Abingworth, the international life sciences and healthcare investment group, announces the sale of Clinical Designs Limited to Mundipharma international Corporation Limited. Abingworth were majority shareholders in Clinical Designs, and its only financial backers. Financial terms of the acquisition have not been disclosed but this exit will have a significant impact on the Abingworth fund that made the investment.
Clinical Designs, based near Portsmouth, UK, was founded in 1999 by Dr Ray Bacon. The privately held company develops devices for delivery of drugs by the respiratory route, including a novel breath-actuated pressurised metered dose inhaler (pMDI) known as the K-Haler, and a dose counter known as Helix. Before founding Clinical Designs, Ray was well known in the asthma field for his innovative drug delivery devices, including Easi-Breathe, invented and developed for Norton Healthcare.
James Abell, Abingworth partner and Clinical Designs board member, said, "The acquisition of Clinical Designs by Mundipharma is a good outcome for Abingworth and the founders of Clinical Designs and we believe Mundipharma will benefit significantly from the acquisition. This was a good result for all concerned."
Ray Bacon said, "I greatly appreciate the financial and business support we have received from Abingworth. I am looking forward to working with Mundipharma to take the company forward."
Abingworth manages a portfolio of life sciences and healthcare companies at various stages of development in the UK, Continental Europe and the US and is currently investing its eighth biotechnology fund, Abingworth Bioventures V, a £300 million fund.
The shareholders in Clinical Designs Limited were advised by Kevin Jones of Wragge & Co and Mundipharma International Corporation Limited was advised by Claude Serfillipi of Chadbourne & Parke.
Abingworth is an international investment group dedicated exclusively to the life sciences and healthcare sector.
The Mundipharma independent associated companies, including Mundipharma, Purdue and Napp, are privately owned companies and joint ventures covering the world's pharmaceutical markets.