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

Rhea-AI Summary

Blueprint Medicines Corporation (NASDAQ: BPMC) announced on April 5, 2023, the grant of non-qualified stock options for 5,933 shares and 2,965 restricted stock units (RSUs) to five new employees under its 2020 Inducement Plan, effective April 1, 2023. The options have an exercise price set at $44.99 per share, the closing price as of March 31, 2023. These stock options and RSUs are key components in attracting talent, aligning with Nasdaq Listing Rules. The options will vest 25% after the first year, with additional monthly vesting thereafter, while the RSUs will vest 25% annually. Blueprint Medicines focuses on genomically defined cancers and rare diseases, leveraging precision therapy innovations to meet patient needs globally.

Positive

• Granting of stock options and RSUs may enhance employee retention and motivation.
• Attracts talent to support business growth and innovation.

Negative

• None.

CAMBRIDGE, Mass., April 5, 2023 /PRNewswire/ -- Blueprint Medicines Corporation (Nasdaq: BPMC), a precision therapy company focused on genomically defined cancers, rare diseases and cancer immunotherapy, today announced that, effective April 1, 2023, the Compensation Committee of Blueprint Medicines' Board of Directors granted non-qualified stock options to purchase an aggregate of 5,933 shares of its common stock and an aggregate of 2,965 restricted stock units (RSUs) to 5 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 $44.99 per share, which is equal to the closing price of Blueprint Medicines' common stock on March 31, 2023. 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 did Blueprint Medicines announce on April 5, 2023?

Blueprint Medicines announced the grant of stock options and RSUs to new employees under its 2020 Inducement Plan.

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

The exercise price for the stock options is $44.99 per share.

How many shares were granted to employees under the 2020 Inducement Plan?

A total of 5,933 stock options and 2,965 RSUs were granted to five new employees.

When do the stock options and RSUs begin to vest?

The stock options and RSUs will vest starting on the first anniversary of the grant date.

How does the grant of stock options affect BPMC employees?

The grant of stock options and RSUs is intended to motivate and retain employees, aligning their interests with the company's growth.