Bristol-Myers Squibb bags immunotherapy unicorn
Deal will add to pharma giant’s cancer portfolio
US drugmaker Bristol-Myers Squibb (BMS) has agreed to buy Boston-based startup IFM Therapeutics. The deal gives BMS rights to IFM’s two preclinical cancer programmes – stimulator of interferon genes (Sting) and NLRP3 agonist drugs that work with the body’s innate immune system. BMS will pay $300 million (£230 million) upfront, plus up to $1.01 billion in milestones should each programme progress.