OrbiMed sets its sights on a $950M blockbuster biotech fund

Less than two years after OrbiMed unleashed its last big biotech fund, the venture group is going back to the well to piece together an even bigger, $950 million cache of cash.

OrbiMed outlined its plans for the blockbuster Fund VI in a filing with the SEC. A spokesperson for the group declined comment on the fund's plans when contacted by FierceBiotech, noting that the offering is ongoing.

Back in the fall of 2013, OrbiMed had set out with plans to invest $735 million in around 30 biopharma, devices and diagnostics companies, gambling up to $50 million on each. During that time, the venture player has been a prolific player while the industry has boomed around the world.

"We're willing to invest broadly, from startups all the way through revenue-based companies," OrbiMed partner Carl Gordon told FierceBiotech back in 2013, outlining OrbiMed's agnostic attitude about investing in life sciences tech.

"What's important to note is that we've made money in all stages of development," added General Partner Jonathan Silverstein at the time. "One of the things that attracted investors to the fund was that ability, no matter where the market goes."

OrbiMed doesn't seem to have a hard time finding new biotech rounds to back.

Just yesterday OrbiMed joined Google in a $32 million Series C for Alector, a San Francisco-based biotech focused on new treatments for neurodegenerative diseases. OrbiMed had founded the company alongside Polaris. The venture group also figures prominently among the crossover rounds that have been funneling billions of dollars into biotech companies prepping IPOs, including a recent $65 million score for Dimension Therapeutics' gene therapy work.

Cash outs include returns for companies like Aragon (acquired) and Puma (went public).

OrbiMed isn't the only venture group that's been raising new funds. A long lineup of players has been raising billions of dollars as the biotech IPO window remains open for the third straight year. Despite some recent market turbulence, players are still lining up to go public, as risk-embracing investors hunt out some of the big returns that have been posted. 

- here's the Form D

Suggested Articles

CNS Pharma says berubicin is the first anthracycline drug to cross the blood-brain barrier and could transform treatment of the highly invasive brain tumor.

Grid Therapeutics is planning to start trials of its lead cancer immunotherapy GT103 next year after raising $5 million in second-round financing.

The IPO comes as the Flagship startup prepares to test its lead inflammatory disease and anticancer microbial strains in humans.