Bristol Myers Squibb (BMS) and Bain Capital have announced the creation of a new independent biopharmaceutical company (“NewCo”) focused on developing new therapies for autoimmune diseases. The newly formed company launches with five immunology assets in-licensed from BMS and a $300-million financing commitment that was led by Bain Capital. 

The NewCo has a broad pipeline consisting of three clinical-stage and two Phase I-ready investigational medicines that each target promising mechanisms in autoimmune diseases. The most advanced assets in the NewCo’s portfolio are afimetoran, an oral, TLR7/8 inhibitor that is currently being studied in a Phase II clinical trial for systemic lupus erythematosus (SLE), and BMS-986322, an oral TYK2 inhibitor, which successfully established proof-of-concept in a positive plaque psoriasis Phase II trial. Other licensed assets include BMS-986326, a IL2 fusion-protein that is currently being studied in Phase I clinical trials for SLE and atopic dermatitis, and BMS-986481 and BMS-986498, two Phase I-ready biologics targeting the IL18 and IL10 pathways, respectively. 

As part of the agreement, BMS will retain a nearly 20% equity stake in NewCo and will be entitled to royalties and milestones tied to the success of each asset.  

Robert Plenge, MD, PhD, Executive Vice President and Chief Research Officer at BMS, will also serve on NewCo’s Board of Directors. Daniel S. Lynch, Executive Venture Partner of CV, a private equity firm, will serve as the Executive Chairman of the Company’s Board of Directors and interim CEO. Mr. Lynch is an accomplished biopharmaceutical industry leader with decades of strategic, management and operational experience at companies spanning many stages of growth.  

Bain Capital is investing in NewCo through its Life Sciences and Private Equity teams. Canada Pension Plan Investment Board also joined the investment. 

Source: Bristol-Myers Squibb and Bain Capital