Bristol Myers Squibb Forms Immunology Company With Finance Partner

By Katie Anderson, Chief Editor, Pharmaceutical Online

Introducing NewCo, a biopharmaceutical company dedicated to developing innovative immunology therapies. The company was formed with five in-licensed immunology assets from Bristol Myers Squibb and a $300 million financing commitment from Bain Capital.

The NewCo pipeline will start with three clinical-stage and two phase 1-ready investigational medicines that each target mechanisms in autoimmune diseases. One of the most notable of these medicines is afimetoran, a TLR7/8 inhibitor in phase two clinical trials for systemic lupus erythematosus. Other assets include a TYK2 inhibitor in phase two clinical trials for plaque psoriasis, an IL2 fusion protein in phase one clinical trials for SLE and atopic dermatitis, and two phase one-ready biologics.

The deal allows BMS to further the development of its immunology research. The company will retain a nearly 20% equity stake in NewCo as well as royalties and milestones based on the success of NewCo.

“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 in a company press release.

Daniel S. Lynch will serve as the Executive Chairman of the Company’s Board of Directors and interim CEO. Nicholas Downing, M.D.; Adam M. Koppel, M.D, Ph.D.; and Andrew Kaplan from Bain Capital will also join Lynch on NewCo’s Board of Directors. Finally, Robert Plenge, M.D., Ph.D., Executive Vice President and Chief Research Officer at BMS, will serve on the board.