(A Public Limited Liability Company Incorporated in Denmark Under Registration (CVR) No
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(a public limited liability company incorporated in Denmark under registration (CVR) no. 32266355) This listing prospectus (the "Prospectus") has been prepared in connection with an admission of 3,071,673 shares (the "Listing Shares") with a nominal value of DKK 1 each in Orphazyme A/S (the "Company" or "Orphazyme") for trading and official listing on Nasdaq Copenhagen A/S ("Nasdaq Copenhagen") (the "Listing"). The Listing Shares were issued through VP Securities and registered with the Danish Business Authority on February 11, 2020. The Listing Shares were issued in connection with a Stock Lending and Subscription Agreement entered into on February 6, 2020 among the Company, Danske Bank A/S and Orpha Pooling B.V. and Novo Holdings A/S (the "Lending Shareholders")pursuant to which the Company borrowed 3,071,673 existing shares (the “Lending Shares”) from the Lending Shareholders through Danske Bank A/S as settlement agent in order for the Company to place such Lending Shares in a private placement (the “Private Placement”). The Lending Shares were borrowed subject to an obligation for the Company to issue new shares of an equivalent number as the Lending Shares placed in the Private Placement, such new shares being the Listing Shares, and for Danske Bank A/S to use the proceeds from the sale of Lending Shares in the Private Placement to subscribe for the Listing Shares and deliver the Listing Shares to the Lending Shareholders. The Listing Shares were issued in the temporary ISIN code, DK0061274362, and delivered to the Lending Shareholders on February 11, 2020. The Listing Shares were issued without pre-emptive rights for the existing shareholders and pursuant to an authorization in article 3.4 of the articles of association of the Company (the "Articles of Association") granted to the board of directors of the Company (the "Board of Directors") at the extraordinary general meeting of the Company on January 25, 2020. Prior to the Private Placement, the Company had 20,005,449 outstanding shares with a nominal value of DKK 1 each (the "Existing Shares"). The capital increase in connection with the issuance of the new shares in the Private Placement and the Listing Shares increased the total nominal share capital by 35.16%, making the total number of outstanding shares 27,038,386. The Listing Shares are issued in the temporary ISIN code DK0061274362, which will not be admitted to trading and official listing on Nasdaq Copenhagen and such temporary ISIN code will subsequently be merged with the the existing ISIN code for the Existing Shares DK0060910917 in VP Securities. Upon completion of the Listing, the Listing Shares will be admitted to trading and official listing under the ISIN code of the Existing Shares, DK0060910917, which is expected to take place on or around March 17, 2020. The purpose of this Prospectus is solely to have the Listing Shares admitted to trading and official listing on Nasdaq Copenhagen. No issue or offering of shares is made by the Company or any other person in connection with the publication of the Prospectus. Any person in whose possession this Prospectus may come, should be aware that an investment in the Shares involves a high degree of risk. See "Risk factors" for a description of the factors that should be considered before investing in the Shares. This Prospectus has been prepared in accordance with Danish legislation and regulations, including the Danish Consolidated Act no. 931 of September 6, 2019 on Capital Markets (the "Danish Capital Markets Act"), Regulation (EU) no. 2017/1129 of the European Parliament and of the Council of June 14, 2017, as amended (the "Prospectus Regulation"), Commission Delegated Regulation (EU) no. 2019/980 of March 14, 2019 as well as Commission Delegated Regulation (EU) 2019/979 of March 14, 2019, and Nasdaq Copenhagen's Rules for issuers of shares of July 1, 2019 ("Nasdaq Issuer Rules"). This Prospectus will not be and may not be distributed or otherwise made available in any jurisdiction (other than any publication of this Prospectus in accordance with Danish law, rules and regulations) and the Shares may not be offered or sold, directly or indirectly, in the United States, Canada, Australia or Japan or in any other jurisdiction. The Company makes no offer or solicitation to any person under any circumstances that may be unlawful. The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") and are only offered and sold outside the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act ("Regulation S")) in accordance with Regulation S, except