Bristol Myers (BMS) acquired IFM Therapeutics for $300 MM up-front and up to $1.01 billion in contingent payments on the first two products from the NLRP and STING (STimulator of INterferon Genes) pre-clinical programs. IFM focuses on the innate immune system, which is the first line of immunological defense, whereas, BMS’ immune-oncology program (most notably featuring Yervoy and Opdivo, checkpoint inhibitors of CTLA4 and PD-1) has largely centered on the adaptive immune system. IFM is developing small molecule agonists that target the innate immune response within the tumor microenvironment. Continue reading →