Abingworth raises $356 million for new Clinical Co-Development Co-Investment Fund (CCD-CIF)
Abingworth extends its capital base for late-stage clinical programs with pharma and biotech partners
London, UK and New York, USA, October 30, 2023 - Abingworth, a leading international life sciences investment group, part of global investment firm Carlyle (NASDAQ: CG), today announced the final closing of its new Clinical Co-Development Co-Investment Fund at $356 million. Abingworth Clinical Co-Development Co-Investment Fund (CCD-CIF) was significantly oversubscribed, exceeding its target of $300 million. Alongside the Abingworth Clinical Co-Development Fund 2 (ACCD 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 create innovative therapeutics with potential to significantly improve human health.
Abingworth pioneered the clinical co-development (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.
“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,” said Bali Muralidhar, Managing Partner, Chief Investment Officer & COO.
“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 & Head of Abingworth Life Sciences.
CCD-CIF received support from Abingworth’s existing investor base and welcomed new investors from the US and Europe.
Asante Capital Group acted as global placement advisor for CCD-CIF. Simpson Thacher & Bartlett LLP acted as legal counsel.
Notes for Editors
Abingworth is a leading transatlantic life sciences investment firm. Abingworth helps transform cutting-edge science into novel medicines by providing capital and expertise to top calibre management teams building world-class companies. Since 1973, Abingworth has invested in over 185 life science companies, leading to 49 M&As and 75 IPOs. Our therapeutic focused investments fall into three categories: seed and early-stage, development stage, and clinical co-development. Abingworth supports its portfolio companies with a team of experienced professionals at offices in London, Menlo Park (California), and Boston.
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $385 billion of assets under management as of June 30, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across five continents.
Kurt von Emster
Managing Partner & Head of Abingworth Life Sciences
Tel: +1 (650) 926 0600
Managing Partner, Chief Investment Officer & COO
Tel: +44 (207) 534 1500
For media enquiries:
Mark Swallow or Frazer Hall, MEDiSTRAVA Consulting
Tel: +44 (203) 928 9600