Bristol Myers Squibb and Bain Capital have formed an independent biotechnology company focused on immunology, backed by a $300 million financing round led by the private-equity firm. The unnamed venture will advance five experimental autoimmune-disease drugs licensed from Bristol Myers, which will hold nearly a 20 percent equity stake and remain eligible for milestone payments and royalties. The portfolio includes afimetoran, an oral TLR7/8 inhibitor in Phase 2 testing for systemic lupus erythematosus; BMS-986322, a TYK2 inhibitor that showed proof-of-concept in a mid-stage plaque psoriasis study; and BMS-986326, an IL2 fusion protein in early clinical trials for lupus and atopic dermatitis. Two additional biologics—BMS-986481 targeting the IL18 pathway and BMS-986498 targeting IL10—are Phase 1-ready. Daniel Lynch, formerly an executive at Bristol Myers, has been appointed executive chairman and interim chief executive of the new company, whose board also includes Bristol Myers’ chief research officer Robert Plenge and Bain Capital partners. The deal aligns with Bristol Myers’ strategy to streamline its pipeline and focus internal resources on therapies that aim to reset the immune system, while ensuring continued development of promising assets.