ElevateBio announced $401m in Series D financing for cell and gene therapies

James Spargo | May 25, 2023 | News story | Sales and Marketing ElevateBio, Financing, cell and gene therapies 

US-based cell and gene therapy (CGT) company ElevateBio has announced that, at the end of its Series D financing led by AyurMaya Capital Management Fund, it has secured $401m. New investors, including Woodline, Lee Family Office (Asia) and Novo Nordisk, join existing investors such as Matrix Capital management, The Invus Group and Emerson Collective. In addition, Khalil Barrage, managing director for The Invus Group, joined ElevateBio’s Board of Directors.

The financing will be used to advance ElevateBio’s technology platforms, including Life Edit gene editing, induced pluripotent stem cells (iPSCs) and RNA, cell, protein and vector engineering and BaseCamp ‒ an end-to-end genetic medicine current Good Manufacturing Practice (cGMP) manufacturing and process development business, which designs, manufactures and develops CGTs.

As well as its investment in ElevateBio, Novo Nordisk entered into a multi-target collaboration with ElevateBio’s integrated subsidiary Life Edit Therapeutics. Life Edit will receive an upfront cash payment, as well as potential development, regulatory and commercial milestone payments of up to $250-$335m, to discover and develop base editing therapies.

David Hallal, chairman and CEO of ElevateBio, stated: “We have made significant strides in scaling our technologies and end-to-end capabilities in our pursuit to become the world’s most indispensable CGT technology company. We are thrilled to welcome Khalil to our Board as his expertise will be invaluable as the number of strategic partners harnessing the power of our integrated ecosystem continues to grow. We’re emboldened by the pace of advancements to our technology platforms and continue to drive innovation from concept through commercialisation and redefine how companies operate, how products are created, and how disease is treated.”

Khalil Barrage, MD at The Invus Group, said: “ElevateBio has created a truly disruptive business model with integrated technologies, capabilities and capacity for which we see accelerating need as the complexity of CGTs continues to grow. In this still-nascent industry, we believe ElevateBio is looking several steps ahead to pave the path for partners across the biopharmaceutical industry to accelerate innovation and bridge the gap between discovery and widespread delivery of CGTs as everyday medicine.”

James Spargo

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