COPENHAGEN, Denmark, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Ascendis Pharma A/S (Nasdaq: ASND), a biopharmaceutical company that utilizes its innovative TransCon™ technologies to potentially create new treatments that make a meaningful difference in patients’ lives, today announced that its Board of Directors has authorized the Company to repurchase up to $25 million of the Company’s American Depositary Shares (ADS) (the Share Repurchase Program), each of which represents one ordinary share of Ascendis Pharma A/S. The program will be executed under Rules 10b-18 and 10b5-1 of the U.S. securities regulations.
For that purpose, Ascendis Pharma A/S has appointed J.P. Morgan Securities LLC as agent to execute the program independently and without influence from Ascendis Pharma A/S. The purpose of the Share Repurchase Program is to acquire ADS needed in connection with the Company’s planned share-based incentive program. Under the agreement, J.P. Morgan Securities LLC will repurchase ADS on behalf of Ascendis Pharma A/S during the trading period starting November 1, 2021 and expected to end no later than December 31, 2021.
A maximum of 300,000 ADS in total can be bought during the trading period. The maximum number of ADS that can be repurchased on a single trading day may not exceed 10% of the average daily trading volume of Ascendis Pharma A/S ADS, in the prior full four weeks of trading. At least once every seven trading days, Ascendis Pharma A/S will issue an announcement in respect of the transactions made under the repurchase program.
The timing and total amount of ADS repurchases will depend upon market conditions and may be made from time to time in open market purchases and may be suspended or discontinued at any time. The repurchase program does not obligate the Company to acquire any particular amount of ADS. The Company expects to fund the Share Repurchase Program through its existing cash or cash equivalents.
About Ascendis Pharma A/S
Ascendis Pharma is applying its innovative platform technology 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, the company uses its TransCon technologies to create new and potentially best-in-class therapies.
Ascendis is headquartered in Copenhagen, Denmark, and has additional facilities in Heidelberg and Berlin, Germany; Palo Alto and Redwood City, California; and Princeton, New Jersey. Please visit www.ascendispharma.com to learn more.
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) the planned Share Repurchase Program, (ii) Ascendis’ ability to apply its platform technology to build a leading, fully integrated biopharma company, and (iii) Ascendis’ expectations regarding its ability to utilize 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 to supply TransCon hGH, and other study drug for commercial sales in the U.S. and clinical studies; unforeseen safety or efficacy results in its oncology programs, TransCon hGH, TransCon PTH and TransCon CNP or other development programs; unforeseen expenses related to commercialization of lonapegsomatropin-tcgd in the U.S. and the further development of TransCon hGH, expenses related to the development and potential commercialization of its oncology programs, TransCon hGH, TransCon PTH and TransCon CNP or other development programs, selling, general and administrative expenses, other research and development expenses and Ascendis’ business generally; delays in the development of its oncology programs, TransCon hGH, TransCon PTH and TransCon CNP or other development programs related to manufacturing, regulatory requirements, speed of patient recruitment or other unforeseen delays; dependence on third party manufacturers to supply study drug for planned clinical studies; Ascendis’ ability to obtain additional funding, if needed, to support its business activities and the effects on its business from the worldwide COVID-19 pandemic. 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 March 10, 2021 and Ascendis’ other future reports filed with, or submitted to, the SEC. Forward-looking statements do not reflect the potential impact of any future in-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. © September 2021 Ascendis Pharma A/S.
Source: Ascendis Pharma