A clutch of Johnson & Johnson veterans have burst onto the biotech scene, launching Third Arc Bio with $165 million to take multifunctional antibodies into the clinic in solid tumors and autoimmune diseases.
Sanjaya Singh, Ph.D., a co-inventor of AbbVie’s autoimmune blockbuster Skyrizi, founded Third Arc after bringing his time as global head of J&J’s Janssen Biotherapeutics to an end in 2021. Singh hired Joe Erhardt, Ph.D., formerly global head of oncology discovery and external innovation at J&J, to serve as the chief operating officer of Third Arc in 2023.
With Singh taking the chief scientific officer post, Third Arc needed a CEO and once again looked to J&J. Peter Lebowitz, M.D., Ph.D., took the top seat in January, ending a 13-year spell at J&J that culminated in the title of global head of oncology R&D. Third Arc also hired another J&J vet for its chief business officer earlier this year in the form of Debi Watson.
The leadership team has come together to study multifunctional antibodies. In the decade since Amgen won approval for the bispecific T-cell engager Blincyto, the idea of using antibodies to activate or inhibit immune cells has become a cornerstone of drug development. Simultaneously binding two or more targets, on the same or different cells, can unlock biology that is inaccessible to traditional antibodies.
Third Arc has persuaded big-name investors, some of which are rarely seen in series A rounds, that it can play a lead role in the rise of multifunctional drugs. Vida Ventures, Cormorant Asset Management and Hillhouse Investment top a list of investors that also includes Omega Funds, Goldman Sachs Alternatives, BVF Partners, Janus Henderson Investors and AbbVie Ventures.
The biotech will use the money to advance multiple programs across solid tumor and inflammatory and immunology indications. Third Arc is planning to file to run multiple clinical trials starting early next year.