Rigel Pharmaceuticals, Inc. (RIGL), Thursday announced that it has agreed to acquire the U.S. rights to Gavreto from Blueprint Medicines Corp. for an initial payment of $10 million, followed by an additional $5 million after one year of the closing date.
Gavreto, which generated nearly $28 million in U.S. product sales in 2023, is an FDA approved targeted therapy for the patients with RET fusion-positive metastatic non-small cell lung cancer, and advanced or metastatic thyroid cancer.
Upon addition of Gavreto, the company plans to strengthen its existing commercial infrastructure and enter into solid tumors market, the company stated.
The agreement terms also enable Blueprint to receive up to $97.5 million in future commercial milestone payments and up to $5.0 million in future regulatory milestone payments, along with tiered royalties of 10 percent to 30 percent.
Following the announcement, the stock of Rigel is trading at $1.23, up 9.82 percent in the pre-market on the Nasdaq.
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