Arrivo debuts with $49M

Newco Arrivo BioVentures LLC (Research Triangle Park, N.C.) launched with a $49 million venture round led by Jazz Pharmaceuticals plc (NASDAQ:JAZZ). Solas BioVentures, Rex Health Ventures and undisclosed others also participated.

Arrivo plans to acquire or in-license four to six candidates that are in or ready for early stage clinical trials, and to develop the candidates through clinical proof-of-concept or "to a point where a larger partner is prepared to take the project the rest of the way," CEO Stephen Butts told BioCentury. Jazz has rights of first negotiation to Arrivo's programs. ...