ElevateBio Closes $170 Million Series B Financing

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Cambridge, Mass. – March 30, 2020 – ElevateBio, LLC, a Cambridge-based creator and operator of a portfolio of innovative cell and gene therapy companies, today announced it has closed a $170-million Series B financing that will support and accelerate the company’s next phase of growth. New investors, The Invus Group, Surveyor Capital (A Citadel company), EDBI, and Vertex Ventures, join existing investors, F2 Ventures, MPM Capital, EcoR1 Capital, Redmile Group, and Samsara BioCapital, all of whom also participated in this financing. Additionally, the company announced Germano Giuliani will join its Board of Directors.

 

“In less than a year since launching ElevateBio, we have firmly established our first-of-its-kind business model in cell and gene therapy, by announcing our initial two therapeutic companies, commencing operations for additional companies, and entering into a 10-year manufacturing partnership with one of the world’s top hospital systems,” said David Hallal, Co-Founder and Chief Executive Officer of ElevateBio. “With the support of our new and existing investors, our highly disruptive, capitally efficient model uniquely positions ElevateBio to accelerate the rate of innovation in cell and gene therapy manufacturing, enabling technology platforms, and therapeutic development for many years to come.” “Cell and gene therapies are recognized as the future of precision medicine globally, and we believe ElevateBio’s platform enables product innovation to be accelerated with their unique business model and manufacturing expertise,” said Chu Swee Yeok, Chief Executive Officer and President of EDBI, a Singapore-based global investor in fast growing technology industries. “As ElevateBio continues to expand their global footprint, they are ideally suited to partner with biotech companies and academic centers in Asia to discover and develop novel therapies to treat cancers and rare diseases.”