HomeUKAbingworth Closes Clinical Co-Development Co-Investment Fund, at $356M

Abingworth Closes Clinical Co-Development Co-Investment Fund, at $356M

Abingworth, a London, UK- and NYC-based life sciences investment firm, which is part of Carlyle (NASDAQ: CG), closed its new Clinical Co-Development Co-Investment Fund, at $356M.

CCD-CIF, which exceeded its target of $300m,  received support from Abingworth’s existing investor base and also added new investors from the US and Europe.

The firm started the clinical co-development (CCD) investment strategy in 2009, investing initially via its venture funds and then through its first dedicated fund, Abingworth Clinical Co-Development Fund (ACCD 1), which launched in 2016 raising $109M. Alongside the Abingworth Clinical Co-Development Fund 2 (ACCD 2), a fund of $583m, the firm has raised over $930m in new funds since 2021 to invest in the development of late-stage clinical programs from pharmaceutical and biotechnology companies in the US, UK, Europe, and Asia-Pacific, and create innovative therapeutics with potential to significantly improve human health.

To date, Abingworth has made 14 investments in CCD opportunities, working with partners such as AstraZeneca, Eisai, Apellis, and Pfizer.

Commenting on the closing announcement, Bali Muralidhar, Managing Partner, Chief Investment Officer & COO, said: “Our clinical co-development approach has proved to be a great success as an alternative investment strategy since we pioneered the concept more than a decade ago, in terms of gaining new product approvals, getting new medicines to patients, ad generating returns for investors. Our CCD 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.

Kurt von Emster, Managing Partner & Head of Abingworth Life Sciences, added: “We are delighted to announce this new Clinical Co-Development Co-Investment Fund that, combined with Abingworth Bioventures 8 and ACCD 2, brings new funds closed by Abingworth to over $1.4 billion since 2020.

Abingworth is a transatlantic life sciences investment firm, which helps transform science into novel medicines by providing capital and expertise to top management teams building category defining companies. Its therapeutic focused investments fall into three categories: seed and early-stage, development stage, and clinical co-development. Since 1973, the firm has invested in over 185 life science companies, leading to 49 M&As and 75 IPOs.

VCWire

30/10/2023