- Blueprint Medicines ( NASDAQ: BPMC ) said it signed strategic financing collaborations with Sixth Street and Royalty Pharma ( NASDAQ: RPRX ) for up to $1.25B.
- Blueprint is selling royalty rights on lung cancer drug Gavreto — marketed by Roche — to Royalty Pharma in areas outside of the U.S., not including Greater China, for $175M cash upfront and up to $165M in potential sales-based milestones.
- Meanwhile, the agreement with Sixth Street has three parts:
- Blueprint will get $250M cash upfront in exchange for future systemic mastocytosis drug Ayvakit/Ayvakyt and BLU-263 royalties at 9.75% subject to an annual cap of $900M in net sales and a cumulative cap of 1.45 times invested capital.
- Blueprint Sixth Street signed an up to $400M senior secured credit facility, under which Blueprint will draw $150M initially with an additional $250M available tranches at the Blueprint's choice.
- In addition, there is a $260M potential credit facility to support buy-side business development opportunities, subject to agreement between Sixth Street and Blueprint.
- Blueprint said the financing will help in expanding its pipeline and pursue strategic business development opportunities.
- BPMC +3.33% to $53.95 premarket June 30.
For further details see:
Blueprint to sell Ayvakit royalty for $250M upfront; Gavreto royalty for $175M upfront