LONDON, July 9, 2018 /PRNewswire/ --
Abingworth, the international investment group dedicated to life sciences, today announced the final closing of its latest fund, Abingworth Bioventures VII (ABV VII) at $315 million. ABV VII exceeded its target of $300 million and is Abingworth's 12th fund, investing in life sciences companies in Europe and the US. The firm has funds under management of over $1.2 billion.
The fund invests broadly across all stages of development including early and late-stage venture deals, Clinical Co-development, VIPEs (Venture Investments in Public Equities) and public equities. Investment size per company will typically range from $15 million to $30 million.
"We are delighted to have raised this new fund and to be supported by such high-quality existing and new investors," said Tim Haines, Managing Partner. "This is an exciting time in medical and scientific innovation to launch our new fund and we look forward to building on our recent achievements."
Recent exits include the acquisitions of Wilson Therapeutics by Alexion and of IFM Therapeutics by Bristol-Myers Squibb. Abingworth's funds have also benefited from the rapid progress made by companies such as CRISPR Therapeutics (NASDAQ: CRSP) since investing in the Series A, as well as from GammaDelta Therapeutics, which was seeded by Abingworth and incubated in its London office. In addition, its Clinical Co-Development portfolio has driven significant value with Avillion's approval of BOSULIF® and SFJ Pharmaceuticals' approvals of MYLOTARG® and BESPONSA®.
"We believe that Abingworth's transatlantic presence has contributed significantly to our successful life sciences strategy," said Kurt von Emster, Managing Partner. "It has increased deal flow and expanded access to markets as well as broadened our network of entrepreneurs, management and investors."
Abingworth's investor base has further diversified for ABV VII, including capital from endowments, foundations, fund-of-funds, family offices, healthcare corporations, insurance companies and pension plans across the US, Europe and Asia.
Asante Capital Group acted as placement agent for ABV VII. Goodwin Procter acted as legal counsel.
Notes for Editors
Abingworth is an international investment group dedicated to collaborating with life sciences entrepreneurs to develop their ideas into products that have a dramatic impact on health. With over $1.2 billion under management, Abingworth invests at all stages of development, from start-ups to publicly traded companies, and across all life science sectors.
Supporting its portfolio companies with a team of 27 at offices in London, Menlo Park (California) and Boston, Abingworth has invested in 148 life science companies, leading to 65 IPOs and 46 mergers and acquisitions.
Abingworth has pioneered the Clinical Co-development approach. This model provides financing for late-stage therapeutic assets with the co-development company incurring all the clinical and regulatory risk. The co-development company receives a pre-negotiated return once the drug is approved. Abingworth has made nine clinical co-development investments through its portfolio companies, Avillion and SFJ Pharmaceuticals.
A VIPE (Venture Investment in Public Equity) is a venture-style investment in a small public company. Abingworth invests in a significant holding, takes a board seat, and plays an active role in developing the business. We support the company in the same way as a venture investment, providing access to our expertise and networks as required.