US-based biopharmaceutical development company Arrivo BioVentures was launched yesterday with $49m of funding led by biopharmaceutical company Jazz Pharmaceuticals.
Jazz was joined in the initial funding round by Rex Health Ventures, the venture capital fund sponsored by healthcare system Rex Healthcare, as well as VC fund Solas BioVentures and undisclosed private investors.
Arrivo intends to develop between four and six drug candidates over the next five years and plans to find and acquire development-stage candidates that it can advance through the clinical proof-of-concept phase.
Jazz’s therapeutic area head for sleep, Jed Black, is a co-founder of Arrivo and will serve as a scientific advisor for the company.
Two other co-founders, Steve Butts and Bill Wofford, were part of the management teams for Aerial BioPharma, Addrenex Pharmaceuticals and Neuronex, the latter two of which were acquired for a combined $159m in 2009 and 2012.
Butts said: “We are excited about the next evolution in our business model. We will continue to look for development programs that improve patient care and provide opportunities to minimize the clinical development and regulatory risks.
“However, our new model with more drug candidates will give our investors greater diversification, and ultimately even more chances for development success.”