Bristol Myers Squibb and Bain Capital Launch New Biopharma Company for Autoimmune Drug Innovation

Bristol Myers Squibb and Bain Capital Launch New Biopharma Company for Autoimmune Drug Innovation

By, Admin 30 July 2025

In a strategic move to accelerate innovation in autoimmune disease treatments, Bristol Myers Squibb (BMS) has partnered with Bain Capital to launch a new independent biopharmaceutical company, referred to as NewCo. The initiative begins with a $300 million funding round led by Bain Capital and a portfolio of five promising immunology assets licensed from BMS.

A Focused Pipeline Targeting Unmet Needs

NewCo’s pipeline includes three clinical-stage candidates and two Phase 1-ready biologics, each targeting validated and emerging immunological pathways. The most advanced candidates include:

  • Afimetoran: An oral TLR7/8 inhibitor currently in Phase 2 trials for systemic lupus erythematosus (SLE). It is considered a potential best-in-class molecule.
  • BMS-986322: An oral TYK2 inhibitor that has shown proof-of-concept in a successful Phase 2 trial for plaque psoriasis.
  • BMS-986326: A novel IL-2 fusion protein in Phase 1 trials for SLE and atopic dermatitis.
  • BMS-986481 and BMS-986498: Two biologics targeting IL-18 and IL-10 pathways, respectively—both Phase 1-ready.

Strategic Realignment and Long-Term Partnership

As part of the agreement, BMS will retain nearly a 20% equity stake in NewCo, along with rights to milestone payments and royalties linked to the success of the licensed assets. Dr. Robert Plenge, Executive VP and Chief Research Officer at BMS, will also join NewCo’s board of directors.

This move is aligned with BMS’s evolving immunology strategy, which now emphasizes programs capable of resetting the immune system and promoting tissue repair, while allowing other high-potential candidates to flourish under focused leadership and investment.

“These assets have significant potential, and we are confident that this new company will drive their development to ensure greater impact for patients,”
— Julie Rozenblyum, SVP of Business Development, BMS

NewCo Leadership and Board

NewCo will be led by Daniel S. Lynch, a seasoned biopharma executive, who will serve as Executive Chairman and Interim CEO. The board will include representatives from both Bain Capital and BMS, including:

  • Nicholas Downing, MD
  • Adam M. Koppel, MD, PhD
  • Andrew Kaplan (Bain Capital)
  • Dr. Robert Plenge (BMS)

“This is a unique opportunity to build an innovative biotech company with a strong scientific foundation and differentiated development capabilities,”
— Daniel S. Lynch, Executive Chairman, NewCo

Bain Capital’s Dual-Platform Investment

Bain Capital is backing the venture through both its Life Sciences and Private Equity arms. The Canada Pension Plan Investment Board has also joined as a co-investor. Bain’s extensive experience in launching and scaling biopharma ventures is expected to provide NewCo with the agility and focus needed to bring these novel therapies to market.

“We look forward to working together and leveraging our company creation experience to advance these distinct assets,”
— Adam Koppel, Partner, Bain Capital Life Sciences

About Bristol Myers Squibb:

BMS is committed to pioneering transformative medicines that help patients prevail over serious diseases. With a sharpened focus on bold science and strategic innovation, the company continues to shape the future of immunology and biopharma.

About Bain Capital:

With over four decades of investment leadership, Bain Capital supports the growth of global healthcare companies through strategic capital, operational expertise, and scientific rigor.

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