Bristol Myers Squibb and Bain Capital announced the formation of a new independent biopharmaceutical company (NewCo) dedicated to developing therapies for autoimmune diseases with significant unmet medical needs. The company launches with five immunology assets licensed from BMS and $300 million in committed funding, led by Bain Capital.

NewCo’s pipeline includes five investigational medicines—three in clinical stages and two ready for Phase 1 trials—each targeting novel mechanisms in autoimmune diseases. Its most advanced programs are: afimetoran, BMS-986322, BMS-986326, BMS-986481 and BMS-986498.

These therapies were developed through BMS’s strong scientific research and have the potential to improve treatment options for patients with autoimmune conditions. Under the agreement, BMS retains nearly a 20% equity stake in NewCo and will receive royalties and milestone payments based on asset success. Dr. Robert Plenge, Executive Vice President and Chief Research Officer at BMS, will also join NewCo’s Board of Directors.

This move aligns with BMS’s updated immunology strategy to focus on treatments that reset the immune system and support tissue repair, while enabling the continued advancement of promising therapies outside its core focus.

“These are highly promising programs, and we’re confident this new company will be able to fully unlock their potential,” said Julie Rozenblyum, Senior Vice President of Business Development at BMS. “Bain Capital brings deep experience in building life science companies and is the right partner to help accelerate the development of these assets.”

Daniel S. Lynch will serve as Executive Chairman of NewCo’s Board of Directors and interim CEO.