Swiss pharmaceutical giant Roche said Wednesday that it had struck a deal worth up to $5.3 billion to develop Zealand Pharma's obesity drug candidate.

Basel: Roche has announced that it has entered into an exclusive collaboration and licensing agreement with Zealand Pharma. Under the terms of this agreement, the two companies will collaborate

Roche Holding said it would pay Danish biotechnology research company Zealand Pharma up to $5.3 billion under an agreement to co-develop a weight-loss treatment.