🇺🇸 SECAscendis Pharma A/SQwen · 实盘不做把握 3/10不做原因:已被定价
北京时间·🕒 发布 04:06:36·⟳ 抓取 04:09:35 +2m59s·⚡ 决策 09-01 04:12:28 +2m53s·56.9 天前
Ascendis Pharma与BioMarin就YUVIWEL/navepegritide全球专利诉讼达成有约束力和解条款,Ascendis支付20%(美国)/18%(欧盟等)净销售额提成至2030年5月
ASND在8月31日交易时段已因和解消息上涨+6.1%(量比近2倍),6-K是收盘后的行政备案而非新增信息;BioMarin提成收入对其市值无实质影响。同一事件已被系统内4个其他源处理并均判为不做。美股已收盘,次日开盘无增量预期差可捕捉。
📄 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(ASND.US)
和解消息已在8月31日盘中被市场充分定价(+6.1%,量比1.97x);本条6-K为收盘后行政备案,无增量事实;美股已收盘,次日开盘无剩余预期差
不做 BioMarin Pharmaceutical(BMRN.US)
提成收入(估计年<$1亿)相对BioMarin约120亿美元市值占比<1%,materiality不足,当日仅涨0.87%亦证实市场不视为重大催化
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
Ascendis与BioMarin于8月30日(周日)签署有约束力和解条款,BioMarin于8月31日盘前已提交8-K并发新闻稿。ASND在8月31日交易时段大涨+6.1%至$263.04,量比1.97倍,表明市场已充分消化和解利好(消除诉讼/禁令风险 > 提成成本)。本条6-K信号于美东16:06提交,仅为正式SEC备案,不含任何新增事实。BioMarin仅涨0.87%,提成收入相对其市值微不足道。无剩余edge可交易。
🔎 新鲜度:最早出现 2026-08-30 · 扩散 high · price-in 风险 high ↗
关键理由
- 和解消除了YUVIWEL被禁令的尾部风险,对Ascendis是净正面,但股价已在盘中+6.1%完成定价
- 20%/18%提成虽高但相比潜在禁令损失(产品完全停售)是合理对价,市场解读为利好落地
- 对BioMarin而言提成收入相对~120亿美元市值占比<1%,不构成交易催化
主要风险
- 正式协议须在9月24日前签署,若谈判破裂条款清单仍有效但执行细节可能生变
- 20%美国提成显著压缩YUVIWEL利润率,若销售放量不及预期则提成负担相对更重
反向证据
- 做多前查反向 · 来源 price_snapshot · 日期 2026-08-31 · 影响 invalidates
ASND 8月31日涨+6.1%、量比1.97x,开盘$247.65即低于前收$247.91(微低开)后全天单边拉升至$263.04,属于盘中对新信息的实时定价而非抢跑
检索:ASND price-in check: 当日涨幅与量比
先例如何影响了这次决策
对本次决策的影响:先例不影响结论:核心判断依据是价格已反应(+6.1%)且6-K无增量信息,非先例不足导致AVOID
方向:无法提供——事件已在盘中完成定价,先例研究不改变结论
涨幅量级:ASND当日+6.1%已是实际市场反应幅度,无需先例校准
形态:不适用
工具执行结果 · 成功 5 · 降级 2 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 415 ms
{"result": "search_processed_events:agent query=`ascendis biomarin litigation resolution binding term sheet | ascendis pharma biomarin settlement license navepegritide yuviwel`;结构化索引覆盖完整 72 小时;旧记录兼容扫描近 72.0/72 小时、1202 条本臂决策(完整),返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选,不能据此证明消息首发或不是重复;按当前事件继续正常研判。"} - stock_quote 降级 stock_tools HTTP · 1,573 ms
取价失败: Futu returned no quote - stock_quote 降级 stock_tools HTTP · 2,014 ms
取价失败: Futu returned no quote - kb_search 成功 stock_tools HTTP · 2,172 ms
{ - search_case_library 成功 stock_tools HTTP · 79 ms
{"result": "search_case_library「ASND.US」—— 与这些标的相关的自家决策案例(本页 12 条,该标的全历史相关记录共 14 条;ENTER 只按该标的自己的腿统计):\n◆ ASND.US:相关历史决策 14 条 · 其中该标的 ENTER 3 条(21.4%) · 已结算 3 笔 · 胜率 100% · 中位 +1.13% · 均值 +0.98% ⚠️只有 3 笔,样本太薄,只能当线索不能当规律\n↑ 胜率/收益口径:ENTER 当日之后 T+1 开盘入场、次日开盘出场,做空腿已按方向取反(所以正数=这个方向做对了)。统计的只有★那只票自己的腿。\n【对 - price_snapshot 成功 stock_tools HTTP · 2,091 ms
{ - kb_fetch_document 成功 stock_tools HTTP · 236 ms
{
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
决策记录链 · 只追加
每次领取产生一条记录,重新决策追加一条并以 supersedes 指向被替代的记录(ADR 0014)。
这条决策早于决策账本(2026-10-08 起逐条追加),没有追加记录。