Carlyle goes all in on biotech Opthea; MST launches $80m capital raise
Carlyle Group and its life sciences arm Abingworth are doubling down on their investment in Australian biotech Opthea in an ongoing bid to get the company’s lead therapeutic candidate OPT-302 to market, Street Talk understands.
Opthea is trying to get its lead therapeutic candidate OPT-302 to market.
The private equity giant has signalled its intention to take up an option to invest another $US50 million ($80 million) in the clinical-stage biotech, bringing its total investment to $US170 million.
It comes as MST Financial was drumming up interest in a $80 million equity raise for Opthea on Thursday, priced at 46¢ per share. US biotech specialist funds are understood to have come on as cornerstones.
OPT-302 treats wet AMD, or age-related macular degeneration, improving vision in patients. Opthea started OPT-302’s phase 3 clinical trial in 2021, and has another couple of years of testing and regulatory filings to work through.
Proceeds from the raise will be used to advance the clinical development of OPT-302, including processing to Phase 3 clinical trials.
Carlyle injected $US120 million into Opthea last year. In return, Carlyle/ABW was entitled to a milestone payment on market approval for OPT-302, and 7 per cent of net sales.
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