Bristol Myers Squibb and Bain Capital formed a new independent biopharmaceutical company (NewCo) focused on developing therapies for autoimmune diseases12
The company launched with $300 million in funding commitment led by Bain Capital, with Canada Pension Plan Investment Board also joining the investment3
NewCo acquired five immunology assets from BMS:
three clinical-stage drugs and two Phase 1-ready medicines targeting mechanisms including TLR7/8, TYK2, IL2, IL18, and IL1012
The most advanced asset is afimetoran, a TLR7/8 inhibitor in Phase 2 trials for systemic lupus erythematosus, and BMS-986322, an oral TYK2 inhibitor that completed Phase 2 trials for plaque psoriasis2
BMS retains a nearly 20% equity stake in NewCo and will receive royalties and milestone payments if the drugs succeed2
Daniel Lynch was appointed as executive chairman and interim CEO of the new company2
This spinout reflects BMS's strategic shift to focus on immune-modulating drugs and tissue repair therapies while pursuing $2 billion in cost savings by end of 20272
Sources:
1. https://www.biopharmadive.com/news/bain-capital-bristol-myers-immune-drug-biotech-startup-launch/756121/
2. https://www.fiercebiotech.com/biotech/bms-hands-5-autoimmune-drugs-new-spinout-backed-300m-bain-led-funding
3. https://www.baincapital.com/news/bristol-myers-squibb-and-bain-capital-create-new-company-dedicated-developing-innovative