Blueprint Medicines Corporation’s Financing Collaborations with Sixth Street and Royalty Pharma

Goodwin Procter advised Blueprint Medicines Corporation on the deal while Cooley represented Sixth Street.

Blueprint Medicines Corporation (NASDAQ: BPMC) announced 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.

The Goodwin team was led by Danielle Lauzon (Picture), Shane Albright, Yasin Akbari, Chris Huntsman, and Austin Abir (Life Sciences), Kris Ring, Chris Steinroeder, Emily Josef, and Caroline Tompkins (Debt Finance), and Dan Karelitz and George Davis (Tax).

The Cooley team included: Mischi A Marca, Matt Browne, Matthew Scarano, Addison Pierce, Matt Kong, Nick Neuteufel, Michael Tuscan, Jonathan Cousin, Tanya Heare-Rowlands, Matthew Everhart, Jeff Wyzykowski, Matthew Scheideman, Charity R. Williams, Freddy Yip, Zack Gong, Natasha Leskovsek, Philip Mitchell, Jennifer Shanley, Elizabeth Anne Wright, Aaron Pomeroy, Vanessa Grieve, Michael Klein, Paul Springer, Megan Browdie and Howard Morse.

Involved fees earner: Megan Browdie – Cooley LLP; Matt Browne – Cooley LLP; Jonathan Cousin – Cooley LLP; Matthew Everhart – Cooley LLP; Zack Gong – Cooley LLP; Tanya Heare-Rowlands – Cooley LLP; Michael Klein – Cooley LLP; Matt Kong – Cooley LLP; Natasha Leskovsek – Cooley LLP; Gian-Michele Marca – Cooley LLP; Philip Mitchell – Cooley LLP; Howard Morse – Cooley LLP; Nick Neuteufel – Cooley LLP; Addison Pierce – Cooley LLP; Aaron Pomeroy – Cooley LLP; Matthew Scarano – Cooley LLP; Matthew Scheideman – Cooley LLP; Jennifer Shanley – Cooley LLP; Paul Springer – Cooley LLP; Michael Tuscan – Cooley LLP; Vanessa Grieve – Cooley LLP; Charity Williams – Cooley LLP; Elizabeth Anne Wright – Cooley LLP; Jeffery Wyzykowski – Cooley LLP; Freddy Yip – Cooley LLP; Austin Abir – Goodwin Procter; Yasin Akbari – Goodwin Procter; Shane Albright – Goodwin Procter; Christopher Huntsman – Goodwin Procter; Danielle Lauzon – Goodwin Procter; Kristopher Ring – Goodwin Procter; Chris Steinroeder – Goodwin Procter;

Law Firms: Cooley LLP; Goodwin Procter;

Clients: Blueprint Medicines; Sixth Street Partners;

Martina Bellini

Author: Martina Bellini