Third Arc Bio has announced the closing of a $165 million series A round led by Vida Ventures and co-led by Cormorant Asset Management and Hillhouse Investment. Multiple other investors participated, including Omega Funds, Goldman Sachs Alternatives, and AbbVie Ventures among others.
The Boston-based company develops multifunctional antibodies that can precisely activate or inhibit T cells, unlocking multiple therapeutic applications across multiple indications in inflammatory and immunology disease, as well as in solid tumors.
Third Arc’s drug development engine is designed to optimize antibody drugs to achieve best-in-class T cell engagement. The company leverages two technology platforms, one focusing on solid tumor synergy and another on inflammatory and immunology disease, which pursues a novel approach to precision immune regulation with the goal of increasing the efficacy and safety of the resulting antibody therapeutics.
Along with the series A fundraising, Third Arc has announced plans to file for investigational new drug (IND) applications to enter the clinic with multiple programs, starting in early 2025.
"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, Chief Executive Officer 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."
Third Arc was launched and seeded in 2022 by Omega Funds, a venture capital (VC) firm that creates and invests in life sciences companies. The company’s leadership team is formed by a group of industry veterans from Johnson & Johnson with a successful track record in drug discovery and development across multiple pharma and biotech organizations. Collectively, the team has brought 19 drugs from discovery and development to commercialization.
"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," said Arjun Goyal, Co-Founder and Managing Director of Vida Ventures. "We are tremendously excited to lead this round alongside a high-caliber syndicate of life science and strategic investors at a pivotal time for the company's growth. With Third Arc's leading portfolio of best-in-class biologics, multiple INDs planned for 2025, and an extraordinary team of drug developers, the company is poised to create bold new treatments leveraging T cell biology for patients globally."
