Abingworth raises Europe's largest ever life science fund

Abingworth, a London, UK-based international life sciences investment group, has announced the final closing of its L300.0 million ($587.0 million) life sciences fund, Abingworth Bioventures V LP (ABV V). This is Abingworth's eighth life sciences fund and the largest venture dedicated to life sciences raised by a firm based in Europe, it claims. The fund's target of L250.0 million was significantly oversubscribed but Abingworth decided to limit the size to L300.0 million.

ABV V will invest in biotechnology and medical companies, both in Europe and the USA. The fund will invest broadly across the life sciences field in technologies, therapeutics and medical devices at all stages of development from early-stage private deals to quoted companies. Investment size will generally range from L7.5 million up to L20.0 million per investment after all private rounds of financing. It is planned to make more than 20 venture investments.

Global placement agent, MVision Private Equity Advisers, acted for the group and fund raising took two months to get to the first close of L222.0 million on December 21, 2006. The second and final closing was on January 26.