ElevateBio Takes Top Spot in Biotech Funding with $401M Raise
Cell and gene therapy incubator ElevateBio has closed a $401 million Series D funding round led by Matrix Capital Management’s new vehicle AyurMaya Capital Management Fund. The round was also joined by Danish big pharma Novo Nordisk, SoftBank Vision Fund 2 and Samsara BioCapital as part of ElevateBio’s investor syndicate.
The financing is the largest private biotech raise so far this year, displacing ReNAgade Therapeutics from the top spot, which announced the raise of a $300 million Series A round on Tuesday. This latest haul for ElevateBio comes two years after the company raised $525 million in a series C round.
The company will now invest its newly acquired funds in expanding its production and technological platforms. ElevateBio boasts a number of research and development platforms, including induced pluripotent stem cells, RNA, cell, protein, and vector engineering technology, as well as Life Edit, a gene editing platform.
Led by David Hallal, Chairman and CEO, Waltham, MA-based ElevateBio has added more than 15 new biopharma partners across its ecosystem over the past year, including collaborations with Moderna and Novo Nordisk.
In connection with the funding round, Khalil Barrage, managing director of Invus Group, was appointed to ElevateBio’s board.