Blueprint Medicines (NASDAQ:BPMC) and CStone Pharmaceuticals, a privately-held biopharmaceutical company announces an exclusive collaboration and license agreement for the development and commercialization of avapritinib, BLU-554 and BLU-667 in Mainland China, Hong Kong, Macau and Taiwan, either as monotherapies or combination therapies.
Avapritinib, BLU-554 and BLU-667 are potent and highly selective investigational kinase medicines that have each demonstrated clinical proof-of-concept in genomically defined subsets of patients with cancer. Blueprint Medicines will retain all rights to the licensed products in the rest of the world.
Under the terms of the agreement, Blueprint Medicines will receive an upfront cash payment of $40M and up to ~$346M in milestones. In addition, CStone Pharmaceuticals will be obligated to pay Blueprint Medicines tiered percentage royalties on a licensed product-by-licensed product basis ranging from the mid-teens to low twenties on annual net sales of each licensed product in the territory.
Pursuant to the terms of the agreement, CStone Pharmaceuticals will be responsible for conducting all development and commercialization activities and the related costs in the territory related to the licensed products.
Shares of BPMC are down 6% premarket.