in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act. See "Important information" and "The Listing–Terms and conditions of the Listing–Terms, expected timetable and restrictions". Persons into whose possession this Prospectus comes are required by the Company to inform themselves about and to observe such restrictions. Prospectus dated March 16, 2020 1 IMPORTANT INFORMATION This Prospectus has been prepared solely for admission to trading and official listing of the Listing Shares on Nasdaq Copenhagen in compliance with Danish legislation and regulations, including the Danish Capital Markets Act, the Prospectus Regulation, Commission Delegated Regulation (EU) no. 2019/980 of March 14, 2019 as well as Commission Delegated Regulation (EU) 2019/979 of March 14, 2019, and Nasdaq Issuer Rules. This Prospectus has been prepared in accordance with Article 14 (Simplified disclosure regime for secondary issuances) of the Prospectus Regulation, Annex 3 (Registration document for secondary issuances of equity securities) and Annex 12 (Securities note for secondary issuances of equity securities or of units issued by collective investment undertakings of the closed-end type) to the Commission Delegated Regulation (EU) no. 2019/980 of March 14, 2019. The Company has elected to apply the aforementioned Annexes, as the proportionate disclosure regime has been specifically implemented to be used in secondary issuances and admissions to trading and official listing of securities from such issuances. The Listing does not comprise an offer of, an invitation to purchase or subscribe for or a placement of Listing Shares in any jurisdiction and this Prospectus may not be used in connection with any offer of Shares or solicitation by anyone in any jurisdiction. The Company accepts no liability for any violation of any such restrictions by any person. For a more detailed description of certain restrictions in connection with the Listing, see "The Listing–Terms and Conditions of the Listing". This Prospectus will not be and may not be distributed or otherwise be made available in any jurisdiction (other than any publication of this Prospectus in accordance with Danish law, rules and regulations), and the Listing Shares may not be offered or sold, directly or indirectly, in the United States, Canada, Australia or Japan or in any other jurisdiction. Persons into whose possession this Prospectus comes are required by the Company to inform themselves about and to observe such restrictions. The Company makes no offer or solicitation to any person under any circumstances that may be unlawful. Notice to Investors in the United States The Listing Shares have not been approved, disapproved or recommended by the U.S. Securities and Exchange Commission, any state securities commission in the United States or any other U.S. regulatory authority, nor have any of such regulatory authorities passed upon or endorsed the merits of the Listing or the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offence in the United States. The Listing does not comprise an offer of, an invitation to purchase or subscribe for or a placement of Listing Shares in the United States. The Listing Shares are not, and will not be, registered under the U.S. Securities Act or any applicable state securities laws of the United States. The issuance of the Shares was made in transactions exempt from the registration requirements of the U.S. Securities Act pursuant to Section 4(a)(2) of the U.S. Securities Act, Regulation S, or another available exemption. The Shares may not be offered, pledged, resold, granted, delivered, allotted or otherwise transferred, as applicable, in the United States, except in transactions that are exempt from or not subject to the registration requirements under the U.S. Securities Act and in compliance with any applicable state securities laws. Any person in the United States that obtains a copy of this Prospectus or any pre-printed issue statement or application form is required to disregard them. The Listing is subject to Danish legislation and requirements and, therefore, any information contained in this Prospectus may not be comparable with information contained in prospectuses of U.S.-listed companies. For certain restrictions on transfer of the Listing Shares, see "The Listing– Terms and conditions of the Listing –Terms, expected timetable and restrictions". Notice to Investors in the European Economic Area In relation to each member state of the European Economic Area where the Prospectus Regulation applies (each a "Relevant Member State"), no offering of Listing Shares will be made to the public in any Relevant Member State. Notwithstanding the above, if an offering had been made, no offering of Shares could