Covington Represents IFM Therapeutics in 300 Million Sale of Assets to BMS

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Covington Represents IFM Therapeutics in $300 Million Sale of Assets to BMS

August 10, 2017

NEW YORK—Covington is representing IFM Therapeutics in its sale to Bristol Myers Squibb for $300 million in cash and the right to receive contingent payments upon achievement of specified milestones that could total in excess of $1 billion for each of its two oncology programs. Prior to closing, IFM will spin off its inflammation program to a newly-formed company to be backed by its current investors—Atlas Venture, Abingworth LLP, and Novartis.

Covington has represented IFM since its inception and has worked with Dr. Gary D. Glick, the scientific founder of IFM, in connection with several prior startups.

The Covington team consisted of Ellen Corenswet, Jack Bodner, John Hurvitz, Sarah Hoagland, Joe Gangitano, Allison Schiffman, Josh Nulman, and Brei Gussack (Corporate); Lee Kelley, John Oldak, and Guy Dingley (Tax); Jenna Wallace, Megan Woodford, and Victoria Ha (Employee Benefits); Scott Cunningham (Regulatory); Adrian Perry and Lily Hines (Intellectual Property); James Dean and Habin Chung (Antitrust); and Don Elliott and Kamila Lis-Coghlan (Environmental).