Bristol Myers Squibb’ Acquisition of IFM Therapeutics


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 (Picture), 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).

Involved fees earner: Ellen Corenswet – Covington & Burling; Jack Bodner – Covington & Burling; John Hurvitz – Covington & Burling; Sarah Hoagland – Covington & Burling; Joseph Gangitano – Covington & Burling; Allison Schiffman – Covington & Burling; Joshua Nulman – Covington & Burling; Brei Gussack – Covington & Burling; Lee Kelley – Covington & Burling; John Oldak – Covington & Burling; Guy Dingley – Covington & Burling; Jenna Wallace – Covington & Burling; Megan Woodford – Covington & Burling; Victoria Ha – Covington & Burling; Scott Cunningham – Covington & Burling; Adrian Perry – Covington & Burling; Lily Katharine Hines – Covington & Burling; James Dean – Covington & Burling; Habin Chung – Covington & Burling; Donald Elliott – Covington & Burling; Kamila Lis-Coghlan – Covington & Burling;

Law Firms: Covington & Burling;

Clients: IFM Therapeutics Inc.;

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Author: Ambrogio Visconti