New $356M fund gives Abingworth more cash for late-stage trials

With biopharmas still facing a scarcity of cash to run Phase III trials, Abingworth has closed a $356 million co-investment fund to support relatively de-risked programs and generate returns.

Abingworth’s Kurt von Emster told BioCentury deal flow at that stage has increased sharply during the cash crunch amid biotech’s “nuclear winter.” Where the firm used to see about 15 appropriate deal candidates each year, the figure is now closer to 200...