US life sciences venture firm OrbiMed has closed its sixth flagship fund on $950 million (£638 million; €867 million), Private Healthcare Investor reports.
OrbiMed Private Investments VI is more than $200 million larger than its predecessor, a $735 million vehicle which closed in late 2013.
The firm said the latest fund had been backed by medical research institutions, endowments, foundations and sovereign wealth funds. Previous backers of OrbiMed funds include US LPs such as Oregon Public Employees Retirement Fund and CalSTRS, both of which committed $40 million to OrbiMed V.
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