BPMC - Blueprint Medicines Inks Deal With Roche Worth Up to $1.7 Billion
Blueprint Medicines (NASDAQ: BPMC) announced Tuesday that global biopharma giant Roche Holdings (OTC: RHHBY) is paying up to $1.7 billion in upfront cash and potential milestones, plus royalties, to obtain commercial rights to market pralsetinib outside the U.S., excluding Greater China. The blockbuster deal for pralsetinib, which is under Food and Drug Administration (FDA) review for use in lung cancer and thyroid cancer patients with a specific genetic profile, significantly strengthens Blueprint Medicines' balance sheet.
Designed to inhibit abnormal activity in the RET gene to curb cancer cell growth, pralsetinib's application for FDA approval in RET-altered non-small cell lung cancer and medullary thyroid cancer is under review. An FDA decision in non-small lung cancer is expected November 23.
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