Bristol Myers Squibb Spins Out Five Immunology Assets into New $300M Biotech with Bain Capital

Bristol Myers Squibb (BMS) has spun out a new, as yet unnamed, independent biotech company dedicated to advancing novel therapies for autoimmune and inflammatory diseases123.

The new company will initially develop five investigational immunology assets in-licensed from BMS, with three already in clinical development and two ready for Phase 1 trials123.

Bain Capital is providing $300 million in capital to fund the new company124.

BMS will retain nearly a 20% equity stake in the start-up and is eligible to receive royalties and milestone payments for each asset1.

Lead molecules include afimetoran, an oral drug targeting TLR7/8 for systemic lupus erythematosus (which has shown promising phase Ib data in cutaneous lupus), and BMS-986322, a TYK2 inhibitor previously studied for plaque psoriasis1.

The new company is managed by biotech industry veterans and is expected to focus on addressing significant unmet medical needs in immunology3.

Bain Capital's involvement signals an intention to pursue similar biotech investments, according to sources familiar with the firm4.

Sources:

1. https://www.biospace.com/business/bms-bain-birth-biotech-for-autoimmune-disorders

2. https://news.bms.com/news/corporate-financial/2025/Bristol-Myers-Squibb-and-Bain-Capital-Create-New-Company-Dedicated-to-Developing-Innovative-Immunology-Therapies-that-Address-the-Unmet-Medical-Needs-of-Patients/default.aspx

3. https://www.pharmexec.com/view/bristol-myers-squibb-spins-immunology-assets-company-bain-capital

4. https://www.axios.com/pro/biotech-deals/2025/07/29/bain-capital-biotech-strategy