- Transatlantic venture capital group Abingworth has raised $356 million to invest in late-stage drug development by pharmaceutical and biotechnology companies.
- Announced Monday, the new fund is part of Abingworth’s “clinical co-development” strategy, which it started in 2009 and has used to support 14 programs to date, including with partners like AstraZeneca, Eisai and Pfizer.
- Abingworth targets for clinical co-development drugs that are either in or through Phase 3 testing, “with a high probability of reaching approval and successful commercialization within a few years,” according to the company’s website.
Abingworth exceeded its own targets with its most recent capital raise. The firm initially sought $300 million for its Clinical Co-Development Co-Investment Fund, which was ultimately oversubscribed.
With the new fund, Abingworth has now raised nearly $1 billion for life sciences investing since 2021. The company said it has invested in more than 185 biotech and pharma companies over the past 50 years.
“Our [Clinical Co-Development] program creates bespoke investment and operational solutions that enable resource-constrained pharma companies to pursue additional clinical projects and biotech companies to avoid near-term equity dilution,” Bali Muralidhar, Abingworth’s chief operating officer, said in a statement.
The company has supported a number of approved drugs with its co-development strategy, including Pfizer’s Besponsa, Eisai’s Lenvima and Apellis Pharmaceuticals’ Empaveli. In the latter case, Abingworth provided $28 million to help Apellis run a Phase 3 trial of the drug.
Co-development investments are typically around $30 million, according to the company.
The venture capital group is owned by investment firm Carlyle, and has offices in London, Boston and Menlo Park, California.
Despite an up-and-down market, life sciences investors have raised billions of dollars this year. New venture firms have joined the mix, with funds like Yosemite launching to focus on specific disease areas.