Good morning. My name is Juan, and I will be your conference operator today. At this time, I would like to welcome everyone to the Blueprint Medicines conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by one on your telephone keypad. If you would like to withdraw your question, please press star followed by two. Please plan to limit yourself to one question. Thank you. I would like now to introduce to you host, Kristin Hodous from Blueprint. Kristin, please, you may begin your conference. Thank you, operator. Good morning, everyone, and welcome to Blueprint Medicines conference call to discuss our planned acquisition of Lengo Therapeutics. This morning, we issued a press release announcing the transaction, which we plan to discuss today. You can access the press release as well as the slides that we'll be reviewing by going to the investor section of our website at www.blueprintmedicines.com. Joining us today on our call are Jeff Albers, our Chief Executive Officer, Kate Haviland, our Chief Operating Officer, and Fouad Namouni, our President of Research and Development. Mike Landsittel, our Chief Financial Officer, and Becker Hewes, our Chief Medical Officer, are also joining the call and will be available for Q&A. Before we get started, I would like to remind everyone that statements we make on this conference call will include forward-looking statements. Actual events or results could differ materially from those expressed or implied by any forward-looking statements as a result of various risks, uncertainties and other factors, including those set forth in the Risk Factors section of our SEC filings. In addition, any forward-looking statement made on this call represents our views only as of today and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligation to update or revise any forward-looking statement. Now, here's our CEO, Jeff Albers. Thanks, Kristin, good morning, everyone. Today, we're excited to announce that we've reached an agreement to acquire Lengo Therapeutics, a privately held precision oncology company. The deal is centered around their lead therapeutic candidate, LNG-451, an EGFR exon 20 precision therapy with best-in-class potential. This will be our first acquisition, and it represents an important milestone in our journey as a company. As you're aware, we've built Blueprint Medicines with a consistent vision that a broad portfolio of precision therapies would enable us to create a world-class biopharmaceutical company. In our first decade, we focused on developing a highly productive research platform and advanced an expansive pipeline, including two approved breakthrough therapy medicines, which we're now delivering to patients globally. Today, our strong R&D capabilities and global commercial footprint position us as a leading independent precision therapy company in the world. At the beginning of the year, we talked about our ambition to expand our pipeline by including a focus on external opportunities that complement our existing portfolio efforts. This evolution has opened up a range of new possibilities to build our business and drive growth under our leadership. That brings us to Lengo Therapeutics, which complements our existing portfolio and strengthens our position in lung cancer. With the addition of LNG-451 to our pipeline, we'll have three investigational therapies, each with best-in-class potential, covering nearly all activating mutations in EGFR, the second most common oncogenic driver in lung cancer. It also means we'll have six early development programs that have either recently entered the clinic or are expected to enter the clinic in 2022, which positions us incredibly well as we focus on driving transformative growth with multiple pivotal and proof-of-concept data sets on the horizon. On the call this morning, we'll start with Kate, who will review the details of the transaction and its strategic fit with our portfolio strategy. Fouad will discuss the profile of LNG-451 and our conviction that it can be the best-in-class therapy for patients. Kate? Thanks, Jeff. Before I review the terms of the transaction, I'd like to take a moment to talk about our strategy and the path we took to realize this opportunity. Over the course of the last 12-18 months, as our business and portfolio has matured, we engaged in a thoughtful and disciplined process to evaluate external innovation with a focus on meeting three core requirements. First, we looked for first-in-class or best-in-class therapeutic programs with the potential to deliver transformative benefits to patients. This is a foundational element of our portfolio strategy and a standard we set for ourselves across all of our internal research programs. Second, we look for opportunities to extend our leadership in one or more strategic areas of focus in precision oncology and hematology. This includes lung cancer, where we're bringing our approved medicine, Gavreto, to patients with RET-driven disease and advancing two novel EGFR inhibitors in the clinic. Finally, we looked for programs with clear synergies with our existing pipeline, including the stage of the development and time to key inflection points to maximize speed and value for both patients and the company. Our planned acquisition of Lengo Therapeutics meets all three of these