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An Inflammatory Deal: Bristol Commits Up To $2.3bn To Buy IFM Therapeutics

 
• By Mandy Jackson

Most of the deal's value is in milestone fees, but at $300m up front Bristol is giving IFM's Series A investors a 10X return for drug candidates that can inflame non-responsive tumors.

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A few billion dollars paid over several years in the grand scheme of Bristol-Myers Squibb Co.'s massive immuno-oncology portfolio isn't such a huge thing, but more than $2bn in potential milestone fees is a big deal for the recent startup IFM Therapeutics and its investors – and it shows the importance of being able to inflame a tumor with T cells, otherwise known as turning a "cold" tumor "hot."

Nothing about the acquisition of IFM is small, including the $300m upfront fee that Bristol is paying to buy the Boston-based company, which is more than 10 times IFM's $27m Series A venture capital round barely more than a year ago. The firm's investors stand to earn up to $1

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