Report: Carlyle-backed VC Abingworth Launches $1.5B Clinical Trials Fund

London-based bioscience investment firm Abingworth is seeking to raise up to $1.5B for a newly launched clinical trials fund, according to a December 2 report from the Financial Times.

The Carlyle-backed firm aims to finance late-stage clinical trials with the new fund, with Carlyle acting as a limited partner, according to people who are familiar with the fundraising. This fundraising effort comes after the signing of two royalty deals with large pharmaceutical and biotech companies.

Earlier this February, Abingworth entered a $210M deal with California Gilead Sciences to develop the cancer drug Trodelvy. The drug is currently approved to be used for specific types of cancer such as breast cancer. Abingsworth aims to fund Trodelvy trials for lung cancer.

In April, the firm entered a $150M deal with Israel-based Teva to fund the research for an asthma inhaler. Abingsworth expects the fund to have its close by the first half of 2025.

Source: https://ft.com/content/22d520ce-931b-4a05-ba13-ba5932ab8558