Funding Daily Summary: What Happened on October 16, 2026

OrbiMed raises $3 billion for US, European and Asian funds

OrbiMed raised $3 billion across two private equity funds focused on life sciences and healthcare in three regions.1 OrbiMed Private Investments X raised more than $1.9 billion for US and European life sciences. OrbiMed Asia Partners VI raised more than $1 billion for Asian venture capital and healthcare growth investments.1

The funds will target biopharmaceuticals, medical devices, diagnostics and technology-enabled healthcare services.1 OrbiMed said its investors include healthcare institutions, retirement funds, family offices, sovereign wealth funds and university endowments.1

Estuary launches with funding for two ADPKD gene therapies

Estuary Biotherapeutics launched with a $93 million Series A led by RA Capital to develop two genetic medicines for autosomal dominant polycystic kidney disease (ADPKD).23 A report on the launch put the company’s total committed financing at $103 million.3

EST-201 delivers a full-length PKD2 gene. Estuary expects to start a clinical trial in 2027 for patients with a PKD2 mutation.3 EST-101 delivers a functional region derived from PC1. Estuary expects to start a trial in 2028 for patients with a PKD1 mutation.3

Both programs use adeno-associated virus delivery.3 Research by the company’s founders found that restoring polycystin expression reversed signs of disease in mice with established cystic disease.3 Estuary’s chief executive identified delivery to kidney cells and clinical translation as key challenges.3

City prices a $200 million IPO for RNAi medicines

RNAi drugmaker City priced an IPO valued at $200 million.4 The proceeds are expected to support three medicines in or nearing clinical testing, plus earlier research on RNAi treatments targeting tissues beyond the liver.4

Acta raises $24 million for Alzheimer’s pipeline

Acta Pharmaceuticals raised $24 million in seed funding for its Alzheimer’s pipeline, including lead candidate GSM-779690T.5 The oral investigational drug is a gamma-secretase modulator designed to lower Aβ42 and raise levels of the shorter peptides Aβ37 and Aβ38.5

Acta expects to begin a Phase 1 study in October 2026, testing single and multiple doses in healthy adults for safety, tolerability and pharmacokinetics.5 The round included Gamma Bio Investors, Dolby Family Ventures, the Alzheimer’s Disease Research Foundation, family offices and other investors.5

Also worth knowing

• 

  Microbiotica raised £36 million in the first close of a Series C led by the British Business Bank to advance its daily, eight-strain capsule MB310 into Phase 2 for ulcerative colitis.6