The final closing of its significantly oversubscribed, new clinical co-development co-investment fund (CCD-CIF) of $356 million, was announced on Monday last week (October 30).
Alongside the Abingworth CCD fund 2, a fund of $583 million, Abingworth has raised over $930 million 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 says it will create innovative therapeutics with the potential to significantly improve human health.
Abingworth pioneered the 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 $109 million. To date, Abingworth has made 14 investments in CCD opportunities, 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 last 50 years. Its portfolio companies have successfully completed over 30 FDA approvals in the past ten years.
Bali Muralidhar, managing partner, chief investment officer, and 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, and 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.”
“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,” 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.
Abingworth is a transatlantic life sciences investment firm that says its purpose is to help 'transform cutting-edge science into novel medicines' by providing capital and expertise to management teams. Since 1973, Abingworth has invested in over 185 life science companies, leading to 49 mergers and acquisitions and 75 initial public offerings (IPOs).
Its therapeutic focused investments fall into three categories - seed and early-stage, development stage, and clinical co-development. The company supports its portfolio companies at offices in London, Menlo Park (California), and Boston.
Asante Capital Group acted as the global placement advisor for CCD-CIF. Simpson Thacher & Bartlett LLP acted as legal counsel.