Just a little more than a year after the Atlas-incubated IFM Therapeutics achieved liftoff with a $27 million A round, Bristol-Myers Squibb has stepped in with a buyout.
Bristol-Myers researchers are now carving out the work the biotech has done on two programs promoting an innate immune response to cancer, and spinning out the significant remainder into a new company also helmed by IFM co-founder Gary Glick. The Cambridge, Massachusetts-based company is currently working on developing a portfolio of first-in-class small molecules that aims to either boost inborn immune responses for treating cancer or dampen certain immune responses that drive many inflammatory diseases.
To complete the deal, Bristol-Myers is paying a whopping $300 million upfront, with a little more than $1 billion in milestones on each of the preclinical programs. And there’s an unspecified payment due to secure an option on one of its innate immune system programs that also caught the biopharma’s eye as well as more biobucks for any other drugs that are developed out of the technology.
This includes IFM’s preclinical STING (stimulator of interferon genes) and NLRP3 agonist programs, both focused on enhancing the innate immune response for treating cancer. BMS gains full rights to the programs
. The program includes a lead asset that accelerates the company’s efforts against this target, while the NLRP3 agonist program includes a potential first-in-class pipeline candidate.And as part of the deal structure, a new spin-out will be made with shareholders of IFM, known as IFM Therapeutics LLC, holding on to its current personnel and facilities, as well as its remaining research programs. This includes an NLRP3 antagonist program focused on curbing immune responses that lead to inflammatory diseases, as well as fibrosis.
“Targeting innate immunity pathways represents a potentially differentiated approach in immuno-oncology designed to initiate and augment immune responses that may help the body’s natural defenses better recognize and attack tumors,” said Thomas Lynch, executive vice president, chief scientific officer, Bristol-Myers Squibb. “The addition of STING and NLRP3 agonist programs broadens our ability to investigate additional pathways across the immune system and complements our immuno-oncology portfolio. We look forward to advancing the development of these important programs initiated by Gary Glick, his leadership team and leading academic and industry experts across immunology and oncology.”
“A comprehensive body of preclinical data support the continued research of IFM’s NLRP3 and STING agonists with a goal of uncovering their potential benefit to patients, particularly those not served by currently available cancer immunotherapeutics,” added Gary Glick, Ph.D., CEO and co-founder of IFM Therapeutics, as well as a founder of Lycera, in the release.
In the present scene, BMS is looking to boost its own early-stage I-O pipeline, as its major immuno-oncology med Opdivo (nivolumab) has suffered trial setbacks in the past year. But it’s a fairy tale for IFM to be swept up in a blockbuster deal just a year after a series A and with such early-stage candidates.
