🇺🇸 SECAscendis Pharma A/SCodex · 实盘不做把握 6/10不做原因:无增量信息
北京时间·🕒 发布 04:06:36·⟳ 抓取 04:09:35 +2m59s·⚡ 决策 09-01 04:22:50 +13m15s·56.6 天前
Ascendis与BioMarin就YUVIWEL专利争议达成全球和解及授权条款
本次SEC 6-K在2026-08-31 16:06 ET提交,但同一全球和解条款已由Ascendis公司IR在2026-08-31 07:00 ET发布,BioMarin亦披露8-K/新闻稿,且美股常规交易时段已完成初步定价;本条无新增金额、监管进展或条款变化。
📄 原文Ascendis Pharma A/S↗ 原文
----- d139239d6k.htm ----- 6-K 1 d139239d6k.htm 6-K 6-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.…
不做 Ascendis Pharma A/S(ASND.US)
不做Ascendis Pharma A/S(ASND.US):诉讼解除是利好,但同一事实已在07:00 ET公司IR发布并盘中上涨,16:06 ET 6-K无新增条款,追入缺乏新鲜edge。
不做 BioMarin Pharmaceutical Inc.(BMRN.US)
不做BioMarin Pharmaceutical Inc.(BMRN.US):royalty利好明确,但BioMarin已更早披露8-K/新闻稿,日内已有正向反应,当前信号不是可交易首发。
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
事件本身解除Ascendis与BioMarin围绕YUVIWEL/navepegritide的专利诉讼,方向上对双方均偏正面:Ascendis保住研发和商业化自由度,BioMarin获得高个位数以上的royalty流。但当前抓到的是盘后6-K复述,核心事实早在美东上午已由公司IR/对手方披露并被财经媒体覆盖,MarketScreener和Yahoo/Stocktwits转述显示ASND、BMRN日内已上涨,因此没有新的可交易预期差。
消息传播链
- BioMarin先披露已与Ascendis达成绑定条款,Ascendis将就YUVIWEL在美国支付20%、欧盟/巴西/韩国支付18% royalty。
- Ascendis盘前发布同一全球和解与授权条款,确认可继续研发、生产和商业化navepegritide相关产品。
- 财经媒体报道华尔街将该协议视为双方利好,称ASND最高涨约8%、BMRN最高涨约2%,盘中仍分别约+6%和+1%。市场反应:ASND、BMRN已在常规交易中对事件作出正向反应。
- MarketScreener转述同一Ascendis公告,并显示ASND +6.68%、BMRN +1.44%的市场反应。市场反应:进一步说明盘后6-K前,信息已公开且被价格反映。
- 当前信号对应Ascendis 6-K,内容与早间IR核心条款一致,未见新增金额、期限或监管状态变化。市场反应:美股常规交易已收盘,6-K本身不提供新增入场edge。
关键理由
- Ascendis获得全球非独家授权并消除ITC及多地诉讼阻碍,YUVIWEL商业化路径更清晰。
- BioMarin取得美国20%、欧盟/韩国/巴西18%的YUVIWEL净销售额royalty,且覆盖至2030年5月20日。
- 量级上,ASND约150亿至180亿美元市值、BMRN约125亿美元市值,潜在royalty取决于YUVIWEL后续销售爬坡;本次未披露当前净销售额,无法把增量精确折算为利润或市值占比。
主要风险
- 该信号为同日更早新闻稿和BioMarin 8-K后的6-K补充披露,日内ASND最高约+8%、BMRN最高约+2%,追入缺乏新鲜度。
- Ascendis虽解除禁售/诉讼风险,但承担18%至20%销售分成,若YUVIWEL销售超预期,利润率上行会被royalty削弱。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-08-31 · 影响 weakens
BioSpace转述分析师观点称协议为win-win,但Stifel认为18%至20% royalty处于此类协议高端,说明Ascendis利润率让渡不可忽视。
检索:Ascendis BioMarin settlement high royalty expected analysts overhang royalty rate risk 原文 ↗ - 做多前查反向 · 来源 web · 日期 2026-08-31 · 影响 invalidates
Yahoo/Stocktwits报道称ASND最高涨约8%、BMRN最高涨约2%,事件在6-K前已完成常规盘初步定价。
检索:ASND BMRN stocks rise settlement August 31 2026 already traded 原文 ↗
先例如何影响了这次决策
对本次决策的影响:先例确认事件机制偏利好,但因本次已盘前首发并完成日内定价,最终将正向判断压成不交易。
方向:低到中相似先例支持“专利诉讼和解/授权解除overhang”方向偏正面,但不足以证明盘后复述仍有edge。
涨幅量级:没有3条以上高相似、同市场、锚点干净的先例可校准ASND或BMRN在本次6-K后的可追幅度。
形态:可见先例更多体现首发后即时上涨,不支持在首发数小时、常规交易已反映后继续追入。
历史先例(按相似度)
- 相似度 6/10 ABCL 2025-12-18 AbCellera与Bruker专利纠纷和解,Bruker支付3600万美元并承诺未来royalty,报道称ABCL盘中上涨约5%。 原文 ↗
事件后 +1日 +0.0% · +2日 +2.0% · +3日 +5.4% · +4日 +4.5% · +5日 +5.4%
⚠非首发(转载/聚合)·来源层级不符(声明media/实为aggregator) — 该行涨幅别用来定止盈止损
相似度依据:同为生物技术公司专利争议全球和解并带来现金/royalty,但不是同一疾病领域且收益方不同。
经验:诉讼解除叠加明确经济补偿通常会带来正向反应,但更适合在首发时交易而非复述披露后追。 - 相似度 5/10 MRNA 2026-03-04 Moderna与Genevant/Arbutus就COVID疫苗专利争议达成最高22.5亿美元和解,Reuters报道股价上涨约9%。 原文 ↗
事件后 +1日 +16.0% · +2日 +8.0% · +3日 +5.4% · +4日 +11.9% · +5日 +10.3%
⚠非首发(转载/聚合)·来源层级不符(声明wire/实为aggregator) — 该行涨幅别用来定止盈止损
相似度依据:同为重大专利诉讼和解去除overhang,但Moderna为大额一次性和解且资产类别不同。
经验:即使付款方承担高额结算成本,若市场更重视诉讼overhang解除,也可能短线正向。 - 相似度 4/10 CPRX 2026-05-07 Catalyst宣布与Hetero就FIRDAPSE专利诉讼达成和解,允许仿制药2035年后上市。 原文 ↗
仅作为同机制背景,不测入最终幅度。
相似度依据:同为药品专利诉讼和解,但机制是推迟仿制药进入市场,方向更接近维持独占而非交叉授权和royalty分成。
经验:专利诉讼和解若只是确认或延长已有独占期,短线反应取决于市场是否已经预期。
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原文全文
