Investor Abingworth has closed a new $356 million fund specifically designed to co-develop late-stage clinical programs with biotechs and pharmas.
Abingworth—an international life sciences investment group that was acquired last year by the Carlyle Group—has dubbed the new round its “Clinical Co-Development Co-Investment Fund.” The oversubscribed round surpassed its goal of $300 million and will go toward companies in the U.S., U.K., Europe and Asia-Pacific region.
Abingworth launched its clinical co-development (CCD) investment strategy 15 years ago, making 14 investments in CCD opportunities with partners such as AstraZeneca, Eisai and Pfizer. In the past three years, the investment group has raised $930 million in new funds for clinical co-development strategy.
The investor’s CCD program is built to not only provide money but also resources to its portfolio companies such as clinical and regulatory teams to execute trials. The co-development program is designed to allow pharmas to pursue other clinical projects and biotech companies to avoid near-term equity dilution, Bali Muralidhar, Ph.D., Abingworth’s chief investment officer, chief operating officer and managing partner, said in an Oct. 30 release.
Since Abingworth’s origin in 1973, the firm has invested in more than 185 life sciences companies, a portfolio that currently includes Entact Bio and Scorpion Therapeutics. Over the last decade, Abingworth portfolio companies have snagged over 30 FDA approvals.
In April 2022, Carlyle snapped up Abingworth for an undisclosed amount, a move the global investment firm made to further expand into pharma and life sciences sectors.