Bristol Myers Squibb (BMS) and Bain Capital have announced the creation of NewCo, an independent biopharmaceutical company dedicated to developing innovative therapies for autoimmune diseases. With a financing commitment of $300 million from Bain Capital, NewCo’s pipeline includes five licensed immunology assets from BMS, featuring three clinical-stage candidates and two Phase 1-ready programs.
Key assets include afimetoran, an oral TLR7/8 inhibitor in Phase 2 trials for systemic lupus erythematosus (SLE), and BMS-986322, an oral TYK2 inhibitor with proof-of-concept in Phase 2 for plaque psoriasis. Additional assets include BMS-986326, a novel IL2 fusion protein in Phase 1 for SLE and atopic dermatitis, alongside two Phase 1-ready biologics targeting IL18 and IL10 pathways.
As part of the agreement, BMS will hold a nearly 20% equity stake in NewCo and receive royalties based on the success of the therapy. Dr. Robert Plenge from BMS will join NewCo’s Board of Directors, alongside Executive Chairman Daniel S. Lynch, interim CEO, and other board members from both organizations.
Bain Capital’s investment is made by its Life Sciences and Private Equity teams, with support from the Canada Pension Plan Investment Board.
KEY QUOTES:
“These assets have significant potential, and we are confident that this new company will drive their development to ensure greater impact for patients. 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.”
Julie Rozenblyum, Senior Vice President, Business Development at BMS
“We are excited to partner with BMS and we share their commitment to improving lives through science. 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.”
Adam Koppel, a Partner at Bain Capital Life Sciences
“This is a unique opportunity to build an innovative biotech company with a strong scientific foundation and differentiated development capabilities. I’m thrilled to have the opportunity to leverage my background and experience to contribute to the success of the company as it seeks to develop much-needed new therapies, and I look forward to supporting BMS and Bain Capital in the build-out of the company’s operations.”
Daniel S. Lynch
