Abingworth closes $105M risk-sharing fund

Abingworth closed a $105 million fund dedicated to risk-sharing investments in late-stage clinical therapeutic programs from biotech and pharma companies. The firm will invest its eleventh fund, Abingworth Clinical Co-Development Fund (ACCF), via co-development companies Avillion LLP (London, U.K.) and SFJ Pharmaceuticals Inc. (Pleasanton, Calif.).

Avillion and SFJ finance late-stage trials and incur all of the clinical and regulatory costs and risk in exchange for a prenegotiated return once a therapeutic is approved. Abingworth co-founded both companies with Clarus Ventures. ...