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GlobeNewswire PharmaceuticalsCodex · 实盘不做把握 5/10不做原因:证据不足🔁 +1 同一事件
北京时间·🕒 发布 19:00:00·⟳ 抓取 19:01:02·⚡ 决策 08-31 19:05:02 +4m00s·57.0 天前

Ascendis与BioMarin就YUVIWEL专利纠纷达成全球和解并向BioMarin支付销售提成

事件对BioMarin方向偏正,但当前没有stock_quote工具级真实行情和市值返回,且YUVIWEL销售基数与 royalty 增量无法充分量化;按ENTER约束不下单。

📄 原文GlobeNewswire Pharmaceuticals↗ 原文
COPENHAGEN, Denmark, Aug. 31, 2026 (GLOBE NEWSWIRE) -- Ascendis Pharma A/S (Nasdaq: ASND) today announced it has entere…
不做 BioMarin Pharmaceutical Inc.(BMRN.US)
方向偏多但缺少stock_quote真实报价/市值验证,且盘前已涨约5.9%、 royalty 量级未充分量化,不满足ENTER约束。
不做 Ascendis Pharma A/S(ASND.US)
解除诉讼利好与高比例销售提成负担并存,净方向不够清晰,不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

本次和解使BioMarin获得YUVIWEL美国20%、欧盟/韩国/巴西18%的净销售额提成,并结束全球专利诉讼,BioMarin为直接受益方;Ascendis获得商业化自由但牺牲经济权益。消息在盘前刚扩散且BMRN已有约5%至6%盘前反应,仍可能有正向重定价,但缺少工具级报价、市值和完整量级核查,不满足可执行ENTER条件。

🔎 新鲜度:最早出现 2026-08-31 · 扩散 medium · price-in 风险 medium ↗ ↗ ↗

消息传播链

  1. 2026-08-31首发BioMarin公司官网/PRNewswire原文 ↗
    BioMarin一手宣布与Ascendis达成全球和解,Ascendis将支付YUVIWEL销售提成。
  2. 2026-08-31 11:00 UTC官方确认GlobeNewswire/Ascendis一手源原文 ↗
    Ascendis确认获得全球非独家许可并继续无约束商业化navepegritide相关产品。
  3. 2026-08-31 11:14 CET财经媒体扩散Reuters/Boursorama非一手原文 ↗
    Reuters转述称BioMarin盘前上涨5.9%至68.48美元,市场已开始定价 royalty 利好。
    市场反应:BMRN盘前约+5.9%

关键理由

  • BioMarin获得YUVIWEL销售提成且覆盖美国、欧盟、韩国、巴西至2030年5月,形成新增高毛利现金流权利。
  • 和解撤销ITC及多地诉讼,Ascendis销售被阻断风险下降,但BioMarin保留经济参与权。
  • 量级句:若YUVIWEL成为Ascendis 2030收入目标中的重要产品,BioMarin可获得18%至20%净销售额提成;但本轮信源未披露YUVIWEL当前销售额和分地区峰值销售,无法估算对BioMarin收入、市值的精确占比。

主要风险

  • BMRN盘前已被报道上涨约5.9%,若开盘继续高开,短线追价的risk/reward会快速恶化。
  • Ascendis仍需支付高比例提成,且YUVIWEL欧洲审批仍待2026年四季度结果,销量与适应症扩展兑现存在不确定性。

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-08-31 · 影响 weakens
    反向证据主要是Ascendis需支付18%至20%净销售额提成,对Ascendis利润率构成压力,但对BioMarin是收入权利。
    检索:Ascendis BioMarin Yuviwel royalty settlement negative impact Ascendis 20% royalty 原文 ↗
  • 做多前查反向 · 来源 web · 日期 2026-08-31 · 影响 weakens
    BMRN盘前已上涨约5.9%,说明部分利好已被快速定价,追高风险上升。
    检索:BMRN premarket 68.48 Ascendis settlement Reuters 原文 ↗

先例如何影响了这次决策

对本次决策的影响:先例不足使本轮不使用历史幅度支持ENTER,并降低confidence和仓位倾向。

方向:缺少同市场、同机制、同相位且可干净锚定的专利和解提成先例,方向主要由当前条款本身判断。

涨幅量级:无法用高相似先例校准涨幅;BMRN盘前约+5.9%只能说明即时重定价已经发生。

形态:未形成可证实的见光死或持续上涨样本结论。

工具执行结果 · 成功 3 · 降级 0 · 失败 0 · 取消 0
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原文全文

