Blueprint Medicines Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Blueprint Medicines Corporation (Nasdaq: BPMC) announced the grant of stock options and restricted stock units (RSUs) to fourteen new employees effective November 1, 2022. A total of 15,656 stock options and 7,824 RSUs were awarded under the 2020 Inducement Plan, designed for individuals not previously associated with the company. The stock options have an exercise price of $48.24, equal to the closing stock price on the grant date. Vesting schedules include a 25% vesting after one year, followed by monthly or annual vesting, contingent on continued employment.

Positive

• Grant of a total of 15,656 stock options and 7,824 RSUs, indicating investment in talent.
• The exercise price of stock options matches the closing price on the grant date, creating no immediate dilution.

Negative

• None.

CAMBRIDGE, Mass., Nov. 4, 2022 /PRNewswire/ -- Blueprint Medicines Corporation (Nasdaq: BPMC), a precision therapy company focused on genomically defined cancers, rare diseases and cancer immunotherapy, today announced that, effective November 1, 2022, the Compensation Committee of Blueprint Medicines' Board of Directors granted non-qualified stock options to purchase an aggregate of 15,656 shares of its common stock and an aggregate of 7,824 restricted stock units (RSUs) to fourteen new employees under Blueprint Medicines' 2020 Inducement Plan.

The 2020 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee or non-employee director of Blueprint Medicines, as an inducement material to such individual's entering into employment with Blueprint Medicines, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.

The options have an exercise price of $48.24 per share, which is equal to the closing price of Blueprint Medicines' common stock on November 1, 2022. Each option will vest as to 25% of the shares underlying such option on the first anniversary of the grant date and as to an additional 1/48th of the shares underlying the option monthly thereafter, in each case, subject to each such employee's continued employment on each vesting date. Each RSU will vest as to 25% of the shares underlying the RSU award on the first anniversary of the grant date and as to an additional 25% of the shares underlying the RSU award annually thereafter, subject to each such employee's continued employment on each vesting date. The options and RSUs are subject to the terms and conditions of Blueprint Medicines' 2020 Inducement Plan, and the terms and conditions of the stock option and RSU agreement covering the grant.

About Blueprint Medicines

Blueprint Medicines is a global precision therapy company that invents life-changing therapies for people with cancer and blood disorders. Applying an approach that is both precise and agile, we create medicines that selectively target genetic drivers, with the goal of staying one step ahead across stages of disease. Since 2011, we have leveraged our research platform, including expertise in molecular targeting and world-class drug design capabilities, to rapidly and reproducibly translate our scientific innovation into a broad pipeline of important approved and investigational precision therapies aimed at addressing difficult-to-treat cancers and blood disorders. Today, we are delivering our approved medicines to patients in the United States, Europe, and in other geographies ourselves or through our partners. In addition, we are globally advancing multiple programs for systemic mastocytosis, lung cancer, breast cancer, and other genomically defined cancers, and cancer immunotherapy. For more information, visit www.BlueprintMedicines.com and follow us on Twitter (@BlueprintMeds) and LinkedIn.

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SOURCE Blueprint Medicines Corporation

FAQ

What is the total amount of stock options granted by Blueprint Medicines?

Blueprint Medicines granted a total of 15,656 stock options under its 2020 Inducement Plan.

What is the exercise price for the stock options granted to new employees?

The exercise price for the stock options is $48.24 per share.

What is the purpose of the 2020 Inducement Plan?

The 2020 Inducement Plan is used to grant equity awards to individuals who were not previous employees as an inducement for joining Blueprint Medicines.

When do the stock options and RSUs granted by Blueprint Medicines vest?

The stock options vest 25% after one year and then monthly, while the RSUs vest 25% annually after one year.

How many restricted stock units (RSUs) were granted by Blueprint Medicines?

A total of 7,824 restricted stock units (RSUs) were granted to new employees.