July 28 (Reuters) - Drugmaker Bristol Myers Squibb

and private equity firm Bain Capital will launch an

independent company focused on developing immunology drugs,

backed by Bain's $300 million financing round, the companies

said on Monday.

The new company will work on five experimental drugs

licensed from Bristol Myers, including a late-stage lupus

treatment and a mid-stage psoriasis drug that has shown promise

in trials.

Bristol Myers will retain nearly 20% equity in the venture

and is set to receive royalties and milestone payments based on

the drugs' success.

The collaboration allows the drugmaker to concentrate its

immunology research on treatments aimed at resetting the immune

system while ensuring the continued development of promising

assets, the companies said.

"These assets have significant potential, and we are

confident that this new company will drive their development to

ensure greater impact for patients," said Julie Rozenblyum,

senior vice president of business development at Bristol Myers.

Daniel Lynch, a seasoned pharmaceutical executive, will take

on the roles of executive chairman and interim CEO of the new

company, while Bristol Myers' chief research officer Robert

Plenge is set to join the board alongside Bain Capital partners.

Canada Pension Plan Investment Board also participated in

the financing round.