Ascendis Pharma drops on $500 mln convertible debt deal

Ascendis Pharma A/S

23/03/2022 20:48

** U.S.-listed shares of Ascendis  ASND.O  down 4.4% at $112
in extended trading, adding to 5% loss in regular session, as
Danish biopharma seeks capital
    ** Co offering privately $500 mln 6-yr convertible notes
 urn:newsml:reuters.com:*:nGNX9dnbgz
    ** Co plans to use portion of net proceeds to repurchase up
to 1.0 mln of its ADS, and remainder to support
commercialization and further development of its human growth
hormone therapy, TransCon, among other purposes
    ** ASND has roughly ~$7 bln market cap based on ~56.9 mln
shares outstanding, per Refinitiv data
    ** Shares have fallen ~13% YTD
    ** Avg rating among 15 analysts covering ASND is "buy" and
median PT is $192 - Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))