Novo Holdings A/S
TypePrivate limited company
IndustryLife Sciences
Asset management
Founded1999
Headquarters
Hellerup
,
Denmark
Key people
Kasim Kutay(CEO)
Lars Rebien Sørensen(Chairman)
ServicesInvestments in Life Science
Total assetsDKK 805 billion (2022)
Approx. $107 billion (2022)
SubsidiariesNovo Nordisk A/S
Novozymes A/S
Websitewww.novoholdings.dk

Novo Holdings A/S (formerly Novo A/S)[1] is the Novo Nordisk Foundation's wholly owned holding company for Novo Nordisk A/S and Novozymes A/S. Novo Holdings A/S was established in 1999 and manages the Novo Nordisk Foundation's assets, which in 2022 was worth almost DKK 805 billion.[2][3] Danish Kroner (approximately US$107 billion) and is the largest charitable foundation in the world making Novo Holdings A/S a world-leading life sciences investor.[4] Novo Holdings A/S is headquartered in Copenhagen, Denmark, with offices in San Francisco, Boston and Singapore.

Eivind Kolding succeeded Henrik Gürtler as CEO on 1 May 2014.[5] Eivind Kolding left Novo Holdings A/S in March 2016 and Kasim Kutay took over as CEO for the organisation.[6]

Since 2016 Kasim Kutay has been the CEO of Novo Holdings A/S.

Purpose

Novo Holdings A/S manages the Novo Nordisk Foundation's assets, aiming to enable and make a positive impact on health, science and society by generating long-term returns on the assets of the Novo Nordisk Foundation, which the Novo Nordisk Foundation in return can award as grants for scientific research and humanitarian and social purposes.[7][8][9]

The overall purpose of Novo Holdings A/S is to hold the position as the controlling majority shareholder of the Novo Group companies (Novo Nordisk A/S and Novozymes A/S), aiming at making a positive impact on health, science and society by generating long-term returns on the assets of the Novo Nordisk Foundation.[10] The Novo Nordisk Foundation is an enterprise foundation which is a self-governing entity with no owners, focusing on long-term ownership of the Novo Group (Novo Nordisk A/S and Novozymes A/S) while combining business and philanthropy within scientific, humanitarian and social purposes. A key task of Novo Holdings A/S is to act as a stable basis for the commercial activities of Novo Nordisk A/S and Novozymes A/S. Novo Holdings A/S also invests in both financial assets and in companies with application-oriented research in the life sciences.

Objectives

Novo Holdings A/S' objective is to grow the assets of the Novo Nordisk Foundation. In addition to investing in equity and fixed income securities, Novo Holdings pursues direct investments in life science companies.[8] The Novo Nordisk Foundations share of financial returns generated from investments are added to the Novo Nordisk Foundation endowment and later distributed through charitable grants and awards aiming to improve the lives of people, science and society around the world.[8]

Novo Holdings A/S is recognised as a leading international life science investor focusing on creating long-term value.[7] Besides from being the controlling shareholder in the Novo Group companies (including Novo Nordisk A/S and Novozymes A/S),[11] Novo Holdings also provides seed and venture capital to companies in the development-stage.[9]

Novo Holdings also takes on significant ownership in growth and well-established companies and manages a broad portfolio of diversified financial assets.[9][11]

Increased focus on industrial Biosolutions

In 2021–2