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Home Industry News Bristol-Myers Squibb announces acquisition of IFM Therapeutics

Bristol-Myers Squibb announces acquisition of IFM Therapeutics

4th August 2017

Bristol-Myers Squibb has agreed a deal to acquire IFM Therapeutics, a deal that will strengthen its oncology pipeline focus on innate immunity.

IFM Therapeutics is a venture-backed biotech company dedicated to developing therapies that modulate novel targets in the innate immune system to treat cancer, autoimmunity and inflammatory disorders.

This acquisition gives Bristol-Myers Squibb access to IFM's preclinical STING and NLRP3 agonist programmes, which function by enhancing the innate immune response for treating cancer.

Bristol-Myers Squibb will pay $300 million (228.05 million pounds), with IFM stockholders also set to be entitled to additional contingent payments of up to $1.01 billion in milestone-based fees for each of the first products from the two programmes.

Dr Gary Glick, chief executive and co-founder of IFM Therapeutics, said this deal will help to accelerate the progress and maximise the potential of these programmes.

Dr Thomas Lynch, executive vice-president and chief scientific officer at Bristol-Myers Squibb, said: "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."

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