Pharma BD Deal Intelligence
Innate-immunity bet never left Phase 1 — STING program axed in 2023, NLRP3 program still stuck in early trials 8 years later, no product ever reached market
Full analysis, sources & comparables →BMS pays just $300M upfront with up to $2.02B in biobucks tied to the first product from each program — a heavily back-loaded structure that lets BMS hedge…
Selected from more than 4,000 life-science transactions, the BMS-IFM deal won 2017 Deal of the Year for its novel technology, creative deal structure and…
Merck and GSK have both quietly shelved their STING programs; the modality has produced 'zero clinical data' supporting direct application despite years of…
Source summaries from our enrichment pipeline; follow links for originals.
All 5 sources with sentiment breakdown →
BMS agreed to acquire IFM Therapeutics for $300M upfront plus up to $2.02B in contingent payments tied to first products from the two innate immunity programs (~$2.32B aggregate). The deal gave BMS full rights to IFM's preclinical STING and NLRP3 agonist programs targeting innate immunity in oncology. Awarded Clarivate's 2017 Deal of the Year. Closed September 7, 2017.
Innate-immunity bet never left Phase 1 — STING program axed in 2023, NLRP3 program still stuck in early trials 8 years later, no product ever reached market
Assessment window: 5yr post-close.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Bristol-Myers Squibb Company / IFM Therapeutics, LLC (this deal) | 2017 | $2.3B | 29 |
| Bristol-Myers Squibb Company / Medarex Inc. | 2009 | $2.4B | 92 |
| Bristol-Myers Squibb Company / Celgene Corporation | 2019 | $74.0B | 77 |
| Bristol-Myers Squibb Company / MyoKardia Inc. | 2020 | $13.1B | 76 |
| Bristol-Myers Squibb Company / Karuna Therapeutics | 2023 | $14.0B | 76 |
| Bristol-Myers Squibb Company / Ono Pharmaceutical Co., Ltd. | 2011 | — | 76 |
| Bristol-Myers Squibb Company / SystImmune Inc. | 2023 | $8.4B | 71 |
← Browse all deals · How we score deals
More: 2017 deals · Bristol-Myers Squibb Company deals · Oncology deals