requirements. As we explored this opportunity with Lengo, we were impressed with the differentiated profile of LNG-451 generated by their talented team and the progress they had achieved in optimizing an EGFR exon 20 precision therapy to address important patient needs. On their side, the Lengo team recognized the opportunity to maximize patient impact by putting their innovation in Blueprint Medicines' hands, resulting in the transaction we announced earlier today. Under the terms of our agreement, we plan to acquire Lengo for $250 million in cash, plus up to $215 million in future potential payments based on the achievement of certain regulatory approval and sales-based milestones. We expect the deal to close by the end of 2021, subject to expiration of the Hart-Scott-Rodino waiting period and other customary conditions. With $1.3 billion in cash on hand and increasingly diverse sources of revenue, with our ongoing launch of AYVAKIT in advanced systemic mastocytosis and multiple collaboration milestones anticipated in Q4, we're able to fund this acquisition through our strong balance sheet while also maintaining our financial independence based on our current operating plans and potential future revenues. The strength of our balance sheet has given us the freedom to think about research platform diversification and to consider bringing in assets that strategically fit our portfolio. This transaction is exactly the size and the scale that we had in mind and offers clear clinical and commercial synergies across our pipeline, enabling us to operate this program efficiently as we look to bring three innovative EGFR therapies to patients essentially in parallel. We now look ahead to delivering transformative data sets across our portfolio next year, including our systemic mastocytosis and lung cancer programs, as well as advancing our CDK2 and MAP4K1 programs into the clinic. Strategic and disciplined business development will continue to play a targeted role in our portfolio strategy with a view towards diversifying our research platform and extending our scientific leadership in precision medicine. With that, I'll now turn the call over to Fouad Namouni. Thanks, Kate, and good morning, everyone. On prior calls, we have discussed our R&D vision to drive scientific leadership and patient impact through the continued productivity of our research platform, targeted sourcing of external innovation, and strong execution across our portfolio. The planned acquisition of Lengo Therapeutics delivers very meaningfully on this vision in four important ways. First, it empowers us to solve intractable patient need in EGFR exon 20-positive lung cancer, a targeted but significant therapeutic area representing 12% of patients with EGFR mutations. In this disease, where 30% of frontline patients present with brain metastasis and the brain is a common site of progression, standard of care EGFR inhibitors have offered no benefit to these patients, and chemotherapy has been the only treatment option. Earlier this year, two agents were approved in this disease by the FDA. An EGFR Exon 20 targeted small molecule and an antibody therapy. These agents, as well as others in development, have important limitations, including tolerability issues related to selectivity and poor brain penetration. Second, we believe LNG-451 is a potential best-in-class therapy. Its profile includes highly potent inhibition of all common Exon 20 insertions, with about 20-fold selectivity over wild-type EGFR, as well as an excellent overall kinome selectivity. In addition, LNG-451 is highly brain penetrant, with demonstrated activity in a preclinical model of intracranial disease. Our conviction that LNG-451 achieves these differentiating profile features is based on the strength of the preclinical data compiled by Lengo and the extensive diligence performed by our team of scientists. We will look at opportunities to present key preclinical data for this program at a scientific meeting in the first half of 2022 after the deal closes. Third, LNG-451 fits perfectly with our ongoing EGFR clinical programs. We are currently evaluating BLU-945 in the ongoing SYMPHONY trial, and we are on track to initiate the trial of BLU-701 by year-end. Lengo plans to submit an IND for LNG-451 to the FDA in December, putting us in a position to initiate the trial after the closing of the acquisition. In addition, we expect rapid clinical progress with LNG-451 to set up near-term data milestones, further adding to a constellation of inflection points across our portfolio in the 2022 to 2023 time frame. Finally, this planned acquisition brings additional benefits beyond LNG-451, as their portfolio includes additional undisclosed precision oncology research programs. More broadly, Lengo has a catalog of covalent, highly brain-penetrant kinase inhibitors, which we plan to incorporate into our proprietary compound library to enable future discovery efforts in the field of oncology. Overall, we could not be more pleased with the strategic fit of this transaction, which brings an opportunity to impact the lives of patients quickly and meaningfully, and advance scientific research into new treatments that can benefit additional patient populations. With that, I would now like to turn the call over to the