ElevateBio Secures $525 Million in Series C Funding

ElevateBio, a prominent biotech firm specializing in gene-based therapies, has successfully completed a $525 million Series C financing round. This substantial investment more than doubles the $193 million raised in its Series B funding, which concluded the previous year.

The funding was led by existing investor Matrix Capital Management, with the addition of new investors including SoftBank and Fidelity Management & Research Company. These funds will be allocated towards expanding the company’s research and development (R&D) and manufacturing infrastructure.

Bridging the Gap Between Research and Commercialization

Headquartered in Cambridge, Massachusetts, ElevateBio was established to connect groundbreaking academic research in cell and gene therapies with the practicalities of commercialization and large-scale production.

The company recognized a critical need for more effective methods to translate promising scientific advancements into viable treatments, particularly for severe and chronic diseases. ElevateBio’s strategy involves both independently developing and commercializing its own therapies, and forging collaborative partnerships.

A Model of Frequent Spin-Outs

ElevateBio actively creates spin-out companies, each concentrating on a specific therapeutic area. To date, three such entities have been announced:

• AlloVir (in collaboration with Baylor College of Medicine)
• HighPassBio (a partnership with gene-editing company Fred Hutchinson)
• Life Edit Therapeutics (developed with AgBiome)

Further spin-outs are currently underway, though details remain confidential for the time being.

Benefiting from Increased Biotech Investment

ElevateBio’s growth appears to be linked to the heightened interest in biotech investments spurred by the global pandemic. Its spin-out company, AlloVir, is developing a T cell therapy designed to combat COVID-19.

This therapy aims to eliminate SARS-CoV-2 infected cells within patients, potentially slowing disease progression and lessening its severity.

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