Ascendis Pharma A/S (Nasdaq: ASND) and Royalty Pharma plc (Nasdaq: RPRX) has announced that Ascendis Pharma Bone Diseases A/S, a wholly owned subsidiary of Ascendis Pharma A/S, has entered into a US$150 million capped synthetic royalty funding agreement with Royalty Pharma based on US net sales of YORVIPATH. Under the terms of the agreement, Ascendis receives an upfront payment of US$150 million in exchange for a 3% royalty on US net sales of YORVIPATH. The royalty payments to Royalty Pharma will cease upon reaching a multiple of 2.0x, or 1.65x if Royalty Pharma receives royalties in that amount by December 31, 2029.
Latham & Watkins LLP represents Ascendis in the transaction with a transactional team led by partners Dan Van Fleet, Mark Roeder, John Williams, and Haim Zaltzman, with associates Erin Cusenbary, Tyler Israel, and Ryleigh Chen; on intellectual property matters by partner Jekkie Kim, with associates Mizuna Sekine and Patrick Chew; on tax matters by partner Eric Cho, with associate Sam Yang; and on FDA regulatory matters by partner Ben Haas and counsel Monica Groat.
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