OrbiMed said it closed another venture capital fund worth $950 million that it plans to deploy on about 30 companies in the medical device, biopharmaceutical, diagnostics and healthcare IT markets.
The New York-based VC giant said its OrbiMed Private Investments VI fund will put up investments ranging from $10 million to $75 million. Last year OrbiMed floated a $924 million fund it planned to use in $20 million to $150 million increments for acquiring healthcare royalty streams. Back in the fall of 2013 OrbiMed launched a $735 million healthcare fund.
Backers for the newest fund include “some of the preeminent medical research institutions globally, along with leading endowments, foundations and sovereign wealth funds,” OrbiMed said.
“The increasing pace of translation of science to medicine creates exciting opportunities for the fund in areas such as oncology, central nervous system disease, and gene editing,” partner and global private equity co-head Carl Gordon said in prepared remarks.
“With this Fund we plan to accelerate our collaborations with leading life sciences entrepreneurs, strategic companies, research institutions and physicians, to drive the creation of novel therapies that address unmet medical needs,” added Jonathan Silverstein, also partner and global private equity co-head.