Carlyle vaults into biotech investing, buying Abingworth and launching a new company aimed at pivotal leaps
Carlyle Group’s global head of healthcare Steve Wise is making a big foray into the biotech financing scene. And the private equity player is acutely aware of how it will likely play out in the current financial crunch afflicting the sector’s public companies.
This morning Wise is pulling back the curtains on Carlyle’s deal to buy out Abingworth, a global biotech investor which has grown deep roots into the entrepreneurial dirt of drug development over the decades through its traditional VC role, while developing a substantial business funding late-stage trials. That specialty of theirs — picking up 100% of the Phase III risk in exchange for a share of the revenue — has swelled in popularity as the once booming streams of public market money funneled into the industry dries up.
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