British Patient Capital Announces Commitment to Abingworth’s latest fund
- Commitment will provide capital to companies developing innovative therapeutics with potential to significantly improve human health
- British Patient Capital has now committed over £150m to five life sciences focused funds
18 February London: British Patient Capital announces today a commitment to Abingworth Bioventures 8 (ABV 8). ABV 8, which is Abingworth’s 13th life sciences fund, reached final close at $465m. The fund will target companies developing innovative therapeutics with potential to significantly improve human health.
ABV 8 will invest broadly across multiple stages including seed, early stage and development-stage companies. Total investment size per company will typically range from $15 million to $30 million.
British Patient Capital has now committed over £150m to five life sciences focused funds.
Judith Hartley, CEO, British Patient Capital said: “Our commitment to Abingworth’s latest fund is a key part of our strategy to invest with fund managers that can leverage the UK’s world leading position in life sciences. Long-term patient capital can support our high-potential, high growth life science companies to reach their full potential and deliver compelling returns.”
Tim Haines, Chairman and Managing Partner, Abingworth said: “2020, maybe more than any year before, has demonstrated the resilience, innovation and drive of the international life sciences community to advance and deliver novel vaccines and medicines to significantly improve human health. We are excited to launch our new fund at this time, and to continue building the next generation of life sciences companies based on cutting-edge science and world-class leadership. We are delighted that British Patient Capital joins as a new investor in our latest fund.”
Notes to Editors
About British Patient Capital
British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.
Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large scale businesses. Launched in June 2018, British Patient Capital has £2.5bn to invest over 10 years in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more at britishpatientcapital.co.uk.
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. Neither British Business Bank nor its principal operating subsidiaries are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.
The investment from British Patient Capital into Abingworth Bioventures 8 LP does not amount to any endorsement or warranty from British Patient Capital, the British Business Bank plc, or the government of the UK.
Abingworth is a leading transatlantic life sciences investment firm. Abingworth helps transform cutting-edge science into novel medicines by providing capital and expertise to top calibre management teams building world-class companies. Since 1973, Abingworth has invested in 170 life science companies, leading to 44 M&As and 69 IPOs. Our therapeutic focused investments fall into three categories: seed and early-stage, development stage, and clinical co-development. Abingworth supports its portfolio companies with a team of experienced professionals at offices in London, Menlo Park (California), and Boston.