A team of serial entrepreneurs that launched three previous ventures is rolling out a fourth in a big way. Arrivo Bioventures is launching with $49 million in committed capital from investors, including Rex Health Ventures in Raleigh.

Arrivo announced its formal launch Wednesday morning. It began operations last year.

Its focus is identifying biologics and small molecules to improve patient care. Key criteria include:

  • Offer an improvement to patient care that is both clinically and commercially relevant;
  • Have a clear regulatory and development pathway; and
  • Have good prospects for achieving a significant development milestone that could support a sale or partnering transaction within four years of our acquisition of rights.

Other backers include Jazz Pharmaceuticals and Solas Bioventures.

The company says it can access “committed capital” over the next five years for development projects.

The team behind the new company includes Steve Butts and Bill Wofford, who earlier helped launched Aerial BioPharma, Neuronext and Addrenex.

In fact, Jazz Pharmaceuticals bought a narcolepsy drug. from Aerial for nearly $400 million in 2014.

“We are excited about the next evolution in our business model,” Butts said in a statement. “We will continue to look for development programs that improve patient care and provide opportunities to minimize the clinical development and regulatory risks. However, our new model with more drug candidates will give our investors greater diversification, and ultimately even more chances for development success.”

Arrivo says it already is in discussions to “source or acquire candidates”and are targeting development of between four and six “assets” over the next five years.

Jed Black, who leads therapeutic sleep efforts at Jazz, will serve as a scientific advisor to Arrivo.