SOUTH SAN FRANCISCO - Rigel (NASDAQ:RIGL) Pharmaceuticals, Inc. (NASDAQ:RIGL) has announced the acquisition of U.S. rights to GAVRETO® (pralsetinib), a targeted therapy for certain types of cancer, from Blueprint Medicines (NASDAQ:BPMC) Corporation. The transaction is set to bolster Rigel's offerings in the oncology sector and leverage its existing infrastructure.
GAVRETO, a once-daily oral treatment, has been approved by the FDA for adult patients with metastatic RET fusion-positive non-small cell lung cancer (NSCLC) and for certain cases of thyroid cancer. The drug had generated approximately $28 million in U.S. net product sales in 2023.
Raul Rodriguez, Rigel's president and CEO, highlighted the strategic importance of the acquisition, stating that GAVRETO is a significant addition to their commercial portfolio. The company aims to grow its hematology and oncology business, and GAVRETO represents the third commercial product in their lineup.
Under the terms of the agreement, Blueprint will receive a $15M purchase price, with $10M due upon Rigel's first commercial sale and an additional $5M on the first anniversary of the closing date. Blueprint is also eligible for up to $97.5M in future commercial milestone payments, up to $5.0M in future regulatory milestone payments, and tiered royalties.
The acquisition coincides with Roche's decision to terminate its GAVRETO collaboration agreement with Blueprint effective today. Genentech, a member of the Roche Group, assures that patients will continue to have uninterrupted access to GAVRETO during the transition to Rigel's distribution network.
Rigel anticipates completing the asset transition and beginning to recognize product sales in the third quarter of 2024. Further details on the transaction are expected to be provided in Rigel's upcoming quarterly earnings call in early March.
Lung cancer remains the leading cause of cancer death in the U.S., with NSCLC being the most common type. RET fusions are implicated in approximately 1-2% of NSCLC cases. This acquisition represents Rigel's commitment to providing differentiated therapies to patients with these specific oncological needs.
The information in this article is based on a press release statement from Rigel Pharmaceuticals .
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