Venture Capital

OrbiMed doubling down on Asia biotech bets with $450M fund

Over the last nine years OrbiMed has gathered more than a half billion dollars earmarked for its Asia group’s life sciences investments. And now it’s doubling down, shooting for a record $450 million fund that could easily take the total above $1 billion.

OrbiMed Asia disclosed its interest in the new fund in a filing with the SEC, a little more than two years after grabbing $325 million for its second fund. Recent investments include CBT Pharmaceuticals, led by CEO Sanjeev Redkar, which is working on checkpoint inhibitors. OrbiMed also participated in the $100 million round for Shanghai-based Zai Lab early last year. Earlier rounds supported Shasun — merged into Strides Shasun — and Mumbai-based Bharat Serums.

Partners at OrbiMed have been steadily upping their game in the Asia market as they gain experience. And they have expressed an interest in a spectrum of investments, running from drug development to medtech and enabling technologies. China, which has a burgeoning biotech industry, has attracted considerable attention as well.

Don’t be surprised if the venture player shoots for more than $450 million at the close. Topping up these funds is all the rage these days as institutional investors weigh in with established players.

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