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(Reuters) - ElevateBio said on Monday it has raised $525 million in new funding led by Matrix Capital Management, to help increase manufacturing capacity and also advance development of its cell and gene therapies.
The new financing, one of the bigger fund raises in the healthcare sector this year, also included investment from SoftBank Vision Fund 2, the cell and gene therapy developer said.
The company is the largest shareholder in cell therapy developer Allovir Inc, and its other portfolio companies include HighPassBio, which is also developing a treatment for leukemia patients.
ElevateBio is seeing demand for manufacturing services from both its portfolio companies, as well as from academic researchers and biotech companies, said co-founder and Chief Executive Officer David Hallal.
Cell and Gene Therapy Portfolio Builder ElevateBio Raises $525M in Financing
Cell and gene therapy company ElevateBio has completed a $525 million Series C financing, with plans to use the proceeds toward developing and expanding its technology platforms, growing its network of process development and GMP manufacturing capacity, advancing industry partnerships, and continuing to develop candidates through its portfolio of companies. [ElevateBio]
March 15, 2021
Cell and gene therapy company ElevateBio has completed a $525 million Series C financing, with plans to use the proceeds toward developing and expanding its technology platforms, growing its network of process development and GMP manufacturing capacity, advancing industry partnerships, and continuing to develop candidates through its portfolio of companies. [ElevateBio]
Dive Brief:
Elevate Bio, a well-funded biotech startup led by former Alexion Pharmaceuticals executives, has raised another $525 million in venture funding to fuel expansion of an unusual business model that blends in-house research with a technology platform meant to advance the work of Elevate s partners.
Elevate s focus is cell and gene therapy, a fast-growing field that it aims to accelerate by offering companies access to centralized research and manufacturing resources. So far, Elevate is partnered with Allovir, HighPassBio and LifeEDIT Therapeutics, and has formed a 10-year alliance with Massachusetts General Hospital.
The $525 million in new funding is a particularly rich Series C financing, and follows two earlier venture rounds that raised a combined $320 million.