Third Arc Bio Emerges with $165 Million to Innovate in Solid Tumors and Autoimmune Diseases
A team of Johnson & Johnson veterans launched Third Arc Bio with $165 million in Series A funding to develop multifunctional antibodies targeting solid tumors and autoimmune diseases.
August 8, 2024
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A group of seasoned professionals from Johnson & Johnson has made a significant entrance into the biotech industry with the launch of Third Arc Bio. The new company has secured $165 million in oversubscribed Series A funding to advance multifunctional antibodies into clinical trials, targeting solid tumors and autoimmune diseases.
Leadership with Proven Expertise
The founding of Third Arc Bio is led by Sanjaya Singh, Ph.D., a key figure in the development of AbbVie’s autoimmune blockbuster, Skyrizi. Singh, who ended his tenure as global head of Janssen Biotherapeutics at J&J in 2021, has taken on the role of Chief Scientific Officer at Third Arc. In 2023, Singh brought on board Joe Erhardt, Ph.D., previously the global head of oncology discovery and external innovation at J&J, as the Chief Operating Officer.
Continuing its trend of recruiting top talent from J&J, Third Arc appointed Peter Lebowitz, M.D., Ph.D., as CEO in January. Lebowitz joined after a distinguished 13-year career at J&J, culminating as the global head of oncology R&D. Earlier this year, Third Arc also welcomed Debi Watson, another J&J veteran, as Chief Business Officer.
Innovative Focus on Multifunctional Antibodies
The leadership team at Third Arc Bio is united in its commitment to advancing multifunctional antibodies. Since Amgen’s approval of the bispecific T-cell engager Blincyto a decade ago, the use of antibodies to activate or inhibit immune cells has become pivotal in drug development. Multifunctional antibodies, which can simultaneously bind two or more targets on the same or different cells, offer the potential to unlock biological mechanisms that traditional antibodies cannot reach.
Strategic Investment and Future Plans
Third Arc Bio has attracted a robust lineup of investors, including some who typically do not participate in Series A rounds. The investment group features Vida Ventures, Cormorant Asset Management, and Hillhouse Investment, along with Omega Funds, Goldman Sachs Alternatives, BVF Partners, Janus Henderson Investors, and AbbVie Ventures.
The substantial $165 million funding will enable Third Arc Bio to advance multiple programs targeting solid tumors and inflammatory and immunology indications. The biotech company is preparing to file for multiple clinical trials, with plans to commence these trials early next year.
Advancing Through Clinical Studies
Third Arc Bio, launched in 2022 with seed financing from Omega Funds, has made rapid progress, advancing multiple programs slated to enter the clinic starting in early 2025. The Series A financing, led by Vida Ventures and co-led by Cormorant Asset Management and Hillhouse Investment, signifies a strong vote of confidence in Third Arc’s approach to developing superior biologics.
“With a powerful discovery engine and a stellar development team, the company is well-positioned to deliver best-in-class therapies and regimens,” said Peter Lebowitz, M.D., Ph.D., CEO of Third Arc Bio. “We are grateful for the strong support from Omega Funds and our investor syndicate, who believe in the value of our precise and targeted approach to modulating the immune response with advanced biologics.”
About Third Arc Bio
Third Arc Bio is a biotech company developing multifunctional antibodies that generate immune synapses that precisely activate or inhibit T cells. The company’s drug development engine delivers superior biologics optimized to create best-in-class T cell engagement by leveraging two technologies that power a pipeline of high value therapeutics – a solid tumor synergy platform and an I&I platform that offers a novel approach to precision immune regulation at a tissue-specific level to achieve superior efficacy and safety. To learn more, visit www.thirdarcbio.com.
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