ElevateBio, LLC (ElevateBio), a technology-driven company focused on cell and gene therapies, has closed its $401 million Series D financing.
“We have made significant strides in scaling our technologies and end-to-end capabilities in our pursuit to become the world’s most indispensable cell and gene therapy 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,” said David Hallal, chairman and chief executive officer of ElevateBio.
“We’re emboldened by the pace of advancements to our technology platforms and continue to drive innovation from concept through commercialization and redefine how companies operate, how products are created, and how 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 (iPSCs), and RNA, cell, protein, vector engineering – and BaseCamp, its end-to-end genetic medicine current Good Manufacturing Practice (cGMP) manufacturing and process development business, to accelerate the design, manufacturing, and development of cell and gene therapies.
The funding will also support ElevateBio’s continued efforts to expand its geographic reach and increase its cGMP manufacturing capacity to provide its academic and industry partners with turnkey and scalable access to technologies and services across the full-product lifecycle.
ElevateBio collaboration with Novo Nordisk
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.
“At Novo Nordisk, we are committed to continuously building and leveraging technology platforms that open up new opportunities across our therapeutic areas to deliver potentially curative treatment options to people living with serious chronic diseases,” said Marcus Schindler, professor, executive vice president and chief scientific officer of Novo Nordisk.
“We are excited about the opportunity to co-create novel treatments for multiple genetic diseases based on Life Edit’s gene editing technologies.”
The financing was led by the AyurMaya Capital Management Fund, managed by Matrix Capital Management, and joined by a leading group of new and existing investors. ElevateBio’s 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 a large institutional investor.
Since its previous financing round in 2021, ElevateBio said it has boosted its gene editing capabilities through the acquisition, integration, and growth of Life Edit’s novel RGN and base editing technologies, leading to multiple partnerships, including the recently announced collaborations with Moderna Therapeutics and Novo Nordisk.
ElevateBio has also expanded access to its iPSC platform technology through a partnership with the California Institute for Regenerative Medicine and the formation of a new company aimed at developing iPSC-derived allogeneic immune cell therapies. The company has also increased BaseCamp manufacturing and process development capabilities to support a growing number of cell and gene therapy innovators.