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3w ago

Bristol Myers and Bain Capital Launch $300 Million Immunology Spinout

The new venture starts with five licensed autoimmune assets under dedicated leadership to accelerate treatments for lupus, psoriasis and related diseases.

Test tubes are seen in front of a displayed Bristol Myers Squibb logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration
Bristol Myers Squibb and Bain Capital have launched NewCo, a novel independent biopharmaceutical company. Image credit: Michael Nguyen/NurPhoto via Getty Images

Overview

  • The spinout, provisionally named NewCo, secured a $300 million financing commitment led by Bain Capital with participation from the Canada Pension Plan Investment Board.
  • It in-licensed five investigational immunology therapies from Bristol Myers, comprising three clinical-stage programs (including a late-stage lupus candidate and a mid-stage plaque psoriasis drug) and two Phase 1-ready biologics targeting IL8 and IL10.
  • Bristol Myers retains a near-20 percent equity stake in the company and will receive royalties and milestone payments linked to the success of the drug candidates.
  • Daniel Lynch was appointed executive chairman and interim CEO, and Bristol Myers’ chief research officer Robert Plenge along with Bain partners joined the spinout’s board.
  • The partnership allows Bristol Myers to concentrate its in-house research on immune-resetting and tissue-repair platforms while NewCo advances these non-core assets with focused resources.