Abingworth Announces a Strategic Development Financing Agreement with Gilead Sciences; Establishes Joint Steering Committee between Launch Therapeutics and Gilead Sciences
London, UK and New York, USA, February 29, 2024 - Abingworth, a leading international life sciences investment group, part of global investment firm Carlyle (NASDAQ: CG), today announced a strategic development financing agreement with Gilead Sciences. The financing agreement will provide up to $210 million in funding to support select clinical studies of Trodelvy® (sacituzumab govitecan-hziy), within non-small cell lung cancer. As part of the agreement, Launch Therapeutics, a clinical development company backed by Abingworth and Carlyle, and Gilead have entered into a clinical collaboration agreement that establishes a Joint Steering Committee throughout development.
Gilead retains full rights to Trodelvy and, if development is successful, Abingworth would receive a fixed payment upon regulatory approval of a pre-defined label expansion, as well as royalty payments based on U.S. Trodelvy net sales within the specific tumor type.
Notes for Editors
About Abingworth
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 caliber management teams building world-class companies. Since 1973, Abingworth has invested in 185 life science companies, leading to 49 M&A transactions and 75 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.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $426 billion of assets under management as of December 31, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at www.carlyle.com. For more, follow Carlyle on LinkedIn and X.
About Launch Therapeutics
Launch Therapeutics (Launch Tx) is a clinical development company with a mission to disrupt the late-stage development paradigm, accelerate timelines to regulatory success, and bring new medicines to patients faster. Launch Tx offers pharmaceutical and biotech companies a variety of innovative models that combine access to capital with deep drug development, medical, clinical operations, regulatory, and commercialization expertise. Founded in 2022, Launch Tx is backed by leading investors, Carlyle and its life sciences franchise, Abingworth, and is led by a committed, experienced team with an enthusiastic passion to fulfil its mission.
For Abingworth
Kurt von Emster, Managing Partner & Head of Abingworth Life Sciences
Tel: +1 (650) 926 0600
Bali Muralidhar, Managing Partner, Chief Investment Officer & COO
Tel: +44 (207) 534 1500
For media enquiries:
Mark Swallow or Frazer Hall, MEDiSTRAVA Consulting
Tel: +44 (203) 928 9600
Email: abingworth@medistrava.com
For Launch Therapeutics
Elizabeth Kuronen
Email: elizabeth.kuronen@launchtx.com