Global healthcare investor OrbiMed has closed its first Israeli life sciences venture fund on $220m thanks to an anchor investment from the country’s government.
OrbiMed Israel Partners will be led by three full-time Israel-based partners who will work with the firm’s global private equity co-heads Carl Gordon and Johnathan Silverstein.
Silverstein said the fund built on OrbiMed’s longstanding investment in Israel, which includes early-stage investments in medical diagnosis companies Given Imaging and SuperDimension.
He said, “Israel is known for scientific excellence and entrepreneurial prowess.
“The Israeli life sciences sector has a strong track record of innovation and commercial success, and presents an opportunity for further growth from what is currently a more mature base.
“We see increasing maturity in the Israeli industry, as evidenced by two recent acquisitions of revenue-stage companies – SuperDimension and Oridion.
“We also see a significant increase in clinical-stage biopharmaceutical companies.”
OrbiMed Israel senior managing partner Nissim Darvish said the fund would focus on biotechnology, pharmaceutical, medical device and diagnostics companies between the seed and growth equity stages.
It has already invested in cardiological procedures device company Keystone Heart and ear medication business Otic Pharma.
OrbiMed has approximately $6bn of assets under management across the globe through private equity, hedge and royalty funds and other investment vehicles.
It has partnered with more than 120 companies since it was formed in 1993.
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