Abingworth, an international investment group dedicated to life sciences, has held the final closing of its latest fund, Abingworth Bioventures VII (ABV VII) at USD315 million.
ABV VII exceeded its target of USD300 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 USD1.2 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 USD15 million to USD30 million.
“We are delighted to have raised this new fund and to be supported by such high-quality existing and new investors,” says 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,” says 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.
