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

Rhea-AI Summary

Blueprint Medicines Corporation (NASDAQ: BPMC) announced the grant of non-qualified stock options and restricted stock units (RSUs) to eight new employees, totaling 15,226 shares of common stock and 7,613 RSUs, effective February 1, 2021. These grants are part of the 2020 Inducement Plan aimed at attracting new talent. The options have an exercise price of $98.57 per share, aligning with the stock's closing price on the grant date. Vesting for options and RSUs will occur over four years, contingent on continued employment.

Positive

• Grant of equity awards to new employees enhances talent acquisition.
• The exercise price of options matches market value, reducing immediate shareholder dilution.

Negative

• None.

CAMBRIDGE, Mass., Feb. 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 February 1, 2021, the Compensation Committee of Blueprint Medicines' Board of Directors granted non-qualified stock options to purchase an aggregate of 15,226 shares of its common stock and an aggregate of 7,613 restricted stock units (RSUs) to eight 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 $98.57 per share, which is equal to the closing price of Blueprint Medicines' common stock on February 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 grants were announced by BPMC on February 5, 2021?

Blueprint Medicines announced non-qualified stock options and RSUs for eight new employees, totaling 15,226 shares and 7,613 RSUs.

What is the significance of the 2020 Inducement Plan for BPMC?

The 2020 Inducement Plan is designed to attract new talent by offering equity awards to individuals not previously associated with BPMC.

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

The exercise price of the options is $98.57, which corresponds to the closing price on the grant date, February 1, 2021.

How will the RSUs vest for BPMC employees?

The RSUs will vest 25% on the first anniversary of the grant date and 25% annually thereafter, contingent on continued employment.