ISRAEL’S PROWESS IN MEDICAL TECHNOLOGY AND DEVICES : BRIAN GORMLEY
http://www.wsj.com/articles/orbimed-closes-second-israel-venture-fund-at-307m-1464023331
“Israel is known for its medical-device prowess, producing companies such as OrbiMed-backed Given Imaging Ltd., which went public in 2001 and merged with Covidien Ltd. in 2014. With support from the Israeli government, Israel’s biotechnology market is also expanding, said Erez Chimovits, a senior managing director at OrbiMed.”
OrbiMed Closes Second Israel Venture Fund at $307M
OrbiMed Advisors, which sold Israeli holding cCAM Biotherapeutics to Merck & Co. last year, has raised $307 million for its second Israel-focused health-care fund.
New York-based OrbiMed invests in a series of funds with a goal of providing various types of capital to companies globally. Its funds include a global venture fund, which closed at $975 million last year, and vehicles devoted to Asia, Israel, and royalty and credit opportunities. OrbiMed held a final closing on its $222 million first Israel fund in 2012.
The firm set out last year to raise a similar amount for OrbiMed Israel Partners II LP, according to Managing Director Anat Naschitz. Strong interest in the fund from unidentified health-care companies, family offices and other investors led the firm to take more.
A bigger fund helps OrbiMed carry portfolio companies further and improves its ability to participate in large financings of later-stage companies, according to Ms. Naschitz. The firm expects to back about 20 companies from this fund, making early- to later-stage investments in drug, diagnostic, medical-device and digital-health businesses. Holdings in the new fund include LogicBio Therapeutics Inc., a gene-therapy company.
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