In a shifting venture capital landscape, two new investment plays are capturing attention—each aiming to reinvigorate clinical trial funding in areas often overlooked by conventional VCs.

Late in December, UK-based Abingworth, backed by private equity giant Carlyle, unveiled plans for a landmark $1.5 billion fund. Its focus: partner with pharmaceutical firms to bankroll as many as eight late-stage clinical trials, returning significant upside through royalty agreements. The fund, expected to close by mid‑2025, follows two high-profile therapeutic partnerships—one with Gilead to test the cancer drug Trodelvy in lung cancer, and another with Teva to advance an asthma inhaler program. Abingworth’s leadership claims an impressive historical approval rate of about 80% for experimental medicines it has backed—well above industry norms.

Across the Atlantic, a brand-new VC firm—Vie Ventures—was launched late in December with a sharply defined focus: financing autoimmune disease drug developers in the Series B–C stage. Founded by former life-sciences investors Luke Evnin and Dr. Steven St. Peter, the firm is closing in on a $75 million fund that embraces collaboration with nonprofit organizations like the Scleroderma Research Foundation and the National Multiple Sclerosis Society. By pairing scientific insight with regulatory know-how, Vie Ventures aims to give underfunded immunology startups a higher likelihood of reaching trial success.

These moves come amid a broader recalibration in biotech funding. While early-stage deal activity has begun to rebound, investors are increasingly favoring larger bets on well-established teams and high-profile platforms—especially in oncology, immunology, and metabolism.

Why It Matters for Clinical Research

• New capital in critical areas: Abingworth’s fund will directly inject capital into Phase III or late-stage trials—often the most resource-intensive and hardest to finance. Vie Ventures, in contrast, fills a gap in mid-stage autoimmune ventures, a domain where fewer dedicated specialty investors previously existed.
• Strategic funding models: Abingworth’s trial royalty structure aligns their success with favorable regulatory outcomes, potentially accelerating access to late-stage data. Vie Ventures’ model leverages nonprofit partnerships—creating a unique hybrid of scientific legitimacy and financial support.
• Momentum amid cautious markets: With traditional VC increasingly selective, these new funding strategies offer a lifeline that may increase trial throughput and innovation in underrepresented therapeutic areas.

What to Watch in 2025

As 2024 comes to a close, Abingworth and Vie Ventures are redefining how venture capital can support clinical development—whether by underwriting large-scale trials or backing nuanced projects in autoimmune disease. Their emergence marks a promising departure from traditional investment patterns and could reshape how innovative therapies reach the clinic.