Abingworth raises US-$465m for new life sciences fund

UK-US venture capitalist Abingworth yesterday announced the final closing of its 13^th life sciences venture fund, ABV 8, at US$465m exceeding its intial target size by US$90m. ABV 8 will target companies developing therapeutic breakthroughs in the US, UK and Continental Europe.

Abingworth intends to invest into multiple stages including seed and early stage, development-stage companies, including VIPEs (Venture Investments in Public Equities), and clinical co-development opportunities. The total investment size per company will typically range from US$15m to US$30m.

Three investments have been already made:

·         Atsena Therapeutics is a specialist for gene therapies of inherited retinal diseases, whose lead programme is in Phase I/II testing for patients with Leber congenital amaurosis (LCA1), a common cause of blindness in children.

·         Reneo Pharmaceuticals is developing a first-in-class treatment (REN001) to restore mitochondrial function in patients with gene defects affecting muscle function.

·         Vera Therapeutics is running Phase IIa studies with the therapeutic antibody Atacicept, which it licenced from EMD Serono, to treat the orphan auto-immune disorder IgA nephropathy (IgAN), a cause of kidney disease after hypertension and diabetes.

According to Abingworth, ABV 8 has broadened its international investor base, including British Patient Capital, while also receiving strong support from existing investors including leading asset managers, endowments, fund-of-funds, family offices, foundations, healthcare corporations, insurance companies, pension plans and sovereign wealth funds. ABV 8’s investor base is also well diversified geographically across the US, Europe, Middle East, Latin America, Africa and Asia.