Reimagining Immunology, Together

In a groundbreaking partnership, Bristol Myers Squibb (BMS) and Bain Capital have come together to launch a new, independent biopharmaceutical company focused entirely on developing next-generation treatments for autoimmune diseases. With a mission to bring transformative solutions to patients facing chronic immune-related conditions, this new venture is backed by $300 million in financing, led by Bain Capital.

The company is kicking off with an impressive portfolio of five immunology programs licensed from BMS each designed to address complex immune system dysfunctions that currently lack effective treatment options.

What’s Inside the Pipeline?

The new company isn’t just starting small it’s entering the scene with real firepower:

Afimetoran, a first-in-class oral TLR7/8 inhibitor, is already in phase 2 trials for lupus (SLE).

BMS-986322, an oral TYK2 inhibitor, has demonstrated promising results in phase 2 studies for plaque psoriasis.

BMS-986326, a novel IL-2 fusion protein, has completed phase 1 trials for lupus and atopic dermatitis.

Two other biologics, BMS-986498 and BMS-986481, are ready to move into clinical studies, targeting the IL-10 and IL-18 immune pathways.

This diverse pipeline combines both early- and mid-stage assets with validated mechanisms of action putting the new company in a strong position to lead the next wave of autoimmune innovation.

A New Model of Collaboration

As part of the agreement, BMS will retain a 20% equity stake in the new entity, maintaining close ties while passing the operational reins to the new leadership. Dr. Robert Plenge, EVP and Chief Research Officer at BMS, will join the company’s Board of Directors, ensuring that scientific continuity and strategic oversight remain strong.

This move also signals a shift in BMS’s immunology strategy pivoting towards tissue repair and immune reset therapies, while enabling external partners like Bain Capital to drive forward other promising assets.

Leadership Speaks

Julie Rozenblyum, SVP of Business Development at BMS, shared:
“These assets hold enormous promise. By spinning them into a focused company with the backing of Bain Capital, we’re ensuring they get the attention, resources, and innovation they deserve. This is about maximizing their impact for patients.”

Adam Koppel, Partner at Bain Capital Life Sciences, added:
“This is more than a deal it’s a shared vision. We’re thrilled to partner with BMS to accelerate drug discovery, build a new platform, and ultimately improve the lives of people with autoimmune diseases.”