Third Arc Bio, led by three former Johnson & Johnson executives, is advancing a portfolio of multifunctional antibodies for cancer and inflammatory and immune-mediated diseases.
Third Arc Bio on Tuesday closed its oversubscribed Series A funding round, raising $165 million to advance a pipeline of cancer and autoimmune disease therapies through clinical studies.
The Philadelphia-based startup—which was launched in 2022 and is led by a trio of former Johnson & Johnson executives—is working on what it calls multifunctional antibodies designed to create immune synapses that activate or inhibit T cells, according to its website. Third Arc is leveraging this technology to develop novel therapies for solid tumors and inflammatory and immunology diseases (I&I).
The biotech did not specify in its announcement what indications it will prioritize but noted that it has “multiple programs” that are slated to “enter the clinic starting in early 2025.”
The Series A round was co-led by Vida Ventures, Cormorant Asset Management and Hillhouse Investment. Omega Funds, which provided Third Arc with seed funding in 2022, continued its support in the Series A. The biotech also picked up new backers such as Goldman Sachs Alternatives, AbbVie Ventures and Foresite Capital.
“The Third Arc Bio team has an outstanding track record of developing impactful medicines, including multiple approved drugs that have redefined standard of care in oncology and I&I,” Arjun Goyal, co-founder and managing director at Vida Ventures, said in a statement.
The Series A funding will help Third Arc in its goal to advance its portfolio of “best-in-class biologics” through several investigational new drug applications “planned for 2025,” with an eye toward developing “bold new treatments leveraging T cell biology,” Goyal said.
Third Arc is led by Peter Lebowitz, who is serving as the biotech’s CEO after his tenure as the global head of oncology R&D at Johnson & Johnson. Under his leadership, J&J scored 13 drug approvals and 13 Breakthrough Therapy designations from the FDA.
Lebowitz is joined by fellow J&J alum Joe Erhardt, who is Third Arc’s COO and was previously vice president and global head of oncology discovery at the pharma. Sanjaya Singh will serve as the biotech’s CSO and formerly served as global head of J&J’s subsidiary Janssen.
Third Arc’s Series A on Tuesday continues the industry’s recent fundraising streak. Last week, privately held NGM Bio raised $122 million in its Series A round, which will help it run a registrational study for its FGF19 analog aldafermin in primary sclerosing cholangitis.
Earlier this month, Myricx Bio also completed its Series A round—backed by Novo Holdings and Eli Lilly—raising $115 million to advance its antibody-drug conjugates for cancer.
