Form 8-K - Current report
23 February 2024 - 12:20AM
Edgar (US Regulatory)
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2024-02-22
2024-02-22
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event
Reported): February 22, 2024
Blueprint Medicines Corporation
(Exact name of registrant as specified in its charter)
Delaware |
|
001-37359 |
|
26-3632015 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
45 Sidney Street
Cambridge, Massachusetts |
|
02139 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone
number, including area code: (617) 374-7580
(Former name or former address,
if changed since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
¨ | Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) |
|
¨ | Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
|
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
|
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth
company ¨
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Securities registered pursuant to Section 12(b) of
the Exchange Act:
Title of each class |
Trading symbol(s) |
Name
of each exchange on which
registered |
Common stock, par value $0.001 per share |
BPMC |
Nasdaq Global Select Market |
Item 8.01 Other Events.
On
February 22, 2024, Rigel Pharmaceuticals, Inc. (“Rigel”) entered into an asset purchase agreement (the “Purchase
Agreement”) with Blueprint Medicines Corporation (the “Company”) to purchase certain assets from the Company
comprising the U.S. rights to research, develop, manufacture and commercialize GAVRETO® (pralsetinib), the Company’s RET inhibitor
currently approved for the treatment of RET fusion-positive metastatic non-small cell lung cancer and advanced or metastatic thyroid cancer.
Under
the terms of the Purchase Agreement, the Company shall receive a purchase price of $15.0 million, with $10.0 million payable upon the
first commercial sale of GAVRETO by Rigel and an additional $5.0 million payable on the first anniversary of the closing date, subject
to the completion of certain transition activities. The Company is also eligible to receive up to $102.5 million in future regulatory
and commercial milestone payments, in addition to tiered royalties ranging from 10% to 30%. The transition of GAVRETO to Rigel Pharmaceuticals
is anticipated to be completed in the third quarter of 2024.
In
addition, on February 22, 2024, the Company entered into a transition agreement (the “Roche Transition Agreement”)
related to its collaboration with F. Hoffmann-La Roche Ltd and Genentech, Inc. (collectively, “Roche”) to develop and
commercialize GAVRETO globally (excluding Greater China, which includes Mainland China, Hong Kong, Macau and Taiwan). The transition agreement
terminates the global collaboration for GAVRETO between Roche and the Company (the “Roche Collaboration”), enables
the transition of GAVRETO to Rigel in the United States and, as previously announced at the J.P. Morgan Healthcare Conference on January
8, 2024, the staged discontinuation of global development and marketing in territories outside the United States and Greater China.
Further,
on February 21, 2024, in connection with and effective upon the termination of the Roche Collaboration pursuant to the Roche Transition
Agreement described above, Royalty Pharma Investments 2019 ICAV (“Royalty Pharma”) and the Company agreed to terminate
the purchase and sale agreement entered into by the parties, pursuant to which the Company sold to Royalty Pharma all of the royalties
payable to the Company under the Roche Collaboration with respect to net sales of GAVRETO by Roche in all countries other than Greater
China and the United States.
The
Company continues to expect the wind-down of the Roche Collaboration for GAVRETO will result in significantly lower year-over-year operating
expenses related to GAVRETO and no material impact to the Company’s overall operating expense plans in 2024.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
BLUEPRINT MEDICINES CORPORATION |
|
|
Date: February 22, 2024 |
By: |
/s/ Kathryn Haviland |
|
|
Kathryn Haviland |
|
|
Chief Executive Officer |
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