Raising $356m through a new Clinical Co-Development Co-Investment Fund (CCD-CIF), Carlyle-subsidiary Abingworth has extended its capital base for late-stage clinical bio-pharma programmes.
London-headquartered institutional investor Abingworth has closed its new Clinical Co-Development Co-Investment Fund at $356m, exceeding its target of $300m. Abingworth started 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.
Alongside the Abingworth Clinical Co-Development Fund 2 (ACCD 2), a fund of $583m, 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.
“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.