Raising Biotech
Raising Biotech
Surani Fernando
S3, E2: The Biotech Bromance: Serial CEO and Investor’s 20‑Year Journey of Building Biotechs with Steve Butts, Arrivo Bio and Dave Adair, Solas BioVentures
33 minutes Posted Aug 6, 2025 at 12:11 pm.
– Intro to a different kind of story: a founder–investor partnership
– The dinner that started it all
– Steve’s path from Eli Lilly to biotech startups
– Dave’s journey from OB‑GYN to angel investor
– Writing that first $750K check
– First exit: proof of concept for the partnership
– Scaling the model: 10 companies, 5 exits
– Aerial Biopharma and its $400M deal
– Launching Arrivo with capital first, assets second
– Structuring for flexibility: two subsidiaries, two assets
– A loyal investor base outside the usual big funds
– Forvisirvat: a “happy accident” in women’s depression
– Dave on why this matters for postpartum depression
– Reframing failure and challenging women’s health blind spots
– $45M Series B and a 450‑patient trial with cognitive endpoints
– Strategic options: M&A, IPO, or both
– Big pharma potential and broad applications
– The next five years for Steve and Dave
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Show notes
This episode of Raising Biotech takes a different turn — not just the story of a biotech, but of a partnership. Steve Butts, CEO of Arrivo BioVentures, and Dr. Dave Adair, Co‑Founder and Managing Partner of Solas BioVentures, have built ten companies together over nearly two decades.
From Steve's first shaky startup pitch to Dave in San Francisco to major exits and a novel company‑building model, Surani explores their individual paths, their serendipitous meeting that kicked it all off, and the lessons they’ve learned along the way right up to their current venture, Arrivo BioVentures, which has raised over $100 million to be the first to tackle female depression.
Timestamps:
For any comments, questions, feedback or suggestions you can connect directly with ⁠⁠Surani Fernando⁠⁠ on LinkedIn or email: [email protected]
Title music composed by: Yrii Semchyshyn (Coma Media)