展开原文 · 6,517 字
----- d139239d6k.htm -----
6-K
1
d139239d6k.htm
6-K
6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO
RULE 13a-16
OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number:
001-36815
Ascendis Pharma A/S
(Translation of registrant’s name into English)
Tuborg Boulevard 12
DK-2900
Hellerup
Denmark
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F
or
Form 40-F.
Form
20-F ☒ Form
40-F ☐
INCORPORATION BY REFERENCE
This report
on Form
6-K
shall be deemed to be incorporated by reference into the registration statements on Form
S-8
(Registration Numbers
333-203040,
333-210810,
333-211512,
333-213412,
333-214843,
333-216883,
333-228576,
333-254101,
333-261550,
333-270088,
333-277519,
333-281916,
333-285322
and
333-293854)
and Form
F-3
(Registration Numbers
333-209336
and
333-282196)
of Ascendis Pharma A/S (the “Company” or “Ascendis”) (including any prospectuses forming a part of such registration statements) and to be a part thereof from the date on which
this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
On August 31, 2026, the Company announced that 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, the Company 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.
Forward-Looking Statements
This report contains
forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this report regarding Ascendis’ future operations, 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, and (ii) 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Ascendis Pharma A/S
Date: August 31, 2026
By:
/s/ Michael Wolff Jensen
Michael Wolff Jensen
Executive Vice President, Chief Legal Officer
6-K
1
d139239d6k.htm
6-K
6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO
RULE 13a-16
OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number:
001-36815
Ascendis Pharma A/S
(Translation of registrant’s name into English)
Tuborg Boulevard 12
DK-2900
Hellerup
Denmark
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F
or
Form 40-F.
Form
20-F ☒ Form
40-F ☐
INCORPORATION BY REFERENCE
This report
on Form
6-K
shall be deemed to be incorporated by reference into the registration statements on Form
S-8
(Registration Numbers
333-203040,
333-210810,
333-211512,
333-213412,
333-214843,
333-216883,
333-228576,
333-254101,
333-261550,
333-270088,
333-277519,
333-281916,
333-285322
and
333-293854)
and Form
F-3
(Registration Numbers
333-209336
and
333-282196)
of Ascendis Pharma A/S (the “Company” or “Ascendis”) (including any prospectuses forming a part of such registration statements) and to be a part thereof from the date on which
this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
On August 31, 2026, the Company announced that 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, the Company 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.
Forward-Looking Statements
This report contains
forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this report regarding Ascendis’ future operations, 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, and (ii) 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Ascendis Pharma A/S
Date: August 31, 2026
By:
/s/ Michael Wolff Jensen
Michael Wolff Jensen
Executive Vice President, Chief Legal Officer
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