OrbiMed Raises $325M For Its Second Asian Fund

Healthcare-dedicated investment firm OrbiMed Advisors has closed a US$325 million Asian fund, above its US$300 million target and much larger than its first Asian vehicle with US$188 million launched in 2008, according to media reports.

The new fund is to focus on investing in drug developers, diagnostics firms and medical device manufacturers in the region.

Late last year, OrbiMed completed a US$735 million general fund, larger than the $550 million vehicle it raised in 2010.

OrbiMed’s recent investments in China include a US$50 million bet as a cornerstone investor in Yantai, Shandong Province-based Chinese drug-maker Luye Pharma Group’s Hong Kong IPO in June.

The healthcare investment firm, with approximately US$11 billion under management globally, expanded to Asia in 2007 with offices in Mumbai and Shanghai.