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

Rhea-AI Summary

Blueprint Medicines Corporation (NASDAQ: BPMC) announced on March 5, 2021 that it granted non-qualified stock options for 15,474 shares and 7,736 restricted stock units (RSUs) to nine new employees, effective March 1, 2021. The grants are made under the 2020 Inducement Plan, aimed at individuals not previously employed by the company. The exercise price for the options is $100.13, equal to the closing stock price on the grant date. Vests will occur over a period, contingent on continued employment.

Positive

• Grant of stock options and RSUs may enhance employee retention and motivation.
• New hires could strengthen operational capabilities and future growth.

Negative

• None.

CAMBRIDGE, Mass., March 5, 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 March 1, 2021, the Compensation Committee of Blueprint Medicines' Board of Directors granted non-qualified stock options to purchase an aggregate of 15,474 shares of its common stock and an aggregate of 7,736 restricted stock units (RSUs) to nine 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 $100.13 per share, which is equal to the closing price of Blueprint Medicines' common stock on March 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 are the key details of Blueprint Medicines' stock compensation announcement on March 5, 2021?

Blueprint Medicines announced the grant of 15,474 stock options and 7,736 RSUs to nine new employees under the 2020 Inducement Plan.

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

The plan aims to grant equity awards to individuals not previously employed by Blueprint Medicines as an inducement for employment.

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

The exercise price for the stock options is $100.13 per share.

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

The options vest 25% after the first anniversary, with further monthly vesting; RSUs vest similarly over a period of years.

How might the inducement grants affect Blueprint Medicines' stock performance?

The grants could potentially enhance employee motivation and retention, positively impacting the company's performance and stock price.