Venture Capital News: ElevateBio Launches with $150M Series A
CAMBRIDGE, MA, ElevateBio has closed $150 million in Series A financing.
ElevateBio, a Cambridge-based biotechnology holding company, today announced operations to create and build a broad portfolio of cell and gene therapy companies through partnerships with leading academic researchers, medical centers and entrepreneurs. ElevateBio's fully integrated business model is structured to efficiently build single- and multi-product cell and gene therapy companies by providing scientific founders with centralized bench-to-bedside capabilities including world-class scientists, manufacturing facilities, drug development and commercialization expertise. ElevateBio's BaseCamp is a single R&D, process development and cGMP manufacturing company that provides centralized expertise for all ElevateBio portfolio companies, and also serves selected strategic partners. The company has closed $150 million in Series A financing co-led by the UBS Oncology Impact Fund managed by MPM Capital and F2 Ventures, joined by EcoR1 Capital, Redmile Group, and Samsara BioCapital.
"ElevateBio is uniquely structured and positioned to leverage our cell and gene therapy company-building capabilities to accelerate development, manufacturing, and delivery of highly innovative therapies across a growing number of portfolio companies," said David Hallal, ElevateBio co-founder, CEO and Chairman. "A foundational element of our scientific, clinical and financial strategy is ElevateBio BaseCamp, which is our single R&D, process development and manufacturing company that supports our portfolio companies and a select group of strategic partners that will benefit from our expertise and facilities. We look forward to announcing our initial portfolio companies and strategic partners in the coming weeks."
ElevateBio's founders and broader leadership team have built and led several of the world's most successful biotechnology companies over the past several decades. The company is led by co-founders David Hallal, CEO and Chairman; Mitchell Finer, Ph.D., Chief Scientific Officer; and Vikas Sinha, Chief Financial Officer. MPM Capital incubated ElevateBio and Elevate's founding investors Ansbert Gadicke, M.D., co-founder of MPM Capital, and Morana Jovan-Embiricos, Ph.D., Managing Partner of F2 Ventures, are on the ElevateBio Board of Directors. Oleg Nodelman, Founder and Managing Director, EcoR1, serves as a Board Observer.
"At MPM, we are thrilled to have incubated ElevateBio, a company that is creating a novel environment to accelerate the development of cell and gene therapies for patients and deliver significant value to investors," said Dr. Gadicke. "The track records of the ElevateBio leadership team in building iconic companies and creating value are unmatched, and we look forward to working with them as they execute on a new model in the field of cell and gene therapies."
ElevateBio BaseCamp, Inc.
ElevateBio has established ElevateBio BaseCamp, a single R&D, process development and cGMP manufacturing company, to address the process development and manufacturing barriers that can impede the successful development of cell and gene therapies. BaseCamp is providing these and other services across ElevateBio's portfolio companies and selected strategic partners, enabling them to access state of the art capabilities.
Led by Dr. Finer, BaseCamp is currently located in Cambridge, Mass. and staffed with a world-class team of scientists. With more than 100,000 square feet of space, the new ElevateBio BaseCamp, being built in Waltham, Mass., includes cGMP manufacturing suites, analytics and QC laboratories, and protein engineering, virology and immunology labs, all with state-of-the art levels of laboratory automation. BaseCamp's staff have world-class expertise in developing and manufacturing immunotherapies, regenerative medicine products, in vivo viral-based therapies, and other cell and gene therapies.
"In the field of cell and gene therapies, as well as regenerative medicine products, the lack of high-quality process development and manufacturing capability is among the most significant barriers to moving these therapies forward," said Dr. Finer. "Working within a single umbrella organization of expert scientists and operators under one roof, we will rapidly and efficiently advance each development program by providing our scientific founders with dedicated PD, manufacturing and drug development expertise and facilities. Together, we are reducing inefficiencies that drain capital and delay new therapies, so that we can rapidly and successfully move novel candidates from concept to commercialization."
Leadership Team and Advisors
ElevateBio and ElevateBio BaseCamp are led and advised by a robust team of world-class biotech industry leaders, spanning the fields of basic science, clinical development, regulatory affairs, quality, manufacturing, commercialization, finance and operations. Background information on our leadership team is available at www.elevate.bio.
ElevateBio, LLC, is a Cambridge-based biotechnology holding company, established to create and operate a broad portfolio of cell and gene therapy companies through partnerships with leading academic researchers, medical centers and entrepreneurs. ElevateBio builds single- and multi-product companies by providing scientific founders with fully-integrated bench-to-bedside capabilities including world-class scientists, manufacturing facilities, drug developers and commercial expertise. ElevateBio is building a team of industry leaders who work at the holding company and are assigned exclusively or in-part to ElevateBio portfolio companies over time. ElevateBio BaseCamp, a company-owned center of cell and gene therapy innovation, will serve as the R&D, process development and manufacturing hub across the entire ElevateBio portfolio while also supporting selected strategic partners.
About the Lead Investors
MPM Capital is a healthcare investment firm with over two decades of experience founding and investing in life-sciences companies that seek to translate scientific innovations into cures for major diseases. With its experienced and dedicated team of investment professionals and Executive Partners, MPM strives to power novel medical breakthroughs that transform patients' lives. The firm invests across three vehicles: BV2018, a venture capital fund; the UBS Oncology Impact Fund (OIF), an oncology-only crossover fund (both private and public equities) managed by MPM; and another oncology-focused investment initiative with Dana-Farber Cancer Institute. For more information visit www.mpmcapital.com.
F2 Ventures is an international biotechnology venture capital asset manager established in 2003 to invest in breakthrough life science companies. In addition, a series of Special Purpose Vehicles have also been created to take advantage of capital arbitrage opportunities in the crossover private to public biotech markets.
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