IFM Therapeutics and Bristol-Myers Squibb Awarded 2017 Deal of the Year by Clarivate Analytics
BOSTON, March 7, 2018 /PRNewswire/ -- IFM Therapeutics, LLC (IFM), a privately held biopharmaceutical company focused on developing therapies that modulate novel targets in the innate immune system to treat inflammatory disorders and cancer, has been awarded Clarivate Analytics' 2017 "Deal of the Year" for the Bristol-Myers Squibb (BMS) acquisition of IFM's preclinical STING and NLRP3 agonist programs. In August 2017, Bristol-Myers Squibb agreed to pay IFM $300 million upon closing of the transaction to strengthen the Company's oncology pipeline focus on innate immunity. The deal also contained contingent payments of up to $2.02 billion for the first products from the two programs upon the achievement of certain development, regulatory and sales milestones.
The IFM-BMS deal was selected from more than 4,000 life-science transactions. A total of five "Deal of the Year" nominees were announced in January based on their use of novel technology, innovation in creative deal structures, and addressing unmet medical needs. Other finalists included the Johnson & Johnson acquisition of Actelion, which was valued at $30 billion USD, Merck's purchase of Rigontec, and Gilead's acquisition of Kite Pharmaceuticals.
"A comprehensive body of preclinical data suggest that IFM's NLRP3 and STING agonists may provide a significant benefit to patients, particularly those not served by currently available immunotherapeutics," said Gary Glick, CEO and co-founder of IFM. "Based on Bristol-Myers Squibb's deep expertise and leadership positions in immunology, oncology, and immuno-oncology, they are uniquely positioned to accelerate these programs and maximize their potential."
"We are proud that the IFM Therapeutics-Bristol-Myers Squibb agreement has been awarded Clarivate's 'Deal of the Year'," added Martin Seidel, executive vice president of R&D at IFM. "Being mentioned alongside other blockbuster deals is a testament to our team's strong preclinical R&D programs built on our research leadership in innate immunity. We look forward to watching BMS as it moves the STING and NLRP3 agonist programs forward into the clinic, while at IFM we explore modulating these pathways to treat chronic inflammation and autoimmune disorders."
The analysis was drawn from the Cortellis suite of solutions from Clarivate Analytics. Clarivate examined licensing partnerships and merger & acquisition deals in 2017 to determine the nominations. The nominations were put to a public vote by industry professionals to identify the most influential deal of 2017.
About IFM Therapeutics, LLC
IFM Therapeutics, LLC is a privately held biopharmaceutical company based in Boston, Massachusetts. The company was founded by an international group of preeminent scientists and physicians who have spent decades understanding innate immunity and the role it plays in regulating the immune system. IFM's team has discovered and developed small molecules that modulate novel targets in the innate immune system as next-generation therapies for cancer, autoimmunity, and inflammatory disorders. For more information, please visit www.ifmthera.com.
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SOURCE IFM Therapeutics