IFM Tre Inc is a spin-out of IFM Therapeutics Inc, an Abingworth portfolio company that was acquired by Bristol-Myers Squibb in 2017 for up to $2.3 billion. IFM Tre is developing a portfolio of NLRP3 antagonists for the treatment of serious inflammatory diseases. These small molecules have the potential to selectively block inappropriate responses of the innate immune system, and the first candidate entered the clinic in 2019. In March 2019 Novartis agreed to acquire IFM Tre for $310m upfront and up to $1.265b in milestones. The acquisition is expected to close in May 2019 subject to the usual closing conditions.