展开原文 · 7,505 字
COPENHAGEN, Denmark, Aug. 31, 2026 (GLOBE NEWSWIRE) -- Ascendis Pharma A/S (Nasdaq: ASND) today announced it has entered into a binding term sheet for a global settlement and license agreement with BioMarin Pharmaceutical Inc. (“BioMarin”) related to the sale of YUVIWEL
®
and navepegritide-related products. The binding term sheet provides the terms and conditions upon which the companies agree to resolve all litigation and disputes between the companies.
Under the terms, BioMarin has agreed to grant Ascendis a non-exclusive, worldwide, royalty-bearing license, allowing Ascendis to continue researching, developing, manufacturing, and commercializing navepegritide-related products without restriction. Furthermore, BioMarin has agreed to waive certain regulatory rights and exclusivities, dismiss all proceedings, and provide a covenant not to sue relating to the covered intellectual property. In exchange, Ascendis has agreed to dismiss all proceedings against BioMarin and to make royalty payments to BioMarin based on net sales of navepegritide-related products equal to 20% in the United States and 18% in the European Union, South Korea and Brazil from the first commercial sale of YUVIWEL in the specific country through May 20, 2030.
“The ongoing rapid uptake of YUVIWEL in the United States, we believe, reflects its differentiated profile and the large, unmet medical need it is addressing as an important new foundation of care in achondroplasia and other types of skeletal dysplasia,” said Jan Mikkelsen, President and Chief Executive Officer of Ascendis Pharma. “Our patient focus has been a key driver of our ability to deliver products that make a meaningful difference in patients’ lives.”
As previously communicated, Ascendis expects to generate more than €500 million in operating cash flow in 2026 and believes that it can achieve €5 billion in revenue in 2030.
About TransCon CNP
TransCon CNP (navepegritide) is a prodrug of C-type natriuretic peptide (CNP) administered once weekly, designed to provide continuous exposure of active CNP to receptors on tissues throughout the body to counteract the overactive FGFR3 signaling in achondroplasia. In February 2026, TransCon CNP was approved by the U.S. Food & Drug Administration (FDA) under the trade name YUVIWEL
®
to increase linear growth in pediatric patients 2 years of age and older with achondroplasia with open epiphyses. Ascendis Pharma’s Marketing Authorisation Application for YUVIWEL is under review by the European Medicines Agency, with a regulatory decision anticipated in the fourth quarter of 2026.
About Ascendis Pharma A/S
Ascendis Pharma is a global biopharmaceutical company focused on applying our innovative TransCon technology platform to make a meaningful difference for patients. Guided by our core values of Patients, Science, and Passion, and following our algorithm for product innovation, we apply TransCon to develop new therapies that demonstrate best-in-class potential to address unmet medical needs. Ascendis is headquartered in Copenhagen, Denmark, and has additional facilities in Europe and the United States. Please visit ascendispharma.com to learn more.
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Ascendis’ future operations, results, plans and objectives of management are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of such statements include, but are not limited to, statements relating to (i) the resolution of litigation and disputes between Ascendis and BioMarin pursuant to the binding term sheet and anticipated definitive agreement, (ii) the anticipated impact of the settlement on Ascendis’ financial expectations, including expectations regarding operating cash flow in 2026 and Ascendis’ belief that it can achieve €5 billion in revenue in 2030, (iii) anticipated timing of a regulatory decision from the European Medicines Agency for YUVIWEL, and (iv) the continued research, development, manufacturing and commercialization of navepegritide-related products. Ascendis may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Ascendis makes, including, without limitation: dependence on third-party manufacturers, distributors, and service providers for Ascendis’ products and product candidates; risks related to regulatory review and approval, including the possibility of delays, requests for additional data or analyses, restrictions or limitations on use, approval with labeling that is more limited than expected, or failure to obtain approval in the United States, European Union, or other jurisdictions; clinical development risks, including that results from ongoing or future trials may not confirm earlier data; unforeseen safety or efficacy findings in development programs or on-market products; manufacturing, supply chain, quality, or logistics issues that could delay development or commercialization; unforeseen expenses related to commercialization of any approved Ascendis products; unforeseen research and development or selling, general and administrative expenses and other costs impacting Ascendis’ business generally; market acceptance, pricing, and reimbursement challenges, including payer coverage decisions and health technology assessments; competitive developments, including new or improved therapies; intellectual property protection, freedom-to-operate, and litigation risks; Ascendis’ ability to obtain additional funding, if needed, to support its business activities; cybersecurity, data privacy, and information technology disruptions; and the impact of international economic, political, legal, compliance, public health, and business factors, including tariffs, trade policies, currency fluctuations, and geopolitical events. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Ascendis’ business in general, see Ascendis’ Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (SEC) on February 11, 2026, and Ascendis’ other future reports filed with, or submitted to, the SEC. Forward-looking statements do not reflect the potential impact of any future licensing, collaborations, acquisitions, mergers, dispositions, joint ventures, or investments that Ascendis may enter into or make. Ascendis does not assume any obligation to update any forward-looking statements, except as required by law.
Ascendis, Ascendis Pharma, the Ascendis Pharma logo, the company logo, TransCon, and YUVIWEL
®
are trademarks owned by the Ascendis Pharma group. © August 2026 Ascendis Pharma A/S.
Investor Contact:
Media Contact:
Chad Fugere
Melinda Baker
Ascendis Pharma
Ascendis Pharma
+1 (650) 519-7494
+1 (650) 709-8875

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