Elevate Bio, a new biotechnology holding company, has begun its operations in Cambridge, Massachusetts, it was reported yesterday.

The organisation's aim is to develop a portfolio of cell and gene therapy companies by partnering with top academic researchers, medical centres and entrepreneurs.

The company is supported by USD150m 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 company include EcoR1 Capital, Redmile Group, and Samsara BioCapital. Its business model is structured to build single- and multi-product cell and gene therapy companies by providing scientific founders with centralised bench-to-bedside capabilities such as world-class scientists, drug development and commercialisation expertise, and manufacturing facilities among others.

The firm has founded a single research and development, process development and cGMP manufacturing subsidiary called ElevateBio BaseCamp.