Arrivo BioVentures … is focused on accelerating biologics and small molecules through clinical development. Its expertise is in fast, efficient and high-quality drug development. The company was founded and launched by a serial biopharma entrepreneurial team with an extensive track record of success.
Solas in May joined a $49 million financing for new drug developer Arrivo Bioventures LLC. Arrivo executives Steve Butts and Bill Wofford were former leaders of Aerial, Neuronex and Addrenex.
Executives who guided three biotechnology companies to success have raised $49 million for Arrivo BioVentures LLC, a startup formed to expand a drug-development strategy that has worked for the team in the past. Jazz Pharmaceuticals led the financing, which included Rex Health Ventures, Solas BioVentures Fund I LP, individuals and family offices.
A little more than two years ago, Jazz Pharmaceuticals stepped up with a $397 million deal for an experimental narcolepsy drug from tiny Aerial BioPharma. And now Jazz has reserved a front row seat to review some new drug prospects being assembled by the same team leaders that brought them Aerial. Jazz ($JAZZ), which markets Xyrem for narcolepsy, will announce later today that it led a $49 million round to launch Arrivo BioVentures.
Arrivo BioVentures, a Morrisville, N.C.-based pharma startup, has raised $49 million in VC funding. Jazz Pharmaceuticals (Nasdaq: JAZZ) led the round, and was joined by Solas BioVentures and Rex Health Ventures.
Arrivo BioVentures recently announces the launch of Arrivo BioVentures, LLC, a drug development company, with the closing of a preferred financing totaling $49M in committed capital.
Usually when a biotech company makes a large fundraising announcement, the cash is committed to taking a specific drug through clinical trials. Arrivo BioVentures has secured $49 million in capital to first find the drugs to develop.The approach is similar to what the Morrisville, NC-based company’s management team did with three previous biotech firms, each of which culminated in a deal for that company’s lead drug.
So, in short, Jazz appears to have invested in a company based less on any technical product, but rather in its management team. “Arrivo’s leadership team, who is well known to us, has the expertise and history in sourcing molecules with a high probability of success and in doing rapid, cost effective, quality development,” said Matt Young, Jazz’s chief financial officer, to FierceBiotech.
Here they go again. A group headlined by blazingly successful life science rainmaker Steve Butts, MBA, is hanging out a shingle in Morrisville, this time with $49 million in early funding support.
A fledgling drug development company whose chief executive previously enjoyed success at Aerial BioPharma and other startups has raised $49 million in funding to acquire and develop promising drugs. … “We have a proven business model here that really does develop great products for patients,” (CEO Steve) Butts said.
A team of serial entrepreneurs that launched three previous ventures is rolling out a fourth in a big way. Arrivo Bioventures is launching with $49 million in committed capital from investors, including Rex Health Ventures in Raleigh.
Instead of pitching investors on the promise of a specific new drug, Steve Butts and Bill Wofford pitched investors on themselves. Investors, which include Jazz Pharmaceuticals (Nasdaq: JAZZ), Solas BioVentures and Rex Health Ventures – the venture arm of Raleigh hospital UNC Rex Healthcare, considered it a good investment, and pumped $49 million into Arrivo BioVentures, turning Butts, Wofford and their team loose on early stage drug developers.