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 12 new employees under its 2020 Inducement Plan. Effective July 1, 2021, the Compensation Committee approved 25,762 stock options with an exercise price of $87.66 per share and 12,880 RSUs. The options vest 25% after one year, then monthly over four years. The RSUs vest 25% annually for four years, both subject to continued employment. This initiative aims to attract talent critical for the company's focus on precision therapies for genomically defined cancers and rare diseases.

Positive

• Granting of 25,762 stock options and 12,880 RSUs to attract new talent.
• Stock options priced at $87.66, equal to the stock's closing price on the grant date.
• Vesting schedule encourages employee retention and motivation.

Negative

• None.

CAMBRIDGE, Mass., July 7, 2021 /PRNewswire/ -- Blueprint Medicines Corporation (NASDAQ: BPMC), a precision therapy company focused on genomically defined cancers, rare diseases and cancer immunotherapy, today announced that, effective on July 1, 2021, the Compensation Committee of Blueprint Medicines' Board of Directors granted non-qualified stock options to purchase an aggregate of 25,762 shares of its common stock and an aggregate of 12,880 restricted stock units (RSUs) to 12 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 $87.66 per share, which is equal to the closing price of Blueprint Medicines' common stock on July 1, 2021. 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 hematologic 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 science into a broad pipeline of precision therapies. Today, we are delivering approved medicines directly to patients in the United States and Europe, and we are globally advancing multiple programs for genomically defined cancers, systemic mastocytosis, 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 purpose of the inducement grants announced by BPMC?

The inducement grants aim to attract and retain new employees critical to Blueprint Medicines' operations.

When were the stock options and RSUs granted?

The stock options and RSUs were granted effective July 1, 2021.

How many shares were granted to BPMC's new employees?

BPMC granted a total of 25,762 stock options and 12,880 restricted stock units to its new employees.

What is the exercise price of the stock options granted by BPMC?

The exercise price of the stock options is $87.66 per share.

What vesting schedule applies to the options and RSUs granted by BPMC?

The options vest 25% on the first anniversary, then 1/48th monthly; RSUs vest 25% annually for four years.