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New biotechnology holding company ElevateBio launches in Cambridge, US

May 15, 2019 / pharmaceutical-business-review

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.”