Biotech entrepreneurs grab M to bankroll a neuroscience startup

A little more than two years ago, Jazz Pharmaceuticals stepped up with a $397 million deal for an experimental narcolepsy drug from tiny Aerial BioPharma. And now Jazz has reserved a front row seat to review some new drug prospects being assembled by the same team leaders that brought them Aerial. Jazz, which markets Xyrem for narcolepsy, will announce later today that it led a $49 million round to launch Arrivo BioVentures. Research Triangle Park-based Arrivo was formed by a management team that includes Stephen Butts and Bill Wofford, who were also partnered on Aerial, Neuronex (developing a diazepam nasal spray formulation sold to Acorda for $10 million plus $123 million in milestones) and Addrenex (sold to Shionogi), single-asset plays that fetched relatively small up fronts – but solid returns…

Link to Full Article: Biotech entrepreneurs grab M to bankroll a neuroscience startup

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