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

Rhea-AI Summary

Blueprint Medicines Corporation (Nasdaq: BPMC) announced on September 6, 2022, that its Compensation Committee granted stock options for 18,170 shares and 9,083 restricted stock units (RSUs) to thirteen new employees as part of the 2020 Inducement Plan. The options have an exercise price of $73.83 per share, equal to the closing price on the grant date of September 1, 2022. Vesting for options occurs over four years, while RSUs vest 25% annually, contingent on continued employment.

Positive

• Granting stock options and RSUs could enhance employee retention and motivation.
• The exercise price of $73.83 aligns with the market price, making the grants potentially attractive.

Negative

• Dilution of existing shares may occur as new options and RSUs are converted into common stock.

CAMBRIDGE, Mass., Sept. 6, 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 September 1, 2022, the Compensation Committee of Blueprint Medicines' Board of Directors granted non-qualified stock options to purchase an aggregate of 18,170 shares of its common stock and an aggregate of 9,083 restricted stock units (RSUs) to thirteen 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 $73.83 per share, which is equal to the closing price of Blueprint Medicines' common stock on September 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 was announced by Blueprint Medicines on September 6, 2022?

Blueprint Medicines announced the grant of stock options and restricted stock units to thirteen new employees.

How many shares were involved in the stock option grant by BPMC?

A total of 18,170 shares were part of the stock option grant.

What is the exercise price of the stock options granted by Blueprint Medicines?

The exercise price is $73.83 per share.

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

It is designed to grant equity awards to new employees as an inducement to join the company.

How will the stock options and RSUs vest for new employees at BPMC?

Options vest 25% on the first anniversary and monthly thereafter; RSUs vest 25% annually.