operator for questions. Operator? At this time, if you would like to ask a question, please press star followed by 1 on your telephone keypad. Your first question comes from the line of Salveen Richter from Goldman Sachs. Please, Salveen, your line is now open. Hi, everyone. Thanks for taking the question and congratulations on the deal. This is Andrea on for Salveen. Maybe two for me. The first, Kate, just wondering if you could speak a little bit more about the rationale for the timing of this deal as you sit ahead of your own EGFR data coming next year? Yeah, absolutely, Andrea. Thanks so much for the question. You know, really, as we thought about the timing of this deal, we think it's the perfect moment for us to step into the LNG-451 program. As we said, the Lengo team has done an excellent job of moving this program forward to IND, and with their plans on track to submit that IND before the end of the year, it's the opportunity for us really to bring in our expertise from our development capabilities to our global reach, and really move the program quickly like we have shown we've done with Gavreto, as well as we are in the process of doing for BLU-945 and BLU-701. This was the perfect opportunity for us to really take leadership of the program. Great. Fouad, maybe one for you. Just you've spoken in the past about the combinability of your EGFR inhibitors. Just wondering how you're thinking about where LNG-451 would fit in, and do you think a triplet therapy could be logical here? Thanks so much. Thank you. We are really very excited about the plan to acquire Lengo Therapeutics and LNG-451. We believe it is a highly selective molecule over wild-type EGFR, highly potent, and importantly, very highly brain penetrant. As we continue to move with the data after the closing, the work in the clinical trial, I think we have optionality to think about our strategy and combinability within the EGFR field and lung cancer with a variety of agents. The profile of all our agents, including this one, are really good candidate for combinations overall. Thank you. Our next question comes from Reni Benjamin from JMP Securities. Please, Rene, your line is now open. Great. Thanks for taking the questions and congratulations on the first-ever acquisition. Maybe just from a competitive landscape perspective, can you? You know, you mentioned the couple of agents that have been approved, mobocertinib and amivantamab, and there's probably like 24 or so other drugs that are in development. Can you talk a little bit about your process as to, you know, how you're going to thread this needle, you know, given this competitive landscape and what you saw in this molecule, maybe outside of the 20-fold selectivity, maybe you did some experiments on your own, that you know, really gives you the confidence, you know, for this molecule, over, you know, how this competitive landscape is setting up. Thank you. Thanks, Reni. This is Jeff. I'll start, and then I'll have Fouad add some color. As we start any project internally, we always create a target product profile where we pick attributes that we believe would create a transformative benefit for patients. As part of that, we look at the overall market landscape, and understand we don't operate in a vacuum, so that benefit has to be reflective of something that's differentiated from what's out there and available. Obviously, because of our expertise in lung cancer targeted therapies, we know the space very well. We've evaluated the range of approved therapies, clinically, programs being clinically developed, and also have an understanding of what else may be coming, based on our constant monitoring of that market landscape. As Fouad hit on, when we created that target product profile for an EGFR exon 20 program, we were focused on a broad range of attributes, understanding that you really have to offer up a potential compelling benefit for patients in terms of response rate, duration of response. One of the items that we saw consistently lacking was the balance of selectivity and potency with brain penetration. As we got to know the Lengo team and LNG-451, we truly believe it has the potential to be a differentiated molecule from what exists out in the landscape. I don't know if you wanna hit on it any more specifically, Fouad. One additional thing, Reni, is when we were looking at this, our team really went into evaluating this opportunity with all the available information from the other compounds publicly in mind. This allows us, allowed us to not only understand the preclinical data, but with the amount of clinical data available to us today publicly, we were able to triangulate and understand how the preclinical feature could lead us to the clinical outcome. One of the most important feature beyond the very good selectivity that I reported is the highly brain penetrance. You know, talking to experts in this EGFR-mutated non-small cell lung cancer field as we were setting our target profile, one key feature is highly brain penetrance. This disease is really a disease that progresses very, very quickly into the brain. Today, the expert community are not really satisfied with what they are seeing. I think with this, LNG-451, we have a good opportunity to have a best-in-class molecule. Maybe I'll just add that