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

Rhea-AI Summary

Blueprint Medicines Corporation (NASDAQ: BPMC) announced on July 7, 2022, that its Compensation Committee granted non-qualified stock options for 18,434 shares and 9,214 restricted stock units (RSUs) to fifteen new employees, effective July 1, 2022. These grants were made under the 2020 Inducement Plan, aimed at attracting new talent. The options have an exercise price of $49.93 per share, matching the closing price on June 1, 2022, and will vest over time based on continued employment. This initiative aligns with Blueprint’s commitment to precision therapies for cancer and rare diseases.

Positive

• Inducement grants of 18,434 stock options and 9,214 RSUs could attract skilled talent to advance research and development.
• The exercise price of $49.93 per share reflects the company's strategy to align employee incentives with shareholder interests.

Negative

• None.

CAMBRIDGE, Mass., July 7, 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 on July 1, 2022, the Compensation Committee of Blueprint Medicines' Board of Directors granted non-qualified stock options to purchase an aggregate of 18,434 shares of its common stock and an aggregate of 9,214 restricted stock units (RSUs) to fifteen 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 $49.93 per share, which is equal to the closing price of Blueprint Medicines' common stock on June 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 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 systemic mastocytosis, lung 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 are the details of the stock grants announced by BPMC on July 7, 2022?

BPMC announced the grant of 18,434 stock options and 9,214 RSUs to fifteen new employees, effective July 1, 2022.

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

The exercise price for the stock options is $49.93 per share, equivalent to the closing price on June 1, 2022.

What is the purpose of the 2020 Inducement Plan by BPMC?

The 2020 Inducement Plan is designed to grant equity awards to attract new employees not previously associated with BPMC.