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Jupiter Bioventures: Life Sciences Initiative

Nov 20, 2024

Jupiter Bioventures and Life Sciences Investment

Key Highlights

  • Jupiter Bioventures secured $70 million for life sciences startups.
  • Co-founders: Ned Sharpless and Ned David.
  • Fred Eshelman joins the board of directors.

Overview

  • Objective: Invest in life science startups, with a focus on the Triangle region.
  • Model: Use a foundry approach to foster early-stage ideas, with a built-in expectation of failure.
    • Plans to evaluate numerous ideas, narrowing down to 10, with half expected to fail.
    • Aims to have small investments in many companies and larger investments in successful ones.

Founders and Background

  • Ned Sharpless: Former director of the National Cancer Institute and UNC's Lineberger Comprehensive Cancer Center.
    • Co-founder of G1 Therapeutics.
  • Ned David: Co-founder of companies like Syrrx, Achaogen, Kythera Biopharmaceuticals, and Unity Biotechnology.
    • Initial idea at Unity focused on commercializing anti-aging research.
    • Encouraged Sharpless to explore new ventures.

Strategy and Approach

  • Biotechnology Startups: Compares startups to black boxes.
    • "You can't look inside the black box until you've spent tens of millions."
  • Evaluation Process: Begin early with technologies, expecting most to fail but aiming for high returns on successful cases.

Funding and Investors

  • $70 Million Financing: Supported by a group including:
    • Mission BioCapital
    • Mayo Clinic
    • Alexandria Venture Investments
    • Bioventure Partners
    • Others including Cedars-Sinai Intellectual Property Company, CU Healthcare Innovation Fund, Eshelman Ventures, etc.

Local and Strategic Ties

  • Fred Eshelman: North Carolina-based life sciences entrepreneur, on the board of directors.
  • Geographical Focus: Includes Triangle region; vetting ongoing for two concepts in this area.
  • Academic Collaboration: Offers resources and capital connections to academic founders to avoid extensive VC pitches.

Future Direction

  • Portfolio Development: Currently narrowing eight concepts to four, looking for two to four more ideas.
  • Long-Term Vision: To create near-clinic-ready molecules through systematic culling of early-stage ideas.