that's, you know, we focus on the molecule. The other piece is on how you execute against such a program from a clinical development perspective and then over the longer term, potentially commercially. The timing of the molecule, as Kate highlighted, that with the potential IND this month and ready to enter the clinic early next year, it will allow us to capitalize on infrastructure and capability we've already put in place in this area. It's so highly complementary with our other efforts in EGFR, our EGFR programs targeting other mutations. That ability to find the right program and then the confidence that we can execute against it really efficiently combines to make it, as Kate said, a really perfect fit for our portfolio. Terrific. Thanks for taking the questions. Thank you. Our next question comes from Marc Frahm from Cowen. Please, Mark, your line is now open. Hi, thanks for taking my questions, and congrats on getting the deal signed. Maybe this is for Fouad. How are you primarily thinking about this in terms of when we look at the clinical data playing out over time, is the efficacy story likely to be a much higher response rate? Is that what you're really looking for? This much more going to be focused on the durability over time and maybe the upfront response rate wouldn't be terribly different. Then kind of similar to that, on the safety side, would you expect, given that selectivity, that this is going to be significantly better tolerated than those approved drugs, or would you expect it to be more in line? Thanks, Marc. To your first question, in terms of efficacy, obviously, from a highly potent molecule against exon 20, most of exon 20 insertions, we expect reaching a good efficacy profile overall, not only in terms of overall response rates, the response rate, but more importantly, in terms of activity on the CNS or the brain disease, and that's really something important in this disease. When you add on top of that, a high selectivity versus EGFR wild-type, it's gonna probably give a good and safe tolerable profile, allowing a longer duration of treatment and less discontinuation, further enhancing the efficacy of the compound. We really believe the attributes I described in terms of high potency, in terms of selectivity over wild-type, and in terms of brain penetration, will all work together to improve not only the efficacy, but also the safety. Okay, thanks. That's helpful. In terms of kind of translating some of that preclinical data into the clinic, have you learned anything from your ongoing EGFR programs that can help due diligence to Reni's question of, you know, the dozens of molecules that are out there and why this is the best one? Our teams of scientists and clinicians, Marc, have been working on EGFR program for more than last two or three years, and they developed an internal knowledge and expertise, not only in the preclinical space, but also now in the clinical space, and have the ability to understand how data translates from the preclinical work to the clinical work, whether it's in terms of selectivity. Our compounds, we developed selective compounds for EGFR mutation for with nine four five, with seven oh one. So there's good understanding on how to assess that selectivity in terms of assays and cell lines and models. From a brain penetration, I mean, we developed seven oh one. I mean, you guys are familiar with the data that is highly brain penetrant. So our team developed the skills to understand how to select a compound. All that with the support of the expert community really helping us and directing us towards what is needed for this disease in the context of what is available today for this specific disease. The LNG-451 made a lot of sense to us, and as I mentioned, we believe it has the right attributes that we have been looking for. Mark, this is Jeff. I'll add an anecdote to Fouad's summary. I can tell you that with the team we have, we're probably not dissimilar from a lot of other companies at our stage. There's often a skepticism when we look at programs outside of the ones developed here, and we create really stringent target product profiles. We've looked at a lot of different molecules and approaches in this space. I can tell you when we had the first deep dive diligence call with the Lengo team, there was just this quick activity of members of Fouad's team, both on the clinical side and on the scientific side, where it was just almost like disbelief of, wow, this could hit our target product profile. This one, it really is what they're saying, and the quality of the data and the quality of the work done by their team, just instantly was impressive. It sort of goes to the idea that we understand there's a lot of different ways to develop a program, in this area, and if you really wanna have a meaningful, transformative benefit for patients, you better hit a broad range of stringent criteria, which we believe four five one does. Okay. Thanks. Thanks a lot. Thank you. Your next question comes from Andrew Berens from Leerink. Please, Andrew, your line is now open. Andrew, your line is now open. Please ask your question. Hi. Thanks. I was wondering how well the preclinical models actually predict the brain penetration in humans. We haven't really had a chance to look for published data on