Biotechnology

ElevateBio raises $401 million for cell and gene therapy

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ElevateBio, LLC (ElevateBio), a technology-based company focused on cell and gene therapy, has closed a $401 million Series D financing.

“We have made significant strides in enhancing our technology and end-to-end capabilities in our quest to become the world’s most desirable cell and gene therapy technology company. We are excited to welcome Khalil to our Board as his expertise will be invaluable as the number of strategic partners leveraging the power of our integrated ecosystem continues to grow,” said David Hallal, chairman and chief executive officer of ElevateBio.

“We are emboldened by the speed at which our technology platform advances and continues to drive innovation from concept through commercialization and redefining the way companies operate, the way products are made, and the way disease is treated.”

Proceeds from the financing will be used to further advance the company’s technology platforms – Life Edit gene editing, induced pluripotent stem cells (iPSC), and RNA, cell, protein, vector engineering – and BaseCamp, its current end-to-end genetic drug manufacturing business and development of Good Manufacturing Practice (cGMP) processes, to accelerate the design, manufacture, and development of cell and gene therapies.

The funding will also support ElevateBio’s ongoing efforts to expand its geographic reach and leverage its cGMP manufacturing capacity to provide its academic and industrial partners with turnkey and scalable access to technology and services across the full product lifecycle.

ElevateBio collaboration with Novo Nordisk

In conjunction with Novo Nordisk’s investment in Series D funding, integrated subsidiary ElevateBio Life Edit Therapeutics also announced a multi-target collaboration with Novo Nordisk to discover and develop basic editing therapies.

In addition to the equity investment, Life Edit will receive a cash advance payment and be eligible to receive $250-$335 million in potential development, regulatory and commercial milestones for each of the seven programs under the collaboration. Life Edit also has the option to participate in global profit sharing for a single program.

“At Novo Nordisk, we are committed to continuing to build and leverage technology platforms that open up new opportunities across our therapeutic areas to provide potentially curative treatment options for people living with serious chronic illnesses,” said Marcus Schindler, professor, executive vice president and chief scientific officer of Novo Nordisk.

“We are excited about the opportunity to co-create new treatments for genetic diseases based on Life Edit gene editing technology.”

The fund is led by AyurMaya Capital Management Fund, managed by Matrix Capital Management, and joins a distinguished group of new and existing investors. The ElevateBio 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, iTochu, and large institutional investors.

Since its previous funding round in 2021, ElevateBio says it has enhanced its gene editing capabilities through the acquisition, integration, and growth of Life Edit’s novel RGN and basic editing technologies, leading to numerous partnerships, including recently announced collaborations with Moderna Therapeutics and Novo. Nordic.

ElevateBio has also expanded access to iPSC platform technology through a partnership with the California Institute for Regenerative Medicine and the formation of a new company that aims to develop iPSC-derived allogeneic immune cell therapies. The company has also leveraged BaseCamp’s manufacturing and process development capabilities to support a growing number of cell and gene therapy innovators.

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