On September 24, 2026, BioMarin Pharmaceutical Inc. (BioMarin) reported to have entered into a Settlement and License Agreement (the Agreement) with Ascendis Pharma A/S (Ascendis).

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The terms of the Agreement are consistent with those contained in the binding term sheet previously entered into by the parties, which was reported by BioMarin on a Current Report on Form 8-K filed with the Securities and Exchange Commission on August 31, 2026 (the Term Sheet). The Agreement supersedes and replaces the Term Sheet and is deemed effective as of August 28, 2026 (the Effective Date).

In accordance with the Agreement and consistent with the previously reported terms and conditions of the Term Sheet, BioMarin has granted to Ascendis and its affiliates a non-exclusive, worldwide, transferable, royalty-bearing license to certain patents (the BioMarin Patent Rights) to research, develop, manufacture, use, sell, and commercialize any product, method, or service that includes the C-type natriuretic peptide known as "TransCon CNP," "navepegritide," or "Yuviwel" (collectively, the Licensed Products) for all current and potential indications, including achondroplasia and hypochondroplasia, and in combination with other medicines. In consideration for the rights and licenses granted to Ascendis, Ascendis will pay to BioMarin a royalty equal to 20% of annual net sales of Licensed Products in the United States and 18% of annual net sales of Licensed Products in the European Union, Brazil and South Korea, in each case, from the date of the first commercial sale in each territory (applied retroactively, as applicable) until May 2030.

Pursuant to the Agreement, the parties will also dismiss with prejudice all pending litigation between them relating to the BioMarin Patent Rights.

The Agreement also contains a mutual regulatory non-interference clause, a covenant by Ascendis to not challenge BioMarin’s Patent Rights, a release by BioMarin of claims against Ascendis for infringement of BioMarin’s Patent Rights prior to the Effective Date and a covenant not to sue Ascendis for infringement of BioMarin’s Patent Rights, and certain other terms that are customary for transactions of this nature.

(Filing, BioMarin, SEP 24, 2026, View Source [SID1234671180])