New Abingworth fund beats expectations

Lifesciences investment group Abingworth Bioventures has closed its latest fund, Abingworth Bioventures VII (ABV VII) at $315 million. The fund — Abingworth’s 12th invested in companies in Europe and the U.S. —  exceeded its target of $300 million.  The firm has more than $1.2 billion under management.

The fund invests broadly across all stages of development, including early and late-stage venture deals, clinical co-development, venture investments in public equities (VIPEs) and public equities. Investment size per company will typically range from $15 million to $30 million.

Its medtech portfolio ranges from California permanent-contraception maker Adiana to Stanmore Implants, a UK orthopedics company.

“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, in a statement. “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 Pharmaceuticals (NSDQ:ALXN) and of IFM Therapeutics by Bristol-Myers Squibb (NYSE:BMY). 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 approvals for leukemia drugs by Avillion and SFJ Pharmaceuticals.

“We believe that Abingworth’s trans-Atlantic 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.”

ABV VII attracted investments from capital from endowments, foundations, fund-of-funds, family offices, healthcare corporations, insurance companies and pension plans across the U.S., Europe and Asia.

Asante Capital Group acted as placement agent for ABV VII. Goodwin Procter acted as legal counsel.

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