Blueprint Medicines Enters Financing Collaborations With Sixth Street And Royalty Pharma

Blueprint Medicines Corp. (BPMC) announced strategic financing collaborations with Sixth Street and Royalty Pharma (RPRX) for up to $1.25 billion. The company said the financings provide capital to expand and advance its pipeline towards commercialization and to continue pursuing strategic and synergistic business development opportunities. Blueprint Medicines will receive $575 million in total cash funded at close.

The collaboration with Royalty Pharma monetizes royalties receivable from GAVRETO net sales by Roche outside of the US, not including Greater China, with $175 million cash paid to Blueprint Medicines upfront and up to $165 million in potential milestone payments based on future sales.

The agreement with Sixth Street has three parts: $250 million cash upfront in exchange for future AYVAKIT/AYVAKYT and BLU-263 royalties; up to $400 million in a senior secured credit facility, of which Blueprint Medicines will draw $150 million initially with an additional $250 million available in delayed draw tranches at Blueprint Medicines' election; and $260 million in a potential credit facility to support buy-side business development opportunities.

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