A new biotechnology holding company in the form of ElevateBio has been launched in Cambridge, Massachusetts with an objective to develop a portfolio of cell and gene therapy companies.
ElevateBio is backed by $150m funding raised through a Series A financing round co-led by the MPM Capital-managed UBS Oncology Impact Fund and F2 Ventures. Other investors in the biotechnology holding company include EcoR1 Capital, Redmile Group, and Samsara BioCapital.
MPM Capital co-founder Ansbert Gadicke said: “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.
“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.”
The new biotechnology holding company plans to build its portfolio by partnering with top academic researchers, medical centers and entrepreneurs.
Its business model is structured to build single- and multi-product cell and gene therapy companies by giving scientific founders centralized bench-to-bedside capabilities such as world-class scientists, drug development and commercialization expertise, and manufacturing facilities among others.
The company has founded a single research and development (R&D), process development and cGMP manufacturing subsidiary called ElevateBio BaseCamp. The subsidiary will offer centralized expertise for all the ElevateBio’s portfolio companies, and also serve certain strategic partners.
BaseCamp’s new campus which will spread over 100,000ft² in Waltham, Massachusetts, will have cGMP manufacturing suites, analytics and QC laboratories, and protein engineering, virology and immunology labs, all equipped with laboratory automation.
Its staff is said to have expertise in developing and manufacturing immunotherapies, in vivo viral-based therapies, regenerative medicine products, and other cell and gene therapies.
ElevateBio co-founder, CEO and chairman David Hallal said: “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.”
Hallal expects the initial portfolio companies and strategic partners to be announced in the coming weeks.