Generate Biomedicines and Zealand Pharma have entered a multi-target collaboration and license agreement to design multispecific protein therapeutics for obesity and other metabolic diseases. Generate will use its generative AI platform, which combines computational protein design with high-throughput laboratory validation, to develop candidates through lead selection. Zealand will handle clinical development, regulatory submissions and worldwide commercialization. The agreement covers two initial programs, with an option to add a third. Generate will receive $30 million upfront, up to $35 million in preclinical milestone payments and approximately $1.2 billion in total potential milestones, plus tiered royalties on net sales. The partnership supports Zealand's Metabolic Frontier 2030 strategy, broadening its historically peptide-focused pipeline into multispecific proteins while it advances more than 10 clinical candidates, including petrelintide. Generate's shares rose about 5% in after-hours trading after the announcement.