SAN RAFAEL, Calif. - BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), a global biotechnology company with a market capitalization of $7.7 billion and an impressive gross profit margin of 84.8%, has initiated legal proceedings against Ascendis Pharma (NASDAQ:ASND) A/S at the Unified Patent Court (UPC) in Munich, Germany. According to InvestingPro data, the company maintains a FAIR financial health rating despite operating with moderate debt levels. The lawsuit alleges infringement of the European patent EP 3 175 863 B1, which relates to long-acting variants of C-Type Natriuretic Peptide (CNP), a therapeutic protein.
According to BioMarin, the action is based on the belief that Ascendis' TransCon CNP investigational product and its development program, particularly in Germany and other European locations, violates BioMarin's patent rights. This patent was upheld by the European Patent Office's Opposition Division in 2024.
The legal action is expected to be resolved within the next 12-15 months. The UPC, operational since June 2023, has the authority to adjudicate patent disputes across 18 European member states that have adopted the Unitary Patents system.
Alexander Hardy, president and CEO of BioMarin, emphasized the importance of intellectual property for progress in the biotechnology industry, especially for rare genetic conditions. He stated that the company is dedicated to safeguarding the inventions of their scientists, which include over 15 years of research contributing to products like VOXZOGO® and BMN 333.
BioMarin, founded in 1997 and headquartered in San Rafael, California, has developed eight commercial therapies and maintains a robust pipeline of clinical and preclinical drug candidates. The company focuses on addressing rare or complex genetic diseases and aims to transform genetic discoveries into meaningful treatments for patients. This focus has driven substantial growth, with revenue increasing by 115.5% over the last twelve months. InvestingPro analysis reveals the company trades at a high revenue multiple, reflecting market expectations for continued expansion in its therapeutic portfolio.
The legal dispute with Ascendis Pharma is among a range of topics covered in BioMarin's filings with the Securities and Exchange Commission, where risks and uncertainties are detailed. These factors may influence the outcome of the legal proceedings and are subject to change. Investors following this development should note that BioMarin's next earnings report is scheduled for February 11, 2025. InvestingPro subscribers have access to additional insights, including 7 more ProTips and detailed financial metrics that could help assess the impact of this legal action on the company's valuation.
This news article is based on a press release statement from BioMarin Pharmaceutical Inc.
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