OrbiMed said today that it raised a $924 million fund to invest in healthcare companies, following the flotation of a $735 million fund back in November 2013.
The OrbiMed Royalty Opportunities II fund is aimed at acquiring "healthcare royalty streams" using "tailored debt capital solutions," according to a press release, deployed in slices ranging from $20 million to $150 million – or more in collaboration with other OrbiMed funds.
"OrbiMed is active across a broad range of worldwide healthcare investing, including royalty and credit opportunities, public equity, and private equity. Interest in this fund reflects the strong appeal of the OrbiMed strategy and our $14 billion global platform," managing partner Samuel Isaly said in prepared remarks.
The fund includes a $24 million contribution from the OrbiMed general partner and $900 million in other backing from "a broad range of premier endowment, foundation, pension and other institutional investors," according to the release.
Back in the fall of 2013 OrbiMed launched a $735 million fund it earmarked for investment in all sectors of the healthcare industry, with a focus on North American and European biopharmaceutical, medical device, and diagnostics companies, the New York-based firm said at the time. That fund was expected to go into roughly 30 companies in slices of $10 million to $50 million apiece.