IP/Patent Law KOL Takeaways - ASND, CORT, RVMD

Research evidence excerpt

IP/Patent Law KOL Takeaways - ASND, CORT, RVMD

Biotechnology - Oncology & Rare Diseases

IP/Patent Law KOL Takeaways - ASND, CORT, RVMD July 5, 2026

We hosted Jacob Sherkow (UIUC Law Professor) to walk through his view on

three ongoing biopharma patent/IP disputes (replay link; transcript available upon

request). Our key takeaways:

Ascendis (ASND, Outperform) / BioMarin (BMRN, covered by Alex Hammond)

Kalpit Patel

●KOL views BMRN as better positioned given ITC Staff’s alignment, but we kpatel@wolferesearch.com

think this should be sized as a Yuviwel-specific overhang, not a thesis-breaking (646) 419-2570 View Kalpit’s Research

issue for ASND. Assuming Yuviwel is ~10-15% of ASND valuation, the setup View Comp Table

is negative for the asset but bounded for the stock.

Gugan Raghuraman

●Public-interest arguments are more likely to shape carve-outs than defeat graghuraman@wolferesearch.com

relief. Weekly dosing and needle-phobia arguments may matter at the margins, 646-419-2572

but KOL is skeptical they prevent an ITC remedy. Importantly, Staff does

support a narrow carve-out for pts already on Yuviwel before the FID or

Commission Opinion.

Corcept (CORT, Peer Perform) / Teva (TEVA, not covered)

●Patent loss creates a cleaner path for generics; antitrust remains the

bigger overhang. The Federal Circuit affirmed Teva does not infringe Corcept’s

’214/’800 patents, and KOL reads the Section viii carve-out language as a useful

roadmap for other generics.

●CORT’s antitrust case has risk per KOL. Sherkow views the Walker

Process / Orange Book theory as weaker, but the exclusive-pharmacy and

physician-payment allegations are potentially more problematic. Teva’s lack of

commercial traction matters because, as KOL put it, Teva’s inability to penetrate