acted as legal advisor to Zealand Pharma. About Generate Biomedicines Inc. Generate (NASDAQ: GENB) is a clinical-stage generative biology company founded at the intersection of machine learning, biological engineering, and medicine, advancing a new era of programmable biology to engineer better drug candidates for patients, faster. The Generate Platform integrates computational design with large-scale biological experimentation, enabling the creation of novel, optimized therapeutics that address historically undruggable and hard-to-drug targets, as well as known targets in new and more effective ways. The platform has enabled the generation of a broad pipeline across multiple therapeutic areas and protein-based modalities, addressing health challenges out of reach of traditional approaches. Founded in 2018, Generate is leading a fundamental shift from drug discovery to drug generation. Learn more at www.generatebiomedicines.com or follow us on X, LinkedIn, and YouTube. About Zealand Pharma Zealand Pharma A/S (Nasdaq: ZEAL) is a biotechnology company focused on advancing medicines for obesity and metabolic health. Combining more than 25 years of peptide R&D expertise with a proprietary data platform that leverages advanced data-driven and AI/ML approaches, Zealand Pharma aims to lead a new era in obesity and metabolic health. To date, more than 10 Zealand Pharma-invented drug candidates have entered clinical development, of which two products have reached the market and three candidates are in late-stage development. The company has collaborations with global pharmaceutical and biotechnology partners for research, development, and commercialization. Digital Media Disclosure From time to time Generate has used, or expects in the future to use, its investor website (investors.generatebiomedicines.com), the Generate LinkedIn account (linkedin.com/company/generate-biomedicines), and the Generate X account (@generate_biomed) as means of disclosing information to the public in a broad, nonexclusionary manner, including for purposes of the SEC's Regulation Fair Disclosure (Reg FD). Accordingly, investors should monitor the investor website and these social media channels in addition to news releases, SEC filings, public conference calls, and webcasts, as the information posted on them could be material to investors. Cautionary Note Regarding Forward-Looking Statements This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this news release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Generate's expectations relating to the scope and potential benefits of its collaboration with Zealand Pharma; the design and development of multispecific protein therapeutics for obesity and other metabolic diseases; the potential addition of a third program; potential milestone payments and royalties; and the expected enhancements, benefits, and potential of The Generate Platform. In some cases, forward-looking statements can be identified by terms such as "may," "will," "should," "would," "expect," "plan," "anticipate," "could," "intend," "target," "project," "believe," "estimate," "predict," "potential," or "continue," or the negative of these terms or other similar expressions. These forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties, and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including, but not limited to, risks and uncertainties related to Generate's ability to successfully develop and obtain regulatory approval for its drug candidates; the initiation, design, progress, timing, and results of preclinical studies and clinical trials; Generate's ability to obtain, maintain, and enforce intellectual property protection; Generate's dependence on third parties for the manufacture and development of its drug candidates; the impact of competitive products and technologies; Generate's ability to replicate results from earlier preclinical studies or clinical trials in current or future clinical trials; Generate's ability to demonstrate that its drug candidates are safe and effective for their proposed indications; Generate's ability to obtain additional capital to fund its operations; and general economic, industry, and market conditions. Additional information on these and other risks and uncertainties that could affect Generate's business, financial condition, and results of operations is included in Generate's filings with the Securities and Exchange Commission, including its Quarterly Reports. The forward-looking statements in this news release are made as of the date hereof, and Generate undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this news release, except as required by applicable law.

Roswell Park Comprehensive Cancer Center and Generate Biomedicines have dosed the first patient in a clinical trial evaluating GB-5267, an investigational CAR T-cell therapy for ovarian cancer. The treatment targets MUC16, a biomarker over-expressed in more than 80% of ovarian tumours. GB-5267 is engineered with AI to optimise T-cell function in solid tumours. The therapy is "armored" with IL-18, a cytokine designed to protect T cells from the suppressive tumour microenvironment. It will be delivered both intravenously and into the peritoneal cavity. The phase 1 trial, led by Dr Emese Zsiros at Roswell Park, is recruiting patients whose ovarian cancer has returned after treatment or does not respond to platinum-based chemotherapy. Unlike many CAR T-cell approaches, this study does not require pre-infusion chemotherapy.