Bristol Myers Squibb and Bain Capital Create New Company Dedicated to Developing Innovative Immunology Therapies that Address the Unmet Medical Needs of Patients
- Five immunology assets in-licensed from BMS with potential to address unmet needs for patients with autoimmune diseases, including late-stage asset for lupus
- Bain Capital leads $300 million financing commitment
Bristol Myers Squibb (NYSE:BMY, "BMS")) and Bain Capital today announced the creation of a new independent biopharmaceutical company ("NewCo") focused on developing new therapies for autoimmune diseases that address significant unmet needs of patients. The newly formed company launches with five immunology assets in-licensed from BMS and a $300 million financing commitment that was 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.
The assets licensed to NewCo reflect the strength of BMS's scientific innovation and 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 NewCo and will be entitled to royalties and milestones tied to the success of each asset. Robert Plenge, MD, PhD, Executive Vice President and Chief Research Officer at BMS, will also serve on NewCo's Board of Directors. This transaction reflects BMS's strategic shift in Immunology research to focus on assets that have the potential to reset the immune system and promote tissue repair. It also further demonstrates the company's sharpened strategy to invest in areas where BMS is best positioned to lead, while enabling the continued development of promising medicines.
"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."
Daniel S. Lynch will serve as the Executive Chairman of the Company's Board of Directors and interim CEO. Mr. Lynch is an accomplished biopharmaceutical industry leader with decades of strategic, management and operational experience at companies spanning many stages of growth. Nicholas Downing, MD, Adam M. Koppel, MD, PhD, and Andrew Kaplan from Bain Capital will also join Mr. Lynch and Dr. Plenge of BMS on NewCo's Board of Directors.
"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."
"This is a unique opportunity to build an innovative biotech company with a strong scientific foundation and differentiated development capabilities," said Mr. Lynch. "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."
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.
About Bristol Myers Squibb: Transforming Patients' Lives Through Science
At Bristol Myers Squibb, our mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. We are pursuing bold science to define what's possible for the future of medicine and the patients we serve. For more information, visit us at BMS.com and follow us on LinkedIn, X, YouTube, Facebook and Instagram.
Bristol Myers Squibb Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the research, development and commercialization of pharmaceutical products, the creation of NewCo and the agreement with NewCo. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on current expectations and projections about our future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond our control and could cause our future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. These risks, assumptions, uncertainties and other factors include, among others, that the expected benefits of, and opportunities related to, the creation of NewCo and the agreement with NewCo may not be realized by Bristol Myers Squibb or may take longer to realize than anticipated, that the assets described in this press release, may not achieve their primary study endpoints or receive regulatory approval for the indications described in this release in the currently anticipated timeline or at all and, if approved, whether such assets will be commercially successful. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb's business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol Myers Squibb's Annual Report on Form 10-K for the year ended December 31, 2024, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, Bristol Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.
About Bain Capital
Founded in 1984, Bain Capital is one of the world's leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).
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