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 for 27,543 shares and restricted stock units (RSUs) for 13,792 shares to 14 new employees, effective April 1, 2021. This was part of the 2020 Inducement Plan, aimed at incentivizing new hires. The options have an exercise price of $97.95 per share, aligning with the closing stock price on the grant date. Both options and RSUs vest over a specified period, contingent on continued employment.

Positive

• Grant of options and RSUs may enhance employee retention and attract talent.
• The exercise price reflects the current market value, indicating alignment with shareholder interests.

Negative

• None.

CAMBRIDGE, Mass., April 7, 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 April 1, 2021, the Compensation Committee of Blueprint Medicines' Board of Directors granted non-qualified stock options to purchase an aggregate of 27,543 shares of its common stock and an aggregate of 13,792 restricted stock units (RSUs) to 14 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 $97.95 per share, which is equal to the closing price of Blueprint Medicines' common stock on April 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 details of the stock options granted by BPMC on April 1, 2021?

Blueprint Medicines granted 27,543 stock options and 13,792 RSUs to 14 new employees, effective April 1, 2021, with an exercise price of $97.95.

How does the 2020 Inducement Plan work for BPMC employees?

The 2020 Inducement Plan provides equity awards to new employees as an employment inducement under NASDAQ Rule 5635(c)(4).

What is the vesting schedule for BPMC's stock options and RSUs?

The options vest 25% after one year and monthly thereafter, while RSUs vest 25% annually over four years.

Why did BPMC grant stock options and RSUs?

The grants aim to attract and retain talent, ensuring alignment between employee performance and shareholder interests.