ElevateBio Raises $401M in Series D Financing

ElevateBio

ElevateBio, a Waltham, MA-based technology company focused on powering the creation of life-transforming cell and gene therapies, raised $401M in Series D funding.

The round was led by AyurMaya Capital Management Fund, managed by Matrix Capital Management, and joined by a group of new and existing investors. Its syndicate now includes new investors Woodline, Lee Family Office (Asia), and R&D partner Novo Nordisk, as well as existing investors: Matrix Capital Management, The Invus Group, Emerson Collective, SoftBank Vision Fund 2, Fidelity Management & Research Company, MPM Capital, F2 Ventures, Redmile Group, EcoR1 Capital, Samsara BioCapital, Surveyor Capital (a Citadel company), EDBI, Vertex Ventures, and iTochu,. In connection with the financing, Khalil Barrage, Managing Director of The Invus Group, was appointed to ElevateBio’s Board of Directors.

Led by CEO David Hallal, ElevateBio is a technology-driven company built to power the development of transformative cell and gene therapies. Its integrated technologies model offers scale and biotechnological capabilities to power cell and gene therapy processes, programs and companies to their full potential. Its ecosystem combines multiple R&D technology platforms – including Life Edit, a full-spectrum gene-editing platform; a proprietary induced pluripotent stem cell (iPSC) platform, and an RNA, cell, protein, and vector engineering platform – with BaseCamp, its end-to-end genetic medicine cGMP manufacturing and process development business, to power the discovery and development of advanced therapeutics. In addition, ElevateBio is also building a pipeline of cellular, genetic, and regenerative medicines.

The company intends to use the funds to further advance its technology platforms Life Edit and BaseCamp.

In connection with Novo Nordisk’s investment in the Series D financing, ElevateBio’s integrated subsidiary Life Edit Therapeutics also announced a multi-target collaboration with Novo Nordisk to discover and develop base editing therapies. In addition to the equity investment, Life Edit will receive an upfront cash payment and is eligible to receive potential development, regulatory, and commercial milestones of $250-$335 million for each of the seven programs under the collaboration. Life Edit also has an option to opt into a global profit share for one program.

FinSMEs

24/05/2023