The flip-side of immunotherapy

In the smaller print of last week’s deal between IFM Therapeutics Inc. and Bristol-Myers Squibb Co. was the latest example of a growing trend of companies aiming to draw extra value out of a cancer target by using its opposite activity to treat autoimmunity.

The deal was noted mostly for its dollar value; BMS acquired two preclinical programs from IFM that stimulate the innate immune system targets NLRP3 and STING for cancer, for an upfront payment of $300 million and up to $1 billion in milestones per program. ...