LNG-451. Have the CNS penetration data been presented anywhere? If there's any ability to compare those to Tagrisso in regards to the CNS activity, that would be appreciated. Then just two more. Do you see the profile of this drug extending beyond exon 20 insertions in lung cancer? How do you think the profile will fare in regards to GI toxicity that some of the other exon 20 drugs have experienced? Thank you, Andrew. The first is the CNS data, pre-clinical to clinical from our own experience, BLU-701 and BLU-945. The data that our team evaluated makes us confident in the highly brain penetrant molecule, which I would say is probably higher than the overall average compounds we see in the EGFR space. The data has not been presented yet, and as I mentioned earlier, we'll have the opportunity to present this data at first half of next year after we close the deal with Lengo Therapeutics. For the selectivity from exon 20 or beyond exon 20, this compound is highly selective of exon 20. The plan is to for the compound be developed in exon 20 positive non-small cell lung cancer, as a monotherapy opportunity. We'll come later to understand the development strategy in terms of combinations and monotherapy. Lastly, for the GI toxicity question, from the preclinical and in vivo data we have seen, we believe the overall profile in terms of GI toxicity and in terms of skin toxicity will be rather on the favorable side. Overall, with this compound that is highly potent and highly brain penetrant and selective over wild-type EGFR, as I mentioned earlier, there is really potential for this to be the best in class. Okay. Just one more, if you don't mind. Is there anything else in the pipeline that you guys are excited about or anything that these guys do differently in their drug development process that could lead to more products? Lengo Therapeutics has a few programs in the oncology field that has not been disclosed. What we can say overall that we are happy really to bring this know-how of covalent and highly brain penetrant molecules that will really enrich our proprietary compound library and allow us to move in a number of directions, hopefully in the treatment of cancer. Okay, thanks. Appreciate it. Thank you. Your next question comes from Dane Leone from Raymond James. Please, Dane, your line is now open. Hi. Thank you, and congratulations on the acquisition of LNG-451. Two questions from me. Firstly, could you provide a perspective and your interpretation of Cohort E from the CHRYSALIS study of amivantamab plus lazertinib? You know, I think the feeling from the clinical community was that there really wasn't much of a benefit of the combination. The why on that, I guess, is you know, still a bit debated. But clearly that's a strategy and combination where I think the field is going with exon 20 mutations and/or resistance to osimertinib. Could you define what your team's interpretation was, why maybe Cohort E didn't really you know, fit the purpose of what maybe was hoped and how your portfolio might solve that? Secondly, could you just comment in terms of your continued appetite for external asset acquisition heading into 2022? Is this kind of, you know, the right deal at the right time or, you know, are you still interested in external assets? Thank you. All right. Fouad, why don't you take the first part of that question, and Kate, you talk about the strategic fit component. Thank you, Dane. So first, really, I mean, I'm gonna, you know, focus on what we understand or what we know in particular on what our planned acquisition of LNG-451 and Lengo Therapeutics, what we're trying to achieve. I think there are a variety of strategies, and there are actually two, I would say, different groups of patients. There are Exon 20 mutated patients from the data we know today out there that the single agent activity overall could be good for some patients, but the brain penetration is not there. Two, the safety profile still needs major improvement. That obviously is leading to shorter duration of therapies and impacting the benefit for patients. Where we plan to go is in exon 20 insertions for non-small cell lung cancer patients. We believe the profile of our agents will really bring an addition to these patients. The other part, you know, we're combining some agents with third generation EGFR, you know, trying to show superiority to osimertinib. I mean, there are, you know, trials there, and the question is still open, and we will see what randomized trial data will show us in that specific field. In that field, we, as we mentioned earlier, we are developing combination of our EGFR agents, BLU-945 and BLU-701, to really go and tackle both the exon 19 deletion and the L858R driven non-small cell lung cancer. I think overall the profile of our agent in terms of combination, whether it's BLU-945, BLU-701 or even LNG-451, have a level of selectivity and key features that could make them very good combination partners. Combinations overall is a part of our strategy. Monotherapy is the other part of our strategy, and more importantly for us in the short term is really to execute rapidly to make sure we generate the phase I/II data we hit on, you know, regulatory milestones, but also we now can move to earlier lines of therapy. Dane, I'll take the question