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IFM Therapeutics Awarded Deal of the Year at New England Venture Capital Association’s 2018 NEVY Awards
IFM Therapeutics, LLC is thrilled to announce the company was awarded “Deal/Exit of the Year” by The New England Venture Capital Association (NEVCA) at 2018 NEVY Awards on May 9 at the House of Blues in Boston. The 6th annual NEVYs celebrate New England’s top innovators, investors and companies across the region’s health care, life science and tech communities.
IFM is receiving this nomination for its September 2017 deal with Bristol-Myers Squibb (BMS), which saw BMS acquire IFM’s preclinical STING and NLRP3 agonist programs. BMS 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. As part of this deal, IFM retained its current personnel, facilities and research programs—including an NLRP3 antagonist program focused on curbing immune responses that lead to inflammatory diseases and fibrosis—under the name IFM Therapeutics, LLC.
The IFM-BMS deal was selected from four other life-science transactions that made headlines last year. The nominees were announced in April based on their use of novel technology, innovation in creative deal structures, and addressing unmet medical needs. Other finalists included resTORbio, Inc., Rhythm Pharmaceuticals, Kala Pharmaceuticals, Inc., and Arvinas.
To learn more about the NEVY awards or to see the full list of nominations click here.
IFM Therapeutics, LLC team at the House of Blues in Boston for the 2018 NEVY Awards