BMS, Bain Capital Form New Independent Biopharma Company

Bristol Myers Squibb and Bain Capital have formed a new independent biopharmaceutical company focused on developing new therapies for autoimmune diseases that address significant unmet needs of patients. The newly formed, still-unnamed company launches with five immunology assets in-licensed from BMS and a $300 million financing commitment that was led by Bain Capital.

The new company 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 new company’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.

The assets licensed to the new company hold promise to address unmet needs for patients with autoimmune diseases. As part of the agreement, BMS will retain a nearly 20 percent equity stake in the new company and will be entitled to royalties and milestones tied to the success of each asset.

“These assets have significant potential, and we are confident that this new company will drive their development to ensure greater impact for patients,” said Julie Rozenblyum, Senior Vice President, Business Development at BMS. “Bain Capital’s exceptional track record in building successful life science companies by providing focused development and dedicated resources makes them ideally suited to advance these assets to realize their full promise.”

“We are excited to partner with BMS and we share their commitment to improving lives through science,” said Adam Koppel, a Partner at Bain Capital Life Sciences. “We look forward to working together and leveraging our company creation experience to build out this new platform and advance these distinct assets in an effort to bring innovative, high-quality therapies to patients with autoimmune diseases.”