Bristol Myers Squibb (BMS) and Bain Capital have created an independent biopharmaceutical company to develop immunology therapies for autoimmune diseases with “significant unmet needs”.
The newly formed company, launched with a $300m financing commitment led by Bain, has in-licensed five investigational immunology drugs from BMS.
This includes afimetoran, an oral TLR7/8 inhibitor currently being evaluated in a phase 2 trial for systemic lupus erythematosus (SLE), and BMS-986322, an oral TYK2 inhibitor that has already established proof-of-concept in a phase 2 plaque psoriasis study.
The new company’s pipeline also consists of BMS-986326, an IL2 fusion protein currently being studied in early-stage trials for SLE and atopic dermatitis, as well as BMS-986481 and BMS-986498, two phase 1-ready biologics targeting the IL18 and IL10 pathways, respectively.
Julie Rozenblyum, senior vice president, business development at BMS, said: “These assets have significant potential, and we are confident that this new company will drive their development to ensure greater impact for patients.”
BMS will retain an almost 20% equity stake in the yet-to-be-named company, and will be eligible to receive royalties and milestone payments tied to the success of each asset.
Daniel Lynch, who serves as chairman of the board for companies including Xilio Therapeutics, SpringWorks Therapeutics, Blueprint Medicines and bluebird bio, has been appointed as executive chairman of the new company’s board of directors and interim chief executive officer.
He will be joined by Robert Plenge, executive vice president and chief research officer at BMS, alongside Bain’s Nicholas Downing, Adam Koppel and Andrew Kaplan, who will all sit on the new company’s board of directors.
Commenting on his latest venture, Lynch said: “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.”