$BMRN · BIOMARIN PHARMACEUTICAL INC

BioMarin entered into a definitive Settlement and License Agreement with Ascendis Pharma on September 24, 2026, superseding the binding term sheet filed August 31, 2026. BioMarin grants Ascendis a non-exclusive, worldwide license to BioMarin Patent Rights for TransCon CNP (navepegritide/Yuviwel) across all indications including achondroplasia. Ascendis will pay BioMarin a 20% royalty on U.S. net sales and 18% on EU, Brazil, and South Korea net sales, from first commercial sale through May 2030. All pending patent litigation will be dismissed with prejudice.

Stock is essentially flat (+0.22% to $60.00) since the definitive agreement was disclosed; the binding term sheet was already filed on August 31, 2026, so the finalization was largely priced in.

Converts patent litigation risk into a defined, high-margin royalty stream on a direct competitor's product, though the May 2030 expiration caps the upside.

This settlement resolves a key patent dispute in the achondroplasia space, where BioMarin's Voxzogo and Ascendis's TransCon CNP compete. The royalty structure gives BioMarin a stake in a rival's success.

Royalty income depends entirely on Ascendis's commercial success with TransCon CNP; actual sales may fall short of projections. The royalty term expires May 2030, limiting the revenue tail.