Two prominent companies, Bristol Myers Squibb and Bain Capital, have jointly established a new enterprise focusing on immunology, with an initial investment of a substantial $300 million.
A new biopharmaceutical company named NewCo has been launched in July 2025, marking an exciting collaboration between Bristol Myers Squibb (BMS) and Bain Capital. The company aims to develop innovative therapies for autoimmune diseases, with a focus on modulating immune pathways.
NewCo's pipeline includes five immunology assets licensed from BMS, backed by $300 million in committed funding led by Bain Capital. The company's portfolio includes several promising investigational medicines, such as:
- Afimetoran: An oral TLR7/8 inhibitor currently in Phase 2 trials for systemic lupus erythematosus (SLE).
- BMS-986322: An oral TYK2 inhibitor with demonstrated proof-of-concept in Phase 2 for plaque psoriasis.
- BMS-986326: A novel IL2 fusion protein in Phase 1 clinical trials for SLE and atopic dermatitis (AD).
- Two Phase 1-ready biologics targeting the IL18 and IL10 pathways.
These therapies represent a strategic shift towards immune system resetting and tissue repair, with the potential to significantly impact the treatment landscape for autoimmune diseases. BMS retains approximately a 20% equity stake in NewCo and is positioned to receive royalties and milestone payments based on the success of these therapies.
Adam Koppel, a Partner at Bain Capital Life Sciences, expresses excitement about the opportunity to build an innovative biotech company, while Julie Rozenblyum, Senior Vice President, Business Development at BMS, shares her enthusiasm about the partnership with Bain Capital. Dr. Robert Plenge from BMS will join NewCo’s Board of Directors to support scientific oversight.
The goal of NewCo is to bring innovative, high-quality therapies to patients with autoimmune diseases. If successful, these assets could expand treatment options and improve outcomes for patients with conditions like SLE, plaque psoriasis, and atopic dermatitis.
In summary, NewCo is positioned as a promising biotech startup, combining strong scientific assets and significant financial backing to advance innovative immunology therapies with potential high impact on autoimmune disease management. Both BMS and Bain Capital share a commitment to improving lives through science.
[1] NewCo Press Release, July 2025 [2] BMS Press Release, July 2025 [3] Bain Capital Press Release, July 2025 [4] NewCo Investor Presentation, July 2025
- Bain Capital, through their Life Sciences division, is investing $300 million into NewCo, a biopharmaceutical company that aims to revolutionize the treatment landscape for autoimmune diseases.
- NewCo, co-founded by Bristol Myers Squibb (BMS) and Bain Capital, has a focus on developing innovative immunology therapies, including Afimetoran, a TLR7/8 inhibitor, BMS-986322, a TYK2 inhibitor, BMS-986326, an IL2 fusion protein, and two biologics targeting the IL18 and IL10 pathways.
- With BMS retaining a 20% equity stake in NewCo, the joint venture represents a strategic move in the health-and-wellness industry, involving private equity finance and the business of investing in medical-conditions therapies and treatments.
- The success of NewCo's therapies could potentially impact the health-and-wellness industry by providing improved outcomes for patients with medical-conditions such as systemic lupus erythematosus (SLE), plaque psoriasis, and atopic dermatitis (AD).
