Bristol Myers Squibb And Bain Capital Launch NewCo, A Biotech Focused On Developing Autoimmune Therapies
BMS and Bain Capital launch NewCo with $300M to develop breakthrough therapies for lupus, psoriasis, and autoimmune diseases.
Breaking News
Jul 31, 2025
Vaibhavi M.

Bristol Myers Squibb (BMS) and Bain Capital have announced the formation of a new independent biopharmaceutical company, referred to as “NewCo,” which will focus on developing innovative therapies for autoimmune diseases. The launch is backed by a $300 million financing commitment led by Bain Capital and begins with a portfolio of five immunology assets in-licensed from BMS, targeting critical unmet needs in autoimmune care.
“This is a unique opportunity to build an innovative biotech company with a strong scientific foundation and differentiated development capabilities,” said Mr. Lynch. “I’m thrilled to have the opportunity to leverage my background and experience to contribute to the success of the company as it seeks to develop much-needed new therapies, and I look forward to supporting BMS and Bain Capital in the build-out of the company’s operations.”
NewCo’s pipeline includes three clinical-stage assets and two Phase 1-ready candidates. Leading the portfolio is afimetoran, a TLR7/8 inhibitor in Phase 2 for systemic lupus erythematosus, and BMS-986322, a TYK2 inhibitor that showed positive results in a Phase 2 plaque psoriasis trial. Additional assets include an IL2 fusion protein (BMS-986326) in Phase 1 trials for SLE and atopic dermatitis, and two early-stage biologics targeting the IL18 and IL10 pathways (BMS-986481 and BMS-986498).
“We are excited to partner with BMS and we share their commitment to improving lives through science,” said Adam Koppel, a Partner at Bain Capital Life Sciences. “We look forward to working together and leveraging our company creation experience to build out this new platform and advance these distinct assets in an effort to bring innovative, high-quality therapies to patients with autoimmune diseases.”
BMS will retain a 20% equity stake in NewCo and remain involved through royalties, milestones, and board representation. This move aligns with BMS’s revised immunology strategy, focusing on advancing assets capable of resetting immune function and promoting tissue repair. The leadership team of NewCo will be headed by Daniel S. Lynch as Executive Chairman and interim CEO, joined by industry and investment veterans from BMS and Bain Capital.
“These assets have significant potential, and we are confident that this new company will drive their development to ensure greater impact for patients,” said Julie Rozenblyum, Senior Vice President, Business Development at BMS. “Bain Capital’s exceptional track record in building successful life science companies by providing focused development and dedicated resources makes them ideally suited to advance these assets to realize their full promise.”