Bristol-Myers beefs up big cancer drug pipeline, buying IFM drugs in $2.3B-plus deal
Atlas Venture has another blockbuster biotech flip to boast about — while keeping an upstart in the portfolio. And it’s a big one.
Just a little more than a year after the Atlas-incubated IFM Therapeutics achieved liftoff with a $27 million A round, with a co-lead investment from Abingworth, Bristol-Myers Squibb has stepped in with a buyout. Bristol-Myers researchers are now carving out the work the biotech has done on two programs promoting an innate immune response to cancer, and spinning out the significant remainder into a new company also helmed by IFM co-founder Gary Glick.
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