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Bristol-Myers Squibb will pay $300 million up front to acquire IFM Therapeutics, a developer of small-molecule drugs that target the innate immune system, the body’s first line of immunological defense. IFM investors could receive up to $1 billion more if the company’s lead molecules reach the market. BMS has been amassing immunology and immuno-oncology compounds, but they try to harness primarily the adaptive immune system. With this deal, BMS gains two preclinical cancer programs—NLRP3 agonists and STING agonists—intended to amp up innate immune response.
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