ElevateBio Raises $401M Series D Funding to Further Accelerate Growth

The successful Series D financing round and strategic collaborations further solidify ElevateBio's position as a leading force in the cell and gene therapy space.


ElevateBio Series D funding, Chairman and CEO David Hallal

ElevateBio, a technology-driven company specializing in cell and gene therapies, has secured an impressive $401 million in its Series D financing round. Led by the AyurMaya Capital Management Fund, managed by Matrix Capital Management, the funding round attracted participation from both new and existing investors. Notable new investors include Woodline, Lee Family Office (Asia), and Novo Nordisk, while existing investors such as Matrix Capital Management, The Invus Group, Emerson Collective, and SoftBank Vision Fund 2 also joined the round.

The primary focus of ElevateBio’s latest financing round is to advance its technology platforms, which encompass Life Edit gene editing, induced pluripotent stem cells (iPSCs), and RNA, cell, protein, and vector engineering. The funding will also support the growth of ElevateBio’s BaseCamp® division, which is dedicated to current Good Manufacturing Practice (cGMP) manufacturing and process development for genetic medicine.

By accelerating the design, manufacturing, and development of cell and gene therapies, ElevateBio aims to expand its geographic reach and enhance its cGMP manufacturing capacity. This strategic expansion will enable the company to provide its academic and industry partners with comprehensive access to technologies and services throughout the entire product lifecycle.

In conjunction with the successful financing, ElevateBio’s subsidiary, Life Edit Therapeutics, announced a substantial collaboration with Novo Nordisk. The collaboration will focus on the discovery and development of base editing therapies. The investment by Novo Nordisk in the Series D financing round is expected to strengthen this collaboration even further.

As part of the collaboration, Life Edit will receive an upfront cash payment and may be eligible for potential development, regulatory, and commercial milestones totaling $250-$335 million for each of the seven programs within the collaboration. Additionally, Life Edit has the option to participate in a global profit share for one program. This collaboration aligns with ElevateBio’s strategy of forming industry partnerships while selectively advancing its own portfolio of genetic medicines.

David Hallal, Chairman and CEO of ElevateBio, expressed enthusiasm for the progress the company has made in scaling its technologies and capabilities. He emphasized ElevateBio’s commitment to innovation and its ability to redefine the landscape of operations, product creation, and disease treatment.

Khalil Barrage, Managing Director at The Invus Group and newly appointed member of ElevateBio’s Board of Directors, highlighted the disruptive nature of ElevateBio’s integrated business model and its potential to accelerate innovation within the cell and gene therapy industry.

Over the past year, ElevateBio has made significant strides in its gene editing capabilities through strategic acquisitions and partnerships. This includes the successful integration and growth of Life Edit’s novel RGN and base editing technologies, resulting in collaborations with esteemed companies such as Moderna Therapeutics and Novo Nordisk.

ElevateBio has also expanded accessibility to its iPSC platform technology through partnerships and the establishment of a dedicated company focused on developing iPSC-derived allogeneic immune cell therapies. Furthermore, the company has bolstered its BaseCamp division to meet the manufacturing and process development requirements of numerous cell and gene therapy innovators.

The successful Series D financing round and strategic collaborations solidify ElevateBio’s position as a prominent player in the cell and gene therapy field. The funding will play a pivotal role in advancing its technology platforms, expanding its capabilities, and accelerating the development and delivery of life-transforming therapies.

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