OrbiMed Advisors Research Document
Investment Thesis
OrbiMed is a global healthcare investment platform with a deeply specialized thesis centered on healthcare innovation across the entire value chain. Founded over 25 years ago, the firm invests across biopharmaceuticals, medical devices, diagnostics, digital health, and healthcare services. Their core belief is that healthcare presents one of the most compelling long-term investment opportunities globally, driven by aging demographics, rising healthcare spending (17%+ of GDP in the US), and continuous scientific innovation in disease treatment and prevention.
OrbiMed uniquely positions itself as a "platform" rather than a traditional VC firm, managing approximately $20 billion in assets across multiple strategies (public equity, private equity, and private credit/royalty financing). This multi-strategy approach allows OrbiMed to provide tailored financing solutions—from early-stage venture capital to growth equity to non-dilutive credit and royalty-based financing for commercial-stage companies.
Investment Strategies
OrbiMed operates three distinct investment strategies:
Private Equity (Venture Capital): Invests from seed-stage startups through growth equity. Functions as a lead investor, actively helping portfolio companies scale into market leaders. Global footprint spanning North America, Europe, and Asia. Over 25 years of track record with 130+ portfolio company exits (IPOs and acquisitions). 80+ new healthcare therapies successfully developed and brought to patients by portfolio companies. Over 110 life sciences startups backed over the firm's history.
Private Credit/Royalty: Provides non-dilutive structured debt capital to commercial-stage healthcare companies. Monetizes royalty streams from intellectual property. Offers valuable financing solutions beyond traditional equity funding. Recently closed Healthcare Royalty & Credit Fund V at $1.86 billion (August 2025). Target borrowers: growth-oriented healthcare companies seeking to maintain ownership while accessing capital.
Public Equity: Manages long/short event-driven funds. Closed-end investment trusts with public equity exposure. Invests across all types of publicly-traded healthcare companies globally (biopharmaceuticals, medical devices, healthcare services).
Stage Focus
OrbiMed invests across the entire healthcare company lifecycle from early-stage/seed through late-stage and public equity. Unlike traditional VCs, OrbiMed's multi-strategy approach means they can support companies through multiple growth stages, from seed financing through IPO preparation.
Check Size
Minimum: $1M | Maximum: $75M Typical venture capital range: $1M-$75M+ depending on stage and strategy. Earlier stage companies receive smaller checks, while growth-stage and late-stage deals involve larger commitments.
Team & Leadership
OrbiMed boasts one of the most experienced healthcare investment teams globally with 150+ professionals including:
Managing Partners: Sven H. Borho, Carl L. Gordon (Ph.D.), W. Carter Neild General Partners: Geoffrey C. Hsu, C. Scotland Stevens, David Bonita (M.D.), Matthew Rizzo, Peter Thompson (M.D.), Mona Ashiya (Ph.D.) Partners: Erez Chimovits, Trevor M. Polischuk (Ph.D.), Sunny Sharma (M.D.), David Wang (M.D., Ph.D.), Steven D. Wang (Ph.D.), Mark R. Jelley, Tal Zaks (M.D., Ph.D.), Topher Orr, Joshua Golomb, Dina Chaya (Ph.D.), Michael Eggenberg, Diyong Xu, Evan Caplan (M.D.)
Mix of Ph.D. scientists, M.D.s, CFAs, and seasoned investment professionals with combined decades of experience in biotech, pharma, medical devices, and healthcare services.
Recent Activity
OrbiMed has been highly active in 2025-2026 across all three strategies. August 2025: Closed Healthcare Royalty & Credit Fund V at $1.86 billion (largest royalty/credit fund closing to date). February 2025: Angitia Biopharmaceuticals (Series D round) - most recent major investment. Notable exits include GSK acquisition of RAPT Therapeutics and 130+ venture-backed IPOs among portfolio companies.
Geographic Focus
Truly global with 12 locations: Primary focus on North America (especially US east coast headquarters in New York), strong presence in Europe, and growing investments in Asia. Committed over $2 billion to developing-country healthcare including maternal care hospitals in India and dialysis centers in China.
Responsible Investing
OrbiMed explicitly emphasizes responsible investing and sustainable growth with formal Responsible Investing Policy guiding all investments. Focus on companies solving greatest healthcare needs globally, with support for maternal healthcare in India, dialysis infrastructure in China, and other global health initiatives.
Summary
OrbiMed Advisors is a mature, multi-stage healthcare investment platform managing $20 billion across three distinct strategies. With 25+ years of track record, 150+ professional team members, and presence across three continents, OrbiMed combines traditional venture capital, growth equity, and non-dilutive credit financing to support healthcare companies globally. Their recent $1.86 billion fund closing demonstrates strong LP confidence and their continued prominence in healthcare investing.