The Life Sciences team advised Blueprint Medicines Corporation (NASDAQ: BPMC) on its strategic financing collaborations with Sixth Street and Royalty Pharma (NASDAQ: RPRX) for up to $1.25 billion, bringing significant non-dilutive, low-cost capital to drive innovation and growth.
Blueprint Medicines is a global precision therapy company that invents life-changing therapies for people with cancer and blood disorders.
Sixth Street will invest $250 million in a capped synthetic royalty monetization to support the development and commercialization of AYVAKIT®/AYVAKYT® (avapritinib) and BLU-263; in exchange, Sixth Street will receive a royalty on future sales of AYVAKIT®/AYVAKYT® (avapritinib) and BLU-263, with the excess for working capital and general corporate purposes. Additionally, Sixth Street will provide up to $400 million in a senior secured credit facility and $260 million in a potential credit facility to support the development and commercialization of the company’s precision therapy portfolio.
The agreement with Royalty Pharma monetizes royalties receivable on net sales of GAVRETO® (pralsetinib) by Roche outside of the United States, 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.
For more details, read the press release.