Abingworth, the UK biotechnology investor, has closed its latest fund on $325m (€290m), the largest biosciences venture capital fund to be raised in Europe since the beginning of 2002.

Abingworth anticipates collecting a further and final $25m in the next few weeks. Stephen Bunting, managing director of Abingworth, said the fund was more than twice oversubscribed. He said: "It was difficult not to take additional money from some very good investors, but we decided $350m was the limit we should work with."