ElevateBio Brings Centralized Model To Cell And Gene Therapy
The company run by former Alexion and bluebird executives raised $150m and will build an R&D and manufacturing facility to serve its own start-ups and strategic partners, centralizing capabilities that would take individual firms millions of dollars and years to develop for a single product.
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CBER director says lack of a clear regulatory structure is holding back the development and acceleration of gene therapy products, while industry says regulations should be flexible to keep up with changing technology for these products.
VC deals totaled $8.3bn in the first half of 2019, but the year's total rose to just $11.5bn at the end of September, reflecting only a $3.2bn third quarter gain. Among recent financings, Cygnal emerged from stealth mode with $65m invested to date.
Biopharma companies raised $12.4bn in Q2, largely from follow-on public offerings. In the latest mega-merger of the year, AbbVie spent $63bn on Allergan and its established portfolio. Many of the higher-valued alliances focused on the area of protein degradation.