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 23,604 shares and 11,800 restricted stock units (RSUs) to 16 new employees, effective December 1, 2022. This grant is part of the 2020 Inducement Plan, aimed at attracting new talent. The options have an exercise price of $47.49 per share, equivalent to the closing price on the grant date. Vesting schedules for the options and RSUs are outlined, requiring continued employment for vesting.

Positive

• The grant of stock options and RSUs may attract skilled talent to the company.
• Stock options are priced at $47.49, aligning with market value.

Negative

• The issuance of stock options and RSUs could lead to potential dilution of existing shares.

CAMBRIDGE, Mass., Dec. 5, 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 December 1, 2022, the Compensation Committee of Blueprint Medicines' Board of Directors granted non-qualified stock options to purchase an aggregate of 23,604 shares of its common stock and an aggregate of 11,800 restricted stock units (RSUs) to sixteen 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 $47.49 per share, which is equal to the closing price of Blueprint Medicines' common stock on December 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 our scientific innovation into a broad pipeline of important approved and investigational precision therapies aimed at addressing difficult-to-treat cancers and blood disorders. Today, we are delivering our approved medicines to patients in the United States, Europe, and in other geographies ourselves or through our partners.  In addition, we are globally advancing multiple programs for systemic mastocytosis, lung cancer, breast 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 is the purpose of the 2020 Inducement Plan by BPMC?

The 2020 Inducement Plan is designed to grant equity awards to new employees as an inducement for joining the company.

How many shares were granted under the 2020 Inducement Plan?

An aggregate of 23,604 shares of non-qualified stock options and 11,800 RSUs were granted to new employees.

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

The exercise price of the stock options is $47.49 per share.

When did the stock options and RSUs become effective?

The stock options and RSUs became effective on December 1, 2022.

What is the vesting schedule for the RSUs granted by BPMC?

Each RSU will vest 25% on the first anniversary of the grant date and an additional 25% annually thereafter.