On September 29, 2021 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, reported 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 (Press release, Ascendis Pharma, SEP 29, 2021, View Source [SID1234590523]). The program will be executed under Rules 10b-18 and 10b5-1 of the U.S. securities regulations.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

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.