Little more than a week after corralling $150 million to create and build a portfolio of cell and gene therapy companies, Elevatebio Inc. is revealing its first play, backing a Houston-based startup making allogeneic cell therapies to battle viral pathogens. The Baylor College of Medicine spinout, Allovir, will use a new $120 million series B financing to initiate multiple pivotal studies for its lead product, Viralym-M, in the next 12 months, while also advancing a second candidate to the clinic.