Austell Pharmaceuticals to acquire the pharma business from Ascendis for $24m.

Austell Pharmaceuticals, a healthcare provider, agreed to acquire the pharma business from Ascendis, a biopharmaceutical company, for $24m. “The disposal of Ascendis Pharma at full value will materially reduce Ascendis’ outstanding debt. This will provide a platform to refinance the group’s outstanding debt at commercial terms, enabling us to restore balance sheet stability.” The long-term financial sustainability of Ascendis remains our priority and we are aiming to reduce debt to ensure sustainable gearing levels. We are continuing to explore opportunities for the group to repay its senior debt facilities and have sufficient capital to meet its working capital requirements," Harry Smit Ascendis Health Chairman.