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
About Abingworth
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.
Clinical Co-development
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.
VIPEs
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.
http://www.abingworth.com