Pharmaceutical giants Bristol Myers Squibb and Bain Capital establish a new immunology-focused company through a $300 million investment initiative.
NewCo, a biopharmaceutical company formed through a collaboration between Bristol Myers Squibb (BMS) and Bain Capital, is set to revolutionize the field of autoimmune diseases. The company, announced in July 2025, boasts a pipeline of five immunology assets licensed from BMS, backed by a $300 million financing commitment from Bain Capital [1][2][4].
At the heart of NewCo's pipeline are several key assets:
- Afimetoran, an oral TLR7/8 inhibitor currently in Phase 2 clinical trials for systemic lupus erythematosus (SLE) [1][2][3].
- BMS-986322, an oral TYK2 inhibitor that has demonstrated proof-of-concept in a Phase 2 trial for plaque psoriasis [1][2].
- BMS-986326, a best-in-class IL2 fusion protein in Phase 1 trials for atopic dermatitis and SLE [1][2].
- Two Phase 1-ready biologics targeting IL18 (BMS-986481) and IL10 (BMS-986498) pathways [2].
Bristol Myers Squibb will retain a nearly 20% equity stake in NewCo and will receive royalties and milestone payments based on the success of its assets [2][4]. The transaction to establish NewCo is expected to close in Q3 2025, subject to customary conditions [3].
Adam Koppel, a Partner at Bain Capital Life Sciences, expresses his excitement about building an innovative biotech company with Bristol Myers Squibb. Both parties share a commitment to improving lives through science, and Koppel looks forward to working together to build out the new platform [1][2].
The formation of NewCo represents a strategic spinout aimed at accelerating and optimizing the development of BMS’s immunology portfolio, with dedicated focus and capital from Bain Capital, targeting significant unmet needs in autoimmune diseases [1][2][4].
[1] https://www.baincapital.com/news/press-releases/bain-capital-life-sciences-and-bristol-myers-squibb-form-new-immuno-oncology-focused-biopharmaceutical-company [2] https://www.bms.com/research-development/partnerships-collaborations/bain-capital-life-sciences.html [3] https://www.bms.com/investor-relations/press-releases/bms-announces-formation-of-new-immuno-oncology-focused-biopharmaceutical-company.html [4] https://www.baincapital.com/news/press-releases/bain-capital-life-sciences-and-bristol-myers-squibb-form-new-immuno-oncology-focused-biopharmaceutical-company-newco
- NewCo, a biotechnology company formed through a collaboration between Bristol Myers Squibb (BMS) and Bain Capital, focuses on revolutionizing autoimmune diseases by investing in 'health-and-wellness' and 'medical-conditions', particularly autoimmune diseases, with a pipeline of five immunology assets.
- The collaboration unveiled a new business venture, boasting a $300 million financing commitment from Bain Capital, with BMS retaining a nearly 20% equity stake and receiving royalties and milestone payments based on the success of its assets.
- The company's pipeline consists of Afimetoran, an oral TLR7/8 inhibitor for SLE, BMS-986322, an oral TYK2 inhibitor for plaque psoriasis, BMS-986326, a best-in-class IL2 fusion protein for atopic dermatitis and SLE, and two Phase 1-ready biologics targeting IL18 and IL10 pathways.
- Participants Adam Koppel from Bain Capital Life Sciences and Bristol Myers Squibb are enthusiastic about leveraging 'private equity' and 'investing' to create an innovative biotech company, aiming to improve lives through 'science' and boosting the development of BMS’s immunology portfolio in a strategic spinout focused on significant unmet needs in autoimmune diseases.
