Blueprint Medicines, Proteovant Collaboration For Protein Degrader Therapies

Blueprint Medicines Corporation BPMC and Proteovant Therapeutics have entered a strategic collaboration for targeted protein degrader therapies. 

• The collaboration will bring Proteovant's Artificial Intelligence (AI)-enhanced targeted protein degradation (TPD) platform and Blueprint Medicine's precision medicine expertise to discover novel targeted protein degraders. 
• The companies will jointly research important targets and advance up to two novel protein degrader therapies into development candidates. 
• Proteovant's exclusive partner for TPD, VantAI, will deploy its leading AI technologies for degrader generation and optimization.
• Upon designation of a clinical development candidate, Blueprint Medicines has the exclusive option to develop and commercialize products resulting from the collaboration. 
• Proteovant has the option to co-develop and co-commercialize the second of the two Blueprint Medicines-optioned programs in the U.S.
• Proteovant will receive a $20 million upfront payment and be eligible for an additional $632 million in milestone payments plus tiered royalties from mid-to high-single digits on net sales on the first two programs targets.
• Price Action: BPMC shares are down 0.16% at $62.08 during the market session on the last check Monday.