ElevateBio Takes Title of Largest 2023 Funding with $401M Series D
BIOMARKER
1. ElevateBio has raised $401 million in a Series D financing round, securing the largest private fundraising in the biotech industry this year.
2. The Massachusetts-based company plans to enhance its gene editing, RNA, cell, vector engineering, protein, and stem cell technologies with the funding.
3. The funds will be directed towards ElevateBio's BaseCamp, a genetic medicine manufacturing and process development business.
4. In addition to advancing its platforms, ElevateBio aims to expand its geographical reach and increase manufacturing capacity to meet industry and academic partner demands.
5. This latest funding round follows ElevateBio's successful $525 million Series C round in May 2021.
6. ElevateBio acquired Life Edit Therapeutics, a genome editing biotech start-up, in October 2021, bolstering its presence in the gene therapy field.
7. In February 2023, ElevateBio signed an R&D agreement with Moderna to leverage mRNA technology for delivering gene editors developed by Life Edit.
8. AyurMaya Capital Management led the Series D round, with support from investors such as Woodline and Novo Nordisk.
9. Concurrent with the funding, Life Edit and Novo Nordisk entered into an R&D collaboration for developing gene editing medicines.
10. ElevateBio stands to earn substantial milestone payments, potentially amounting to $2 billion, from the collaboration with Novo Nordisk.