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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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ElevateBio raises $525 million in funding from SoftBank, others

03/15/2021 | 05:30am EDT

March 15 (Reuters) - ElevateBio said on Monday it has raised $525 million in new funding led by Matrix Capital Management, to help increase manufacturing capacity and also advance development of its cell and gene therapies.

The new financing, one of the bigger fund raises in the healthcare sector this year, also included investment from SoftBank Vision Fund 2, the cell and gene therapy developer said.

The company is the largest shareholder in cell therapy developer Allovir Inc, and its other portfolio companies include HighPassBio, which is also developing a treatment for leukemia patients.

ElevateBio is seeing demand for manufacturing services from both its portfolio companies, as well as from academic researchers and biotech companies, said co-founder and Chief Executive Officer David Hallal.

The funding comes as larger drugmakers work to build their own manufacturing plants for gene therapies, in a drive to better control production of the world's priciest medicines.

Biogen Inc said earlier this month that it planned to spend $200 million to build a new gene therapy manufacturing facility.

"We do have a fundamental belief that a large percentage of innovation will keep coming through traditional academic or early-stage companies," Hallal said.

These companies, however, "don't necessarily have either the time, the capital or the talent, to accelerate their programs forward."

As part of the series C funding round, ElevateBio said Karan Takhar, senior managing director at Matrix Capital Management and Deep Nishar, senior managing partner, SoftBank Investment Advisers, will join its board of directors. (Reporting by Manas Mishra in Bengaluru; Editing by Shailesh Kuber)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALLOVIR, INC. 2.18% 23.48 Delayed Quote.-40.22%
BIOGEN INC. -0.99% 295.54 Delayed Quote.21.90%
SOFTBANK GROUP CORP. -4.98% 6329 End-of-day quote.-21.46%
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Analyst Recommendations on SOFTBANK GROUP CORP.
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Financials
Sales 2022 6 040 B 55 292 M 55 292 M
Net income 2022 1 310 B 11 990 M 11 990 M
Net Debt 2022 14 983 B 137 B 137 B
P/E ratio 2022 8,69x
Yield 2022 0,70%
Capitalization 10 842 B 99 238 M 99 250 M
EV / Sales 2022 4,28x
EV / Sales 2023 4,05x
Nbr of Employees 58 786
Free-Float 69,3%
Chart SOFTBANK GROUP CORP.
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SoftBank Group Corp. Technical Analysis Chart | 9984 | JP3436100006 | MarketScreener
Technical analysis trends SOFTBANK GROUP CORP.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 15
Last Close Price 6 329,00 JPY
Average target price 10 507,87 JPY
Spread / Average Target 66,0%
EPS Revisions
Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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