Ascendis Pharma Announces Strategic Partnership with Teijin Limited in Japan

Rhea-AI Summary

Ascendis Pharma A/S (Nasdaq: ASND) has entered into an exclusive license agreement with Teijin Limited for the further development and commercialization of TransCon hGH, TransCon PTH, and TransCon CNP for endocrinology rare disease in Japan. Ascendis will receive $70 million upfront, with additional development and regulatory milestones of up to $175 million, transfer pricing, and commercial milestones. The company is also eligible to receive royalties on net sales in Japan, of up to mid-20’s percent, varying by product.

–   Teijin to receive exclusive license to further develop and commercialize TransCon™ hGH, TransCon™ PTH, and TransCon™ CNP in Japan

–   Ascendis Pharma is eligible to receive $70 million upfront, development/regulatory milestones of up to $175 million, transfer pricing, and commercial milestones

–   Ascendis Pharma is also eligible to receive royalties on net sales in Japan, of up to mid-20’s percent,
varying by product

COPENHAGEN, Denmark, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Ascendis Pharma A/S (Nasdaq: ASND) today announced that the company has entered into an exclusive license agreement with Teijin Limited for the further development and commercialization of TransCon hGH, TransCon PTH, and TransCon CNP for endocrinology rare disease in Japan.

“We are pleased to partner with Teijin Pharma given their track record of navigating regulatory approval and commercialization of rare disease and endocrinology product candidates in Japan, and commitment to providing best-in-class therapies,” said Jan Mikkelsen, Ascendis Pharma’s President and Chief Executive Officer. “We believe this collaboration is a major step in our journey to achieve global reach for our current Endocrinology Rare Disease portfolio by helping to address unmet medical needs of patients in Japan.”

“Ascendis has leveraged its innovative TransCon technology platform to create a suite of highly differentiated product candidates with best-in-class potential that complement our existing pharmaceutical portfolio,” said Akimoto Uchikawa, Teijin Limited’s President and Chief Executive Officer. “We expect this partnership will contribute a great deal to advance our healthcare business vision to address issues of patients, families and communities in need of more support followed by the introduction of pharmaceuticals in rare and intractable disease areas utilizing our business platform cultivated so far.”

Under the terms of the agreement, Ascendis will receive an upfront payment of $70 million, with additional development and regulatory milestones of up to $175 million, transfer pricing and commercial milestones. In addition, Ascendis Pharma is eligible to receive royalties on net sales in Japan, of up to mid-20’s percent, varying by product.

About Ascendis Pharma A/S
Ascendis Pharma is applying its innovative TransCon technology platform to build a leading, fully integrated biopharma company focused on making a meaningful difference in patients’ lives. Guided by its core values of patients, science and passion, Ascendis uses its TransCon technologies to create new and potentially best-in-class therapies. Ascendis is headquartered in Copenhagen, Denmark and has additional facilities in Germany (Heidelberg and Munich) and the United States (Palo Alto and Redwood City, California, and Princeton, New Jersey). Please visit ascendispharma.com to learn more.

About the Teijin Group
Teijin (TSE: 3401) is a technology-driven global group with two core businesses: high-performance materials and healthcare solutions. Established in 1918 as Japan’s first rayon manufacturer, Teijin today comprises some 170 companies employing 20,000 people in 20 countries. Through “Human Chemistry, Human Solutions,” Teijin relentlessly strives to aims to be a company that supports the society of the future by protecting the global environment and addressing the needs of people and communities. Teijin posted consolidated sales of JPY 1,018.8 billion (USD 7.6 billion) and total assets of JPY 1,242.4 billion (USD 9.2 billion) in the fiscal year ending March 31, 2023. Please visit www.teijin.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, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to (i) Ascendis’ potential receipt of milestone and royalty payments from its strategic partnership with Teijin, (ii) Ascendis’ ability to achieve global reach for its current Endocrinology Rare Disease portfolio, (iii) the best-in-class potential for Ascendis’ products and the ability of Ascendis’ products to complement Teijin’s existing portfolio, (iv) the ability for the partnership between Ascendis and Teijin to advance Teijin’s healthcare business vision, (v) Ascendis’ ability to apply its platform technology to build a leading, fully integrated global biopharma company, and (vi) Ascendis’ use of its TransCon technologies to create new and potentially best-in-class therapies. 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 the following: dependence on third party manufacturers, distributors and service providers for Ascendis’ products and product candidates; unforeseen safety or efficacy results in Ascendis’ development programs or on-market products; unforeseen expenses related to commercialization of any approved Ascendis products; unforeseen expenses related to Ascendis’ development programs; unforeseen selling, general and administrative expenses, other research and development expenses and Ascendis’ business generally; delays in the development of its programs related to manufacturing, regulatory requirements, speed of patient recruitment or other unforeseen delays; Ascendis’ ability to obtain additional funding, if needed, to support its business activities; the impact of international economic, political, legal, compliance, social and business factors, including inflation, the effects on its business from the worldwide COVID-19 pandemic and ongoing conflicts such as that in the region surrounding Ukraine and Russia. 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 16, 2023 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, and TransCon, are trademarks owned by the Ascendis Pharma group. © November 2023 Ascendis Pharma A/S.

Investor Contacts: Tim Lee Ascendis Pharma +1 (650) 374-6343 tle@ascendispharma.com ir@ascendispharma.com	Media Contact: Melinda Baker Ascendis Pharma +1 (650) 709-8875 media@ascendispharma.com
Patti Bank ICR Westwicke +1 (415) 513-1284 patti.bank@westwicke.com

FAQ

What is the exclusive license agreement between Ascendis Pharma and Teijin Limited?

Ascendis Pharma has entered into an exclusive license agreement with Teijin Limited for the further development and commercialization of TransCon hGH, TransCon PTH, and TransCon CNP for endocrinology rare disease in Japan.

What are the financial benefits for Ascendis Pharma from the agreement?

Ascendis will receive an upfront payment of $70 million, with additional development and regulatory milestones of up to $175 million, transfer pricing, and commercial milestones. The company is also eligible to receive royalties on net sales in Japan, of up to mid-20’s percent, varying by product.

What is the significance of the partnership with Teijin Limited for Ascendis Pharma?

The partnership with Teijin Limited is a major step in Ascendis Pharma's journey to achieve global reach for its current Endocrinology Rare Disease portfolio by helping to address unmet medical needs of patients in Japan.

What are the expectations from the partnership according to Teijin Limited's President and Chief Executive Officer?

Teijin Limited's President and Chief Executive Officer expects the partnership to contribute to advancing their healthcare business vision to address issues of patients, families, and communities in need of more support in rare and intractable disease areas.

What are the potential financial gains for Ascendis Pharma from the agreement?

Ascendis Pharma is eligible to receive royalties on net sales in Japan, of up to mid-20’s percent, varying by product, in addition to the upfront payment and development/regulatory milestones.