When Jay Luly took the reins at a privately-held biotech startup called Enanta Pharmaceuticals in 2003, he thought he was in for a quick fix. A floundering biotech based on a peptide-morphing technology, Enanta needed a new direction. He was an entrepreneur-in-residence at a venture firm at the time, which is a sort of gig for an entrepreneur between gigs. Enanta looked to him to help turn the Watertown, MA-based company into something totally different—a drug developer.
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