OrbiMed raises $4.3B in new funds for startup investing

2023-10-24

OrbiMed, a New York-based life sciences investment firm, said Tuesday it has raised more than $4.3 billion in new funding.

The money will be spread across three funds, with $1.865 billion dedicated to OrbiMed Private Investments IX, $1.71 billion to OrbiMed Royalty and Credit Opportunities IV and $751 million to OrbiMed Asia Partners V, a spokesperson said.

Founded in 1989, the investment firm had made a name for itself as one of the biggest investors in biotechnology, medtech and healthcare companies. Since its founding, the firm has expanded its reach globally, with offices in China, Israel, London and Hong Kong.

To date, OrbiMed has invested in almost 200 startups, including recent investments in biotechs like Star Therapeutics, Upstream Bio and Rampart Bio, a company that launched Tuesday.

The fresh funding will allow OrbiMed to continue to back new companies across life sciences. Investors contributing to the raise included medical institutions, university endowments, foundations, pension funds and sovereign wealth funds, OrbiMed said.

“OrbiMed is deeply appreciative of the continued support we’ve received from many long-standing partners who’ve invested in these funds,” said Carter Neild, a managing partner of OrbiMed, in a statement.

The multibillion-dollar investment is a positive sign for a biotech sector still looking to shake off a down market. While venture companies like OrbiMed have remained active in backing new startups, established biotechs have had a harder time raising funds and face a harder path to initial stock offerings.

Meanwhile, over 100 drug companies, both public and private, have laid off staff so far this year, many in an effort to preserve cash. Others have put off going public, or looked to other opportunities like out-licensing or reverse mergers.

In addition to private equity investments, OrbiMed also offers companies non-dilutive capital via its royalty and credit programs.

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