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Abingworth, the international investment group dedicated to life sciences, today announced the closing of the $105m Abingworth Clinical Co-Development Fund (ACCF), its 11th life sciences fund. ACCF was oversubscribed, exceeding its target of $100 million, and will co-invest with other Abingworth funds.
ACCF is a novel investment vehicle focused on investing in late-stage therapeutic clinical programmes derived from Pharmaceutical and Biotech groups through Abingworth co-development portfolio companies. These co-development companies finance the late-stage trials and incur all of the clinical and regulatory risk. They receive a pre-negotiated return once the drug is approved.
Abingworth has made seven co-development investments through its portfolio companies, Avillion and SFJ Pharmaceuticals. One such investment in SFJ Pharmaceuticals supported the Phase III development of Eisai’s lenvatinib, which resulted in a five-fold increase in progression free survival for thyroid cancer patients. This led to approval of the product (LENVIMA™) in the US, Europe and Japan, and a high quality exit for Abingworth.
ACCF has committed to its first investment in SFJ Pharmaceuticals IX. A company pursuing a late-stage clinical co-development business model, based in San Francisco.
“Abingworth has pioneered the Clinical Co-development approach,” said Managing Partner, Tim Haines. “In addition to the attraction of novel financing mechanisms, Pharma and Biotech companies appreciate the fast execution and high quality clinical data that co-development companies provide.”
“As the largest investor in the Fund, the EIF is keen to support innovative investment models,” said Piyush Unalkat, Head of Technology Transfer Investments, Equity Investments, at the European Investment Fund (EIF). “This fund addresses an acute need for alternative sources of financing for the late-stage development of therapeutics and contributes towards providing a vital continuum of funding in the life sciences venture capital investment chain.”
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 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 138 life science companies, leading to 60 IPOs and 40 mergers and acquisitions.