Industry Veterans Announce Jupiter Bioventures, a Biotechnology Venture Foundry that Turns Novel Science into Transformational Companies
Summary
Co-Founders Nathaniel "Ned" David, PhD, and Norman "Ned" Sharpless, MD, will apply decades of experience to establish a scalable biotech foundry$70 million raised to evaluate, found and operate biotech companies pursuing unmet needs in cancer and disease areas in which cancer biology provides insightFounding investors Mission BioCapital and Mayo Clinic joined by other longtime life science investorsSAN FRANCISCO, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Jupiter Bioventures ("Jupiter"), a biotechnology venture foundry that builds bold, science-driven therapeutics companies, today announced the closing of a $70 million initial financing.The syndicate includes co-founding investors Mission BioCapital and Mayo Clinic. Sharpless and Davids previous companies have generated five approved medicines, four IPOs and three corporate acquisitions.Jupiter is built on the premise that a science first model can return higher multiples on invested capital than conventional venture funds. Were eager to see what innovations show promise through this unique biotech model, said Vijay Shah, MD, Kinney Executive Dean for Research at Mayo Clinic.Ned and Ned are among the most talented drug hunters and entrepreneurs weve worked with. Dr. Eshelman is a successful life science entrepreneur who founded and served as CEO and Executive Chairman of Pharmaceutical Product Development before the sale of the company to private equity interests. It will be a pleasure to work collaboratively with Ned David, Ned Sharpless and my fellow directors to execute a science-first strategy to bring groundbreaking therapeutic breakthroughs to patients.Jupiters strategic mission aligns with Cedars-Sinais approach to technology, commercialization and research to improve patient outcomes and advance healthcare solutions, said James Laur, JD, Chief Executive, Intellectual Property & Health Ventures at Cedars-Sinai.Nirdesh K. Gupta, PhD, managing partner of the Cedars-Sinai Intellectual Property Company, will join the Board of Directors at Jupiter.