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

Rhea-AI Summary

Blueprint Medicines Corporation (NASDAQ: BPMC) announced on August 4, 2020, that it granted stock options for 14,514 shares and 7,255 restricted stock units (RSUs) to six new employees on August 1, 2020, under the 2020 Inducement Plan. The options have an exercise price of $73.18, equal to the closing stock price on July 31, 2020. These equity awards are part of a strategy to attract talent as per NASDAQ Listing Rule 5635(c)(4). The grant details include vesting schedules contingent on continued employment.

Positive

• Attracting new talent through equity awards enhances company growth potential.
• The 2020 Inducement Plan is effective for employee retention.

Negative

• The stock options may lead to dilution of existing shareholders' equity.

CAMBRIDGE, Mass., Aug. 4, 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 August 1, 2020, the Compensation Committee of Blueprint Medicines' Board of Directors granted non-qualified stock options to purchase an aggregate of 14,514 shares of its common stock and an aggregate of 7,255 restricted stock units (RSUs) to six 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 $73.18 per share, which is equal to the closing price of Blueprint Medicines' common stock on July 31, 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 one FDA-approved precision therapy 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 did Blueprint Medicines grant in August 2020?

Blueprint Medicines granted stock options to purchase 14,514 shares on August 1, 2020.

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

The exercise price for the stock options is $73.18 per share.

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

The 2020 Inducement Plan is designed to grant equity awards to new employees as an inducement for their employment.

How do the RSUs vest for new employees at Blueprint Medicines?

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

How many RSUs were granted to new employees at BPMC?

Blueprint Medicines granted an aggregate of 7,255 restricted stock units (RSUs) to six new employees.