Abingworth Bioventures 8 closes on $465m

Alessia Argentieri
03 February 2021

Tweet
Facebook
LinkedIn
Google plus
Send to

Abingworth has held a final close for its new life sciences fund, Abingworth Bioventures 8 (ABV 8), on its $465m hard-cap, exceeding its $375m target.

ABV 8 is Abingworth's 13th life sciences fund, and is dedicated to companies developing innovative therapeutics, with a focus on seed and early-stage rounds, development-stage companies, and clinical co-development.

"We are delighted to have raised one of the largest transatlantic life sciences funds in recent years," said Tim Haines, Abingworth chair and managing partner. "In addition to raising ABV 8, the last 12 months have seen us invest in 10 companies, as well as support further portfolio company fundraisings that collectively raised $773.5m, including two IPOs."

Established in 1973, Abingworth has offices in Menlo Park (California), Boston (Massachusetts) and London, UK. Since inception, the firm has invested in 170 life science companies, leading to 44 mergers and acquisitions, and 69 IPOs.

Asante Capital Group and Wise Capital acted as global and regional placement advisers, respectively. Goodwin Procter acted as legal counsel.

Investors
ABV 8 has built an international investor base, attracting several new LPs, including British Patient Capital. It has also received strong support from existing investors including asset managers, endowments, funds-of-funds, family offices, foundations, healthcare corporations, insurance companies, pension plans and sovereign wealth funds.

ABV 8's investor base is well diversified geographically across the US, Europe, the Middle East, Latin America, Africa and Asia.

Investments
ABV 8 targets companies developing innovative therapeutics with the potential to significantly improve human health. It invests in opportunities across the US, the UK and continental Europe.

The fund invests broadly across multiple stages, including seed and early-stage, as well as development-stage companies, venture investments in public equities and clinical co-development opportunities.

Its total investment size per company typically amounts to $15-30m.

ABV 8 has already invested in three deals: Atsena Therapeutics, which specialises in gene therapy to reverse or prevent blindness; Reneo Pharmaceuticals, which develops treatment for patients with genetic mitochondrial diseases impacting muscle; and Vera Therapeutics, which develops an antibody to treat IgA Nephropathy (IgAN), a rare auto-immune disease.

People
Abingworth – Tim Haines (chair, managing partner); Kurt von Emster (managing partner).