Third Arc Bio has announced a $165 million oversubscribed Series A financing that will advance the company through clinical studies to address significant unmet needs in oncology and autoimmunity.
Third Arc Bio, a biotech company developing multifunctional antibodies that are optimised for T cell engagement across solid tumours and inflammatory & immunology disease, was launched in 2022 with seed financing from Omega Funds.
The company has since advanced multiple programmes that will enter the clinic starting in early 2025.
The Series A investor syndicate was led by Vida Ventures and co-led by Cormorant Asset Management and Hillhouse Investment. Omega Funds continued their strong support of the company in the Series A and additional investors include Goldman Sachs Alternatives, BVF Partners LP, funds and accounts advised by T. Rowe Price Associates, Inc., Janus Henderson Investors, funds managed by abrdn Inc., Marshall Wace, Foresite Capital, Logos Capital, Freepoint Capital Group, and AbbVie Ventures.
Peter Lebowitz, MD, PhD, Chief Executive Officer (CEO) of Third Arc Bio, commented: “With a powerful discovery engine and a stellar development team, the company is well-positioned to deliver best-in-class therapies and regimens.
“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.”
“Less than three years ago, we decided to help realize the scientific vision of Third Arc Bio’s founding team by pairing the latest innovation in antibody development with the pursuit of high impact targets in oncology and autoimmunity,” said Francesco Draetta, Managing Partner of Omega Funds.
“We are delighted to have played a role in the company’s rapid growth since its inception. This latest oversubscribed financing reflects the hard work and progress of the talented Third Arc team and the broad interest in their approach.
“We are very excited to see the potential impact that these drugs could have for patients.”
“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,” added Arjun Goyal, MD, 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.”
Third Arc Bio’s accomplished leadership team has collectively brought 19 drugs from discovery and development to commercialisation.
