Bristol Myers invests $65 million to increase its portfolio of autoimmune products

Bristol Myers Squibb has invested $65 million in Repertoire Immune Medicines, betting on its strategy for immune system reset. The agreement grants BMS the ability to collaborate with Repertoire on tolerating vaccines for up to three autoimmune illnesses, with potential future payments of up to $1.8 billion.

Formed in 2022, Repertoire is a biotech company established by Flagship that relies on immunological synapse mapping technologies. The company believes it can identify disease-driving epitopes and use them to produce off-the-shelf medicines by examining T-cell receptor-epitope combinations and other information. The strategy involves administering mRNA vaccines to treat autoimmune illnesses and restore immunological homeostasis.

Repertoire utilizes its Decode platform internally to treat multiple sclerosis and Type 1 diabetes. In addition to working with BMS on up to three new initiatives, the biotech retains complete control over those programs in lead optimization.

According to Repertoire CEO Torben Straight Nissen, the platform may be used for “all autoimmune diseases that have an associated class 2 HLA risk allele.” Since no information has been disclosed, BMS has various indicators to choose from. Under the terms of the agreement, BMS may add up to two additional initiatives, but the partners will initially focus on one program.

All actions up until the nomination of development candidates will be led by Repertoire. Then, under an exclusive global license, BMS will take over and manage clinical development, regulatory affairs, and commercialization. Repertoire will continue to fund investigations employing Decode, even while BMS leads the clinical trials. The study showcases how the platform may facilitate research and development.

Decode can monitor alterations in the regulatory T-cell population that are specific to the targeted epitope when individuals receive tolerizing vaccinations. According to Nissen, “You can tell the vaccine will work once you see those [cells] grow, so it’s a pharmacodynamic marker of efficacy.” The platform will help determine the dosage and ensure vaccinations include the appropriate epitopes.

Having BMS on board provides external validation for a biotech company that has had a rough start. Repertoire made headlines with a $189 million funding round before cutting roughly half of its workforce, replacing its CEO, and selling off its top two assets. About a year ago, Nissen began overseeing the commencement of autoimmune business development outreach and joined Repertoire to guide it through the change.

Although Repertoire is still open to discussing potential partnerships with other pharmaceutical firms, Nissen stated that BMS was the “ideal partner” due to its leadership in immune therapies and history of developing novel modalities.

The transaction occurred as part of a $1.5 billion restructuring drive by BMS, which is expected to terminate development on around a dozen assets and result in 2,200 layoffs this year.