TELETRADER News
4/1, 7:46 AM (Source: TeleTrader)
more TeleTrader news

Novartis buys IFM's anti-inflammatory portfolio

Novartis International AG agreed to take over IFM Tre from Bristol-Myers Squibb Co. for an undisclosed sum. In the announcement published on Monday, the Swiss pharmaceutical giant highlighted one clinical and two preclinical programs targeting the NLRP3 inflammasome complex with selective inhibition, but gave few details of the transaction.

The Boston-based firm, subsidiary of IFM Therapeutics Llc, develops immunomodulatory medicines and the portfolio is aimed at fighting several metabolic, fibrotic, autoimmune and neurological diseases. "IFM Tre's compounds have demonstrated that they can fine-tune the immune system, offering a potentially potent approach for treating a large variety of diseases associated with inflammation. We look forward to applying our deep expertise in this field to advancing these medicines through the clinic and to patients who need them," said Jay Bradner, president of the Novartis Institutes for BioMedical Research.

The acquisition target is getting an upfront sum and the rights for milestone payments, the statement said, adding the purchase should be executed by the end of June. Bristol-Myers Squibb bought IFM in 2017.

Breaking the News / IT