May 24 Quick Takes: ElevateBio unveils $401M round, base editing deal with Novo

Plus: Phase III miss for Mirati’s sitravatinib in NSCLC and updates from CMS, Phathom, OnKure, Braeburn, Pyxis-Apexigen, IPI

May 25, 2023 1:15 AM UTC

Cell and gene therapy accelerator ElevateBio LLC raised the largest venture round of the year and announced a base editing deal with Novo Nordisk A/S (CSE:NOVO B; NYSE:NVO). Matrix Capital Management’s AyurMaya Capital Management Fund led the $401 million series D round, which included participation by Woodline, Lee Family Office, Novo Nordisk and existing investors. The financing comes two years after the company raised a $525 million series C and brings the company’s total capital raised to date to about $1.3 billion.

ElevateBio’s Life Edit Therapeutics subsidiary entered the deal with Novo Nordisk, with the partners planning to develop up to seven base editing therapeutics. Life Edit will receive an upfront payment of undisclosed size, and is eligible for $250-$335 million in milestones for each program; it may also opt into a worldwide profit share on one program. In addition, Novo is participating in ElevateBio’s $401 million series D round, announced concurrently with the deal...