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Rigel Pharma Acquires US Rights to Blueprint Medicines' Gavreto

NEW YORK – Rigel Pharmaceuticals on Thursday said it has acquired the US rights to Blueprint Medicines' RET inhibitor Gavreto (pralsetinib) in a deal worth up to $117.5 million plus tiered royalties.

Rigel will pay Blueprint a $15 million purchase price, $10 million of which is payable upon the first commercial sale of Gavreto by Rigel and $5 million of which is payable on the first anniversary of the closing date. Blueprint will also be eligible to receive up to $97.5 million in future commercial milestone payments and up to $5 million in future regulatory milestone payments, along with tiered royalties on sales ranging from 10 percent to 30 percent. Rigel expects to begin recognizing product sales from Gavreto in the third quarter of 2024.

"Gavreto is one of only two approved RET inhibitors on the market for patients," Dave Santos, Rigel's chief commercial officer, said in a statement. "We are confident in our ability to effectively transition Gavreto to our distribution network and utilize our robust capabilities to enable both existing and new patients to continue to have access to this important treatment option. The addition of Gavreto will be highly synergistic with our current product portfolio, leveraging our existing commercial infrastructure and enabling us to expand into solid tumors."

Blueprint regained rights to Gavreto after Roche ended its collaboration agreement for the drug, which is approved in the US and Europe for metastatic RET fusion-positive non-small cell lung cancer. The deal, worth more than $775 million, was inked in 2020. After the Roche agreement ended, Blueprint said it was seeking another partner for Gavreto.

Last year, Blueprint and Roche withdrew the Gavreto indication for RET-mutant advanced medullary thyroid cancer from the market and ended the Phase III confirmatory trial due to feasibility. The FDA granted accelerated approval to Gavreto in RET-mutant thyroid cancer in 2020.

Rigel has one other commercial oncology product, Rezlidhia (olutasidenib), which was approved in 2022 for the treatment of IDH1-mutant acute myeloid leukemia. The firm has also partnered with Daiichi Sankyo on the development of MDM2 inhibitor milademetan and with BerGenBio to develop investigational AXL inhibitor bemcentinib in STK11-mutant NSCLC.