March 1 Quick Takes: OrbiMed raises $3.5B for three funds; plus AZ-Junshi and megarounds for WuXi Diagnostics, FogPharma, Tenaya, DTx
OrbiMed raised $3.5 billion across a trio of private funds. The firm has commitments of $1.5 billion for OrbiMed Private Investments VIII, which will invest $10-$100 million in about 40 North American and European biotech, device and diagnostics companies; $1.2 billion for structured credit fund OrbiMed Royalty & Credit Opportunities III; and $800 million for OrbiMed Asia Partners IV. The Asia fund will invest primarily in China and India biopharma, device, diagnostic and healthcare service companies from venture through growth stage. It is targeting investments of $10-$100 million in about 20 companies. The new funds bring OrbiMed’s assets under management to about $18 billion.
AZ sold off Moderna stake in 2020
AstraZeneca plc (LSE:AZN; NASDAQ:AZN) said in its annual report that it sold nearly $1.4 billion in equity holdings in 2020, “a large proportion” of which was related to the full disposal of the biopharma’s stake in partner Moderna Inc. (NASDAQ:MRNA). According to SEC filings, AZ had 7.8% following Moderna’s 2018 IPO, holding 25.5 million shares. Moderna shares rose 443% in 2020 based on the development and authorization of COVID-19 Vaccine Moderna, which last week the biotech said it expects to generate $18.4 billion in 2021 product sales...