Bristol-Myers strengthens oncology pipeline with $300 million, plus milestones, acquisition

US pharma major Bristol-Myers Squibb (NYSE: BMY) says it will acquire IFM Therapeutics, a venture-backed biotech focused on developing therapies that modulate novel targets in the innate immune system to treat cancer, autoimmunity and inflammatory disorders.

The acquisition will give Bristol-Myers full rights to IFM’s preclinical STING (stimulator of interferon genes) and NLRP3 agonist programs focused on enhancing the innate immune response for treating cancer, and is an example of Bristol-Myers’ continued focus on leveraging external innovation to expand and develop its portfolio of transformative medicines. IFM’s STING agonist program includes a lead asset that accelerates the company’s efforts against this target, while the NLRP3 agonist program includes a potential first-in-class pipeline candidate.

Deal terms include $1.01 billion for each of two programs