BOSTON, May 8, 2019 /PRNewswire/ -- IFM Therapeutics (IFM), a privately-held biopharmaceutical company focused on developing therapies that modulate novel targets in the innate immune system, announced today the completion of the previously-announced acquisition of its subsidiary, IFM Tre, by Novartis. IFM received $310 million in upfront payments concurrent with the close of the agreement, and is eligible for up to $1.265 billion in milestone payments.
The transaction awarded Novartis full rights to IFM Tre's portfolio of NLPR3 antagonists, consisting of one clinical and two preclinical programs: IFM-2427, a first-in-class, clinical stage systemic antagonist for an array of chronic inflammatory and fibrotic disorders, including atherosclerosis and nonalcoholic steatohepatitis; preclinical gut-directed molecules for the treatment of inflammatory bowel disease; and preclinical central nervous system-penetrant molecules.
About IFM Therapeutics
IFM Therapeutics (IFM) is a privately held biopharmaceutical company based in Boston, Massachusetts. The Company was founded by an international group of preeminent scientists and physicians following the sale of IFM Therapeutics, Inc. (originally founded by Gary D. Glick and Atlas Venture) to Bristol-Myers Squibb. IFM's team has discovered and developed small molecules that modulate novel targets in the innate immune system as next-generation therapies for cancer, auto-immunity, and inflammatory disorders. In addition to IFM Tre, IFM owns and operates IFM Due, a subsidiary company launched in February 2019 that is developing small-molecule antagonists and inhibitors targeting aberrant inflammatory responses of the innate immune system triggered by the cGAS-STING pathway, which is believed to underlie a variety of serious diseases. For more information, please visit www.ifmthera.com.
SOURCE IFM Therapeutics