- Blueprint Medicines Corporation BPMC will regain global commercialization and development rights to Gavreto (pralsetinib), excluding Greater China, following a decision by Roche Holdings AG RHHBY to discontinue the collaboration agreement for strategic reasons.
- The termination will be effective 12 months from the notification date of Feb. 22, 2023.
- Blueprint Medicines will explore options to advance and simplify the continued global commercialization and development of Gavreto.
- Since initiating the collaboration with Roche in July 2020, Blueprint Medicines has benefited from approximately $1 billion between upfront and milestone payments and cost-sharing of the commercialization and development of Gavreto.
- The company anticipates no impact on its 2023 revenue guidance, which includes $40 million to $50 million in collaboration revenues from existing collaborations or its anticipated operating expenses in 2023.
- Related: FDA Slaps Partial Clinical Hold On Blueprint Medicines' Early-Stage Solid Tumor Study.
- In addition, BPMC expects that its current cash position, and anticipated future product revenues, will provide sufficient capital to enable it to achieve a self-sustainable financial profile.
- The FDA approved Gavreto for three indications in lung and thyroid cancer settings.
- Blueprint Medicines has an exclusive collaboration and license agreement with CStone Pharmaceuticals for the development and commercialization of Gavreto in Greater China, encompassing Mainland China, Hong Kong, Macau, and Taiwan.
- Price Action: BPMC shares are down 1.11% at $42.37 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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