Fresh off a blockbuster sale to Pfizer, the investors behind Metsera are putting their expertise and business strategy to work again.
Population Health Partners and ARCH Venture Partners have teamed up to found Sentivera, a US biotech shrouded in secrecy so far. The venture capital firms have not released public information regarding the startup’s aims, though a licensing deal hints at the areas it might focus on.
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On 25 August, China-based Haisco Pharmaceutical announced it had agreed to an exclusive licensing deal with Sentivera, giving the US biotech rights to an immunology asset.
Sentivera is paying around $76m upfront for the global rights to develop, manufacture, and commercialise the preclinical drug except in Greater China. Agreed development, regulatory, and commercial milestone payments mean the total deal could reach over $1.5bn. Haisco is also in line for royalties as the drug gains approvals across different territories.
Haisco said the drug is its “core immunology asset”, which inhibits the development and progression of type 2 inflammatory diseases. According to the company, the asset received authorisation from China’s National Medical Products Administration (NMPA) this month to enter clinical trials.
The company has not said which indications it plans to evaluate the candidate in, but type 2 inflammatory diseases span respiratory, skin, and gastrointestinal conditions, among others. Haisco highlighted preclinical studies that have demonstrated strong anti-inflammatory activity and a favourable safety profile associated with the therapy.
In a statement Haisco said it remains “highly confident in the future global market performance of this asset.”
Unlike the traditional “license‑out” collaboration model, this transaction adopts a ‘NewCo’ partnership structure. Under this model, instead of a direct agreement between an innovator and a big pharma buyer, rights are assigned to a new company, or NewCo, in which companies and investors hold equity. Amid the surge in deals between Chinese drug developers and US pharma companies, the NewCo model has gained in popularity because it distributes global growth more fairly.
Population Health Partners and ARCH Venture Partners will be hoping for a Sentivera success story akin to Metsera. The two firms launched the obesity-focused biotech in 2022, with a $290m exit from stealth following in 2024. The biotech, which specialised in developing long-lasting weight loss therapies, was the subject of a bidding war between Pfizer and Novo Nordisk in late 2025. Pfizer eventually prevailed, acquiring Metsera for $10bn – marking one of the largest M&A deals of the year.
