Abingworth is expanding its capital base for late-stage clinical programs with pharmaceutical and biotech partners
London, UK and New York, USA, 30 October 2023 – Abingworth, a leading international life sciences investment group, part of the global investment firm Carlyle (NASDAQ: CG), today announced the final close of its new $356 million clinical development co-investment fund. The Abingworth Clinical Co-Development Co-Investment Fund (CCD-CIF) was significantly oversubscribed, exceeding its target of $300 million. Along with Abingworth Clinical Co-Development Fund 2 (ACCD 2), a $583 million fund, Abingworth has raised over $930 million in new funds since 2021 to invest in the development of late-stage pharmaceutical and biotech clinical programs companies in the US, UK, Europe and the Asia-Pacific region and create innovative therapeutics with the potential to significantly improve human health.
Abingworth pioneered the Co-Clinical Development (CCD) investment strategy in 2009, investing initially through its venture funds and then through its first dedicated Abingworth Clinical Co-Development Fund (ACCD 1), which was launched in 2016. , raising $109 million. To date, Abingworth has made 14 investments in CCD capabilities, working with partners such as AstraZeneca, Eisai, Apellis and Pfizer.
Overall, across all strategies – venture, growth and clinical co-development – Abingworth has invested in over 185 life sciences companies over the past 50 years. Its portfolio companies have successfully completed over 30 FDA approvals over the past ten years.
“Our collaborative clinical development approach has proven to be a great success as an alternative investment strategy since we introduced the concept more than a decade ago, in terms of obtaining new product approvals, bringing new medicines to patients and generating returns for investors.” Our CCD program creates tailored investment and operating solutions that enable pharmaceutical companies with limited resources to pursue additional clinical projects and biotech companies to avoid short-term capital dilution.” said Bali Muralidhar, managing partner, chief investment officer and chief operating officer.
“We are pleased to announce this new clinical development co-investment fund which, combined with Abingworth Bioventures 8 and ACCD 2, brings new funds closed by Abingworth to over $1.4 billion as of 2020,” added Kurt von Emster, managing partner and head of Abingworth Life Sciences.
CCD-CIF received support from Abingworth’s existing investor base and welcomed new investors from the US and Europe.
Asante Capital Group acted as global consultant on the placement of CCD-CIF. Simpson Thacher & Bartlett LLP acted as legal counsel.
Notes for editors
Abingworth is a leading transatlantic life sciences investment firm. Abingworth helps transform cutting-edge science into new medicines by providing capital and expertise to the highest caliber teams building world-class companies. Since 1973, Abingworth has invested in over 185 life science companies, resulting in 49 mergers and acquisitions and 75 IPOs. Our therapeutic investments fall into three categories: seed and early stage, development stage and clinical co-development. Abingworth supports its portfolio companies with a team of experienced professionals in offices in London, Menlo Park, California and Boston.
Carlyle (NASDAQ: CG) is a global investment firm with deep industry experience that deploys private equity in three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $385 billion in assets under management as of June 30, 2023, Carlyle’s goal is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices on five continents.
Kurt von Emster
Managing Partner and Head of Abingworth Life Sciences
Tel.: +1 (650) 926 0600
Managing Partner, Chief Investment Officer and Chief Operating Officer
Tel.: +44 (207) 534 1500
For media inquiries:
Mark Swallow or Fraser Hall, MEDiSTRAVA Consulting
Tel.: +44 (203) 928 9600
Email: [email protected]