on strategic fit. Really, you know, the strength of our balance sheet, as we had talked about, gave us the freedom to think about how we want to, you know, opportunities to diversify both our research platform as well as consider bringing in assets that are complementary to our portfolio. Just like with our target product profiles, we hold a very high bar, particularly as we think about assets that we'd like to bring into the portfolio. As I mentioned in the prepared remarks, you know, three criteria that first are best in class therapeutic programs in areas of focus where we have significant and deep expertise, particularly in precision therapy, in lung cancer and in hematology, and then also where we have very clear synergies with our existing pipeline. you know, we have been very active over the last 18 months looking at opportunities for both research platform diversification as well as any assets that could meet those criteria. you know, that is something that we will continue to look at, but really this fit all of those exceptionally well from the perspective of the target product profile, as Fouad has talked quite extensively about, as well as the timing of the program. The fact that the team is on track to submit an IND this month, and it can slot very nicely into our ongoing efforts in BLU-945 and BLU-701. I mean, the synergies could not be more profound. We're out there now with Gavreto, and where we've built a lot of commercial expertise that we'll continue to build and leverage as we move all three of these programs in parallel. You know, this is just the right program at the right time, and it's the size of transaction that we had thought about and considered. We're very focused on maintaining our financial independence and making sure that you know, we continue to have disciplined operating plans as we look for these future opportunities. Thank you. Your next question comes from Arlinda Lee from Canaccord. Please, Arlene, your line is now open. Hi, guys. Congratulations on this news. I had maybe a couple of questions. One, I guess on the combinability that you guys are talking about, can you maybe talk about the preclinical data that presumably you've been maybe generating to look at the combinability and what you've seen there that's exciting? Then maybe on the other programs in the library from Lengo and maybe their San Diego site, can you maybe talk about how you're intending to integrate those or not into your existing platform? Thank you. Thank you, Arlene. In terms of combinability, obviously, it's too early to talk about exon 20 for now, and it's really something that we will look at after the closing and as we develop the plans. On the other hand, your question around our EGFR preclinical data combinability, BLU-701 and BLU-945, as I mentioned in prior call, I think I was pretty very happy to see the data becoming available to us and its potential. The data will be presented at the conference early next year, and the preclinical data will be presented at the conference early next year, and we'll give you more guidance around the beginning of the year about the timing. In terms of other programs, in Lengo Therapeutics pipeline, as I mentioned, I think there is an opportunity to bring some programs. It's very early days. We have to really work, but we are very working on them. We are particularly excited about the catalog of covalent and highly brain penetrant molecules that they've developed that would be really very complementary to our library of compounds at Blueprint, and we are excited about that. Your next question comes from Michael Schmidt from Guggenheim. Please, Michael, your line is now open. Hey, thanks for taking my questions. I may have missed it, but does the drug have activity against HER2 exon 20 mutations as well? A couple other questions were on just how the deal may impact your operating expense run rate going forward and what will trigger the milestone payments to Lengo. Fouad, why don't you take the first part, and then Mike, you can take the operating expense component. Michael, the LNG-451 for this compound is specifically selected and targeting exon, EGFR exon 20 insertions. Yeah. Then with respect to the operating expense guidance, so as Kate noted, we believe this program is gonna be highly complementary with our current development efforts in the EGFR space with our ongoing trials with 945 and planned trial with 701. We'll continue to expect to see quarter-over-quarter expense growth, and you could expect some incremental growth with this acquisition. Overall, we think it's gonna be highly complementary as we move all of these programs forward into the clinic. I think you had a question just with respect to what triggers the milestone payments. The milestones, it's up to $215 million in milestones, and those are based on certain regulatory approval events and sales-based milestones. Great. Thank you. Thank you. Your next question comes from Joel Beatty from Baird. Please, Joel, your line is now open. Thanks. Thanks, and congrats on the deal. Are you able to say anything about the anticipated dosing levels that you anticipate using in the human studies? Thanks for the question, Joel. It's too early to tell. It's 30 days. The compound LNG-451 is IND-ready compound. We are very excited to see Lengo Therapeutics moving the IND forward and us starting the clinical trial after the closing. It's very early now to really talk about dosing at this point. Your next question comes from Peter Lawson from Barclays. Please, Peter, your line is now open. Great. Thank you. Thanks for the call. Just any details you could give around what exon 20 insertions that LNG-451 hits harder. Any way you can kinda quantify or semi-quantify the brain penetration versus other approved or developmental molecules would be great. Thank you. Without being specific on a specific insertion, what I can tell you, Peter, is LNG-451 is highly potent on all common insertions. Actually, we're very pleased to see this not on one or two major insertions, but all the insertions. We believe that's a good thing. Brain penetration. In terms of brain penetration data, obviously I don't have numbers to share today. On the other hand, I can tell you that given our experience in particular with 701, and our understanding of the available molecules and medicines out there, the brain penetration we see with LNG-451 is very high. As a reminder, if you would like to ask any question, please press star followed by one on your telephone keypads. Your next question comes from Brad Canino from Stifel. Please, Brad, your line is now open. Hi. Thank you. And maybe for Mike here. When I look at the enterprise values for next-generation Exon 20 inhibitors that at least do initially look better than mobocertinib, they range from $0-$350 million for phase I and II assets. Within that context, can you add more comments around the $250 million purchase price and I guess $465 million all in? It'd just be great to hear some of your assumptions about line of therapy and competitive intensity. I can start and then Mike please add color. This is Kate. You know, when we look at the opportunity for LNG-451 to potentially be a best in class therapy, and then we know that, you know, in Exon 20 insertions are 1%-2% of all non-small cell lung cancer, and a significant medical need exists in this space, right? So as Fouad was mentioning, you know, even most recently we had an ad board around our own EGFR programs. You know, one of the things that the experts have been talking about is just the significant rate of brain progression, even with the kind of newer therapies available for patients with Exon 20-driven non-small cell lung cancer. Similar to our other programs, you know, we think the opportunity size is really compelling, and we think with a best in class asset, you know, that we have the opportunity to bring a new medicine forward that is gonna meet a very significant medical need. You know, we feel very good about the transaction in terms of the financial investment from our perspective. Mike, I don't know if you have anything else to add on. Yeah, no, I think just as mentioned before, I think it's highly complementary. From a synergies perspective, both from our development efforts and our commercial efforts, we think it fits really well into our portfolio. When you put all that together with the opportunity size that Kate mentioned, I think it's a great opportunity for us to continue to build our portfolio here. Yeah. Well, you know, it's gonna allow us, as we move the program, you know, hopefully into the commercial setting, to drive a lot of top line revenue with very little cost associated. Yeah I think it's. There is some literature. I think about the ALK space as you can make incremental improvements or you can hit the broad range of attributes in a target product profile, and we look at LNG-451 and believe it has that blend of characteristics to make it potentially best-in-class. Yeah. I guess on that, there is some literature on the kinase pocket that's created with the exon 20 mutation and you know how difficult it is to target, but not everyone I speak with agrees with that literature. Has the Lengo team brought any proprietary information around the mutation pocket, maybe assays to judge the profile of the drug in context specifically of this mutation? All that I can answer to your question, Brad, at this point, our scientists who work in this space and are very familiar with the space and have been looking at this area specifically were extremely pleased during the due diligence what they have seen in terms of work, including the assays that were used, including the way the Lengo team have been looking at the signal. At this point go into more specifics. Okay. I appreciate the answers. Thanks for taking the questions, and congrats on the deal. We currently have no further questions. I will now hand over to Mr. Albers for any final remarks. Great. Thanks, operator, and thanks everyone for taking time to join us, today. Obviously, I think you've captured from the tone of the answers and the prepared remarks. We are really excited about this opportunity and believe it ushers in a new wave or a new stage for Blueprint Medicines as a company as we continue to look at both internal innovation and external innovation to build the premier precision medicine company. Look forward to catching up with all of you again soon, and have a great day. Bye-bye. This concludes today's call. Thank you so much for joining. You may now disconnect your lines and enjoy the rest of your day.