Bristol-Myers Squibb Co (NYSE:BMY) has announced that its acquisition of IFM Therapeutics has finally come to a completion.
The company had previously revealed to the public that it had plans to acquire IFM Therapeutics and now it has revealed that the transaction has been completed. This includes the full rights to the NLRP3 agonist programs as well as the preclinical STING program (stimulator of interferon genes). The latter includes a lead asset that acts a catalyst in IFMs efforts against its targets while the former includes a pipeline candidate that is potentially first-in-class.
IFM shareholders will establish a new entity now that their firm has been acquired by Bristol-Myers. The new entity will exist under the name IFM Therapeutics LLC and it is expected to retain the current IFM workforce as well as facilities. The company will also retain its remaining research programs such as the NLRP3 antagonist program through which researchers have been working towards controlling immune responses that cause fibrosis and inflammatory diseases. IMF has developed small molecule inhibitors and activators that modulate the immune system. These molecules are designed as anti-cancer drugs and can also counter auto-immune disorders.
“While the targets of IFM’s small molecules are entirely different from those of Regen’s NR2F6 program, the disease programs and the small molecule approach are similar,” stated Harry Lander, the Chief Scientific Officer at Regen Biopharma.
Lander also pointed out that these small molecules are necessary for combating the target diseases. David Koos, the CEO of Regen BioPharma also pointed out that the company is currently six months to one year behind schedule in the development of the IFM program. However, the firm is optimistic that the compounds and targets will lead to similar interests by other drug makers in the autoimmunity and immune oncology stage.
The financial details of the acquisition were not revealed. The acquisition is expected to strengthen Bristol-Myers’ position in delivering innovative treatments that address serious diseases.
Bristol-Myers stock closed the latest trading session on Thursday at $62.84 after a 4.96 percent gain compared to the value of the stock during the previous close on Wednesday.