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.