Updated: Steve Paul, Daphne Zohar reunite for another neuro startup after Karuna success
That was quick.
One month after Bristol Myers Squibb completed its $14 billion acquisition of Karuna Therapeutics, the CNS biotech’s executive and founding team are back with another neuropsychiatric startup already in the clinic to make better versions of active drugs.
PureTech Health, the biotech that formed Karuna and received about a 59x return on its initial investment, has launched Seaport Therapeutics and reeled in $100 million from familiar investors ARCH Venture Partners, Sofinnova Investments and Third Rock Ventures. Post-Series A, PureTech will hold about 61.5% equity ownership, the company said Tuesday morning.
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