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

Rhea-AI Summary

Blueprint Medicines Corporation (NASDAQ: BPMC) announced on October 2, 2020, that it granted non-qualified stock options and restricted stock units (RSUs) to five new employees, effective October 1, 2020. The total grants comprise 77,118 stock options and 38,557 RSUs, including a significant award to the new President of Research & Development, Fouad Namouni, M.D. The options have an exercise price of $93.93, aligning with the stock's closing price on the grant date. These grants are part of the 2020 Inducement Plan designed to attract new talent in alignment with NASDAQ listing rules.

Positive

• Attraction of new talent through equity incentives.
• Significant stock option grant to President of Research & Development, indicating confidence in leadership.

Negative

• None.

CAMBRIDGE, Mass., Oct. 2, 2020 /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 October 1, 2020, the Compensation Committee of Blueprint Medicines' Board of Directors granted non-qualified stock options to purchase an aggregate of 77,118 shares of its common stock and an aggregate of 38,557 restricted stock units (RSUs) to five new employees, including a grant of non-qualified stock options to purchase 65,000 shares of common stock and 32,500 RSUs to Fouad Namouni, M.D., the company's recently appointed President, Research & Development , 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 $93.93 per share, which is equal to the closing price of Blueprint Medicines' common stock on October 1, 2020. 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 precision therapy company striving to improve human health. With a focus on genomically defined cancers, rare diseases and cancer immunotherapy, we are developing transformational medicines rooted in our leading expertise in protein kinases, which are proven drivers of disease. Our uniquely targeted, scalable approach empowers the rapid design and development of new treatments and increases the likelihood of clinical success. We have two approved precision therapies and are currently advancing multiple investigational medicines in clinical development, along with a number of research programs. 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 stock options were granted by Blueprint Medicines on October 1, 2020?

Blueprint Medicines granted a total of 77,118 stock options and 38,557 restricted stock units to five new employees.

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

The exercise price for the granted stock options is $93.93 per share.

Who received the largest stock option grant from BPMC in October 2020?

Fouad Namouni, M.D., the newly appointed President of Research & Development, received the largest grant of 65,000 stock options and 32,500 RSUs.

What is the purpose of the 2020 Inducement Plan by Blueprint Medicines?

The 2020 Inducement Plan is designed for granting equity awards to new employees as an inducement for joining the company.

When do the stock options and RSUs at BPMC vest?

The stock options and RSUs vest 25% on the first anniversary of the grant date, with the remainder vesting monthly or annually thereafter.