Bristol Myers Squibb (BMY) and Bain Capital have announced the formation of a new independent biopharmaceutical company dedicated to developing innovative therapies for autoimmune diseases with significant unmet patient needs. The newly launched company begins with five immunology assets in-licensed from BMS and a $300 million financing commitment led by Bain Capital.
The NewCo has a broad pipeline consisting of three clinical-stage and two Phase 1-ready investigational medicines that each target promising mechanisms in autoimmune diseases.
The most advanced assets in the NewCo's portfolio are afimetoran, an oral, potential best-in-class TLR7/8 inhibitor that is currently being studied in a Phase 2 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 2 trial. Other licensed assets include BMS-986326, a novel, potential best-in-class, IL2 fusion protein that is currently being studied in Phase 1 clinical trials for SLE and atopic dermatitis, and BMS-986481 and BMS-986498, two Phase 1-ready biologics targeting the IL18 and IL10 pathways respectively.
As part of the agreement, Bristol Myers Squibb will retain a nearly 20 percent equity stake in NewCo and will be entitled to royalties and milestones tied to the success of each asset. Robert Plenge, Executive Vice President and Chief Research Officer at Bristol Myers Squibb, will also serve on NewCo's Board of Directors.
Daniel Lynch will serve as the Executive Chairman of the Company's Board of Directors and interim CEO. Nicholas Downing, Adam Koppel and Andrew Kaplan from Bain Capital will also join Lynch and Plenge of Bristol Myers Squibb on NewCo's Board of Directors.
Bristol Myers noted that Bain Capital is investing in NewCo through its Life Sciences and Private Equity teams, drawing on over 40 years of supporting the growth and innovation of healthcare companies globally. Canada Pension Plan Investment Board also joined the investment.
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