After signing two back-to-back deals with Novartis this year, small Boston-based startup IFM Therapeutics is ramping up its business development with a new incubator.
IFM Therapeutics has raised $55.5 million from Omega Funds, Atlas Venture and London-based investment firm Abingworth LLP. That money will go toward a new incubator called IFM Discovery, as well as a new subsidiary, IFM Quattro. Atlas Venture and Abingworth have previously invested in the company.
The launch of IFM Discovery lines up with IFM Therapeutics’ strategy of utilizing subsidiaries following the sale of the original company and its intellectual property to Bristol-Myers Squibb (NYSE: BMY) in 2017. After the sale, IFM Therapeutics LLC quickly spun out two subsidiaries: IFM Tre, which was bought by Novartis (NYSE: NVS) earlier this year, and IFM Due, which recently began collaborating with the Swiss drug giant.
