ElevateBio Scales Business Model with $525M Financing Round

ElevateBio has raised $525 million in a Series C financing. According to its website, the company has created a business model addressing the most pressing challenges in the field of cell and gene therapy. Its suite of technologies includes gene editing, induced pluripotent stem cells, and protein, viral, and cellular engineering. With this financing, ElevateBio will continue to develop and expand its technology platforms, build upon its network of process development and GMP manufacturing capacity, and advance an increasing number of industry partnerships, while also continuing to develop its own cell and gene therapies.

There are nearly a thousand cell and gene therapies in development targeting a broad range of diseases, yet as of February 2020, only nine cell or gene therapies were approved in the U.S. Despite the small number of approved therapies, the global cell and gene therapy market is expected to reach nearly $50 billion by 2027. The FDA predicts that by 2025, they will be approving 10 to 20 cell and gene therapy products a year based on an assessment of the current pipeline and the clinical success rates of these products.

Scaling production from a few million cells in the lab to manufacturing the billions of cells needed to treat patients is uniquely complex. While innovation has greatly advanced in the discovery and development of cell and gene therapies, the approach to manufacturing these novel medicines has largely relied on traditional modes of development or a patchwork of technologies and providers, hampering and slowing their impact on human health.
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ElevateBio was built to bring the insights, skills, and technological know-how needed to navigate these complex challenges. The company has assembled industry-leading talent, built world-class facilities, and integrated diverse technology platforms necessary for rapid innovation and commercialization of cell, gene, and regenerative therapies. At the center of the business model is ElevateBio BaseCamp, a centralized R&D and manufacturing company that offers research and development, process development, and cGMP manufacturing capabilities. The company is focused on increasing long-term collaborations with industry partners while also continuing to develop its own highly innovative cell and gene therapies. ElevateBio is headquartered in Cambridge with ElevateBio BaseCamp located in Waltham. (Source: ElevateBio Website, 15 March, 2021)