Deals report: Abingworth and Blackstone bet on late-stage programs

Two PE firms made risk-sharing investments in late-stage programs this week.

After closing a $356 million fund in October to support development of largely de-risked programs, Abingworth committed up to $150 million to late-stage asthma therapy TEV-’248 from Teva Pharmaceutical Industries Ltd. (NYSE:TEVA; Tel Aviv:TEVA), in return for fixed payments and sales milestones. Abingworth-backed Launch Therapeutics Inc. agreed to lead the Phase III trials of the dual-action rescue inhaler. Teva will be responsible for manufacturing and regulatory affairs in the U.S. and commercialization. ...