Key Takeaways
- • OrbiMed has raised more than $3 billion across two new private equity funds, according to a press announcement on Thursday.
- • OrbiMed Private Investments X holds $1.9 billion for U.S. and European life sciences companies, following prior closes of $1.86 billion in 2022 and $1.5 billion in 2021.
- • OrbiMed Asia Partners VI raised more than $1 billion for Asia-focused healthcare growth equity and venture investments, building on $751 million for its fifth fund in October 2023 and $800 million for its fourth in 2021.
- • Managing partner Carl Gordon cited China's rise and AI as key drivers of biopharma innovation, with China-headquartered biotechs accounting for 58% of 2026 year-to-date licensing deal value versus 26% for U.S. companies, per Locust Walk.
- • Competing Asia-focused capital is also growing, with TCGX's oversubscribed $600 million Asia Life Sciences Fund I signaling continued investor appetite for the region.
Summary
OrbiMed has raised more than $3 billion across two new private equity funds, one of which is dedicated to life sciences companies in Asia. According to a press announcement on Thursday, OrbiMed Private Investments X has $1.9 billion in investment capacity for U.S. and European companies. The vehicle follows earlier closes of $1.86 billion in 2022 and $1.5 billion in 2021.
The Asia-focused vehicle, OrbiMed Asia Partners VI, raised more than $1 billion to back companies across the region. It adds to the $751 million raised for the firm's fifth Asia fund in October 2023 and the $800 million raised for its fourth in 2021. Endpoints News and other outlets reported the double close at more than $1 billion for Asia.
In the announcement, managing partner Carl Gordon pointed to the rise of China as a driver of therapeutic innovation. Locust Walk's report found that China-headquartered biotechs accounted for 58% of licensing deal value in 2026 so far, compared with 26% for U.S.-based companies. In 2023, the split was 14% for Chinese companies and 48% for U.S. companies. Gordon also cited artificial intelligence as a major force reshaping the sector. GATC Health Chief Business Officer Tyrone Lam describes a new class of AI-driven drugmakers as "tech-bio."
OrbiMed is not alone in targeting Asian biotech. TCGX recently closed its Asia Life Sciences Fund I at an oversubscribed $600 million and plans offices in Hong Kong and Shanghai. Separately, Massachusetts-based LabCentral signed an agreement with Hong Kong Science and Technology Parks Corporation in June to link founders with the U.S. ecosystem.
Venture investment in AI-driven biopharma has been significant. Isomorphic Labs, an Alphabet-backed drug developer, raised $2.1 billion in a Series B in May, the second-largest round in biopharma history. Chai Discovery raised $400 million in a Series C in July, and Enveda raised $311 million in a Series E. Experts note that investors remain selective, favoring advanced, de-risked assets and AI-driven developers.
The Asia-focused vehicle, OrbiMed Asia Partners VI, raised more than $1 billion to back companies across the region. It adds to the $751 million raised for the firm's fifth Asia fund in October 2023 and the $800 million raised for its fourth in 2021. Endpoints News and other outlets reported the double close at more than $1 billion for Asia.
In the announcement, managing partner Carl Gordon pointed to the rise of China as a driver of therapeutic innovation. Locust Walk's report found that China-headquartered biotechs accounted for 58% of licensing deal value in 2026 so far, compared with 26% for U.S.-based companies. In 2023, the split was 14% for Chinese companies and 48% for U.S. companies. Gordon also cited artificial intelligence as a major force reshaping the sector. GATC Health Chief Business Officer Tyrone Lam describes a new class of AI-driven drugmakers as "tech-bio."
OrbiMed is not alone in targeting Asian biotech. TCGX recently closed its Asia Life Sciences Fund I at an oversubscribed $600 million and plans offices in Hong Kong and Shanghai. Separately, Massachusetts-based LabCentral signed an agreement with Hong Kong Science and Technology Parks Corporation in June to link founders with the U.S. ecosystem.
Venture investment in AI-driven biopharma has been significant. Isomorphic Labs, an Alphabet-backed drug developer, raised $2.1 billion in a Series B in May, the second-largest round in biopharma history. Chai Discovery raised $400 million in a Series C in July, and Enveda raised $311 million in a Series E. Experts note that investors remain selective, favoring advanced, de-risked assets and AI-driven developers.
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