Bristol Myers Squibb (BMS) has partnered with Bain Capital to establish a new independent biopharmaceutical company, NewCo, which will focus on developing innovative therapies for autoimmune diseases. The venture kicks off with five immunology drug candidates licensed from BMS and has secured $300 million in funding, primarily from Bain Capital’s Life Sciences and Private Equity teams, along with contributions from the Canada Pension Plan Investment Board.
NewCo's pipeline includes three clinical-stage medicines and two investigational drugs ready for Phase 1 trials, all targeting significant biological mechanisms in autoimmune diseases. Among its leading assets are afimetoran, an oral TLR7/8 inhibitor currently in Phase 2 trials for systemic lupus erythematosus (SLE), and BMS-986322, an oral TYK2 inhibitor that has shown promise in a Phase 2 trial for plaque psoriasis.
The company is also advancing BMS-986326, an interleukin-2 fusion protein in Phase 1 studies for SLE and atopic dermatitis, along with two biologics—BMS-986481 and BMS-986498—targeting the IL-18 and IL-10 pathways, respectively, which are also set for Phase 1 trials. BMS retains a nearly 20% equity stake in NewCo and will benefit from royalties and milestone payments based on the success of these assets.
Robert Plenge, M.D., Ph.D., BMS's Executive Vice President and Chief Research Officer, will join NewCo’s board to ensure scientific continuity. Daniel S. Lynch, an experienced leader in the biopharmaceutical sector, will serve as Executive Chairman and interim CEO. The board will also include Bain Capital representatives, with Koppel emphasizing the firm’s commitment to advancing these therapies through their expertise in building life science companies.
This initiative marks a strategic shift for BMS in immunology research, focusing on therapies that can reset the immune system and promote tissue repair. It aligns with BMS’s broader strategy to concentrate on its core strengths while enabling specialized partners to develop promising medicines.
Julie Rozenblyum, Senior Vice President of Business Development at BMS, expressed optimism that NewCo will expedite the development of these vital assets, ultimately aiming to enhance patient outcomes. Daniel Lynch noted the unique opportunity to create an innovative biotech firm with distinct scientific and development capabilities, looking forward to leveraging his experience for its success.
This collaboration signifies a significant move in the biopharmaceutical landscape, with NewCo poised to make impactful advancements in the treatment of autoimmune diseases.