Sector Update: Health Care Stocks Ease Late Wednesday Morgan Stanley Adjusts Price Target on Blueprint Medicines to $59 From $55, Maintains Equal-Weight Rating Goldman Sachs Adjusts Price Target on Blueprint Medicines to $83 From $93, Maintains Buy Rating Qiagen's Companion Test Kit for Blueprint Medicines' Gastrointestinal Cancer Drug Wins US FDA Nod Qiagen Says FDA Authorized Companion Diagnostic for Gastrointestinal Stromal Tumors Therapy Needham Adjusts Price Target on Blueprint Medicines to $66 From $65, Maintains Buy Rating Transcript : Blueprint Medicines Corporation Presents at Morgan Stanley 21st Annual Global Healthcare Conference 2023, Sep-11-2023 11:20 AMīlueprint Medicines Corporation Enters into Financing Agreement In addition, the partners may jointly extend the collaboration, with the same structure and financial terms, to two additional program targets through additional funding by Blueprint Medicines.īlueprint Medicines Insider Sold Shares Worth $181,138, According to a Recent SEC Filingīlueprint Medicines Insider Sold Shares Worth $1,244,030, According to a Recent SEC Filing Proteovant will be eligible to receive milestone payments and royalties on ex-U.S. along with development costs and the milestone payments for the program will be reduced accordingly. Should Proteovant opt in to the second program, the parties will split profits and losses of that program equally in the U.S. Each company will be responsible for its own costs under the research plan. Of the total contingent payments, up to $105 million would be preclinical, clinical development and regulatory milestones and up to $527 million would be approval and sales milestones. Subject to the terms of the agreement, Proteovant will receive a $20 million upfront payment and will be eligible to receive up to an additional $632 million in potential research, development, regulatory and commercialization milestone payments plus tiered royalties from mid- to high-single digits on net sales on the first two program targets, subject to adjustment in specified circumstances. Proteovant has the option to co-develop and co-commercialize the second of the two Blueprint Medicines-optioned programs in the U.S. Upon designation of a clinical development candidate, Blueprint Medicines has the exclusive option to develop and commercialize products resulting from the collaboration. As a core part of the collaboration, Proteovant's exclusive partner for TPD, VantAI, will deploy its leading AI technologies for degrader generation and optimization. The companies will jointly research important targets and advance up to two novel protein degrader therapies into development candidates. The collaboration will bring together Proteovant's Artificial Intelligence (AI)-enhanced targeted protein degradation (TPD) platform and Blueprint Medicine's precision medicine expertise to discover novel targeted protein degraders. Targeted protein degradation harnesses the body's natural protein disposal system and offers the potential to develop new medicines that target historically difficult-to-drug proteins that play an important role in causing serious diseases. Blueprint Medicines Corporation and Proteovant Therapeutics announced a strategic collaboration to advance novel targeted protein degrader therapies to address important areas of medical need.
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