Bain Capital has joined forces with Bristol Myers Squibb to establish an independent biopharmaceutical company focused on immunology, backed by a $300m financing round led by the private equity firm, according to a report by Reuters.
The new entity will develop a portfolio of five clinical-stage immunology assets exclusively licensed from Bristol Myers Squibb. The pipeline includes a late-stage candidate for lupus and a mid-stage psoriasis therapy, both of which have demonstrated clinical promise.
As part of the transaction, Bristol Myers will retain an equity stake of approximately 20% in the company and remains eligible for milestone-based payments and royalties tied to future commercial success. The initiative enables the pharma major to streamline its immunology focus toward immune-resetting therapies, while supporting continued advancement of its broader asset base through external innovation channels.
Veteran biopharma executive Daniel Lynch has been appointed executive chairman and interim CEO of the new venture. The board will also include Robert Plenge, Chief Research Officer at Bristol Myers, alongside select partners from Bain Capital.
The Canada Pension Plan Investment Board (CPP Investments) also participated in the Series A funding round.
