Ascendis succeeds in buying time to settle debts
Lenders give the drug maker 18 months to tame a debt burden that is 10 times its market cap
Ascendis Health has pushed back payment on its debt facilities until the end of 2021, buying it an additional 18 months to sell off businesses to address a debt pile more than 10 times its market capitalisation.
The group’s lenders had been “extremely supportive” in giving Ascendis the space it needs to stabilise operations and prepare assets for sale at the right price, said CEO Mark Sardi. The group still intends to put Remedica up for sale later in 2020, but now has space to ensure its assets are ready for sale.