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BPMC will receive $775 million in upfront payments, comprising $675 million in cash and $100 million equity investment priced at $96.57 per share, and is eligible to receive up to $927 million in potential milestones, plus royalties on net product sales outside the U.S. Plus will equally share profits in US.

Announced acceptance and validation of U.S. and EU marketing applications for pralsetinib for the treatment of locally advanced or metastatic RET fusion-positive NSCLC, respectively. The FDA granted priority review and set an action date of November 23, 2020 under the Prescription Drug User Fee Act.

Not sure how I feel about splitting 50/50. On one hand, pretty impressive vote of confidence from Roche, and puts them on the radar for an acquisition. On the other, it limits upside, ava missed the mark on their home run swing, and now their pipeline looks sparse. They have ~10 candidates, only one of which is in clinical trials.

I'm holding steady and think they can become a sustainable company, though I question what "the next big thing" is after pralsetinib. Of course, they moved pralsetinib and ava through clinic relatively quickly, so perhaps we can see similar speed again within the next few years. I suspect any fruitful wins in their now neonate pipeline will result in a Roche takeover.

TL;DR - holding, likely limited upside, but upside!
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