Bristol-Myers Squibb To Acquire IFM Therapeutics - Quick Facts

(RTTNews) - Bristol-Myers Squibb Company (BMY) and IFM Therapeutics announced the companies have signed an agreement under which Bristol-Myers Squibb will acquire all of the outstanding capital stock of IFM Therapeutics, a venture-backed biotech company focused on developing therapies that modulate novel targets in the innate immune system to treat cancer, autoimmunity and inflammatory disorders. Bristol-Myers Squibb will pay $300 million upon closing of the transaction.

The acquisition will give Bristol-Myers Squibb full rights to IFM's preclinical STING (stimulator of interferon genes)and NLRP3 agonist programs focused on enhancing the innate immune response for treating cancer. IFM stockholders also will be entitled to additional contingent payments of up to $1.01 billion for each of the first products from the two programs upon the achievement of certain development, regulatory and sales milestones. IFM is also eligible for additional contingent milestone payments for further products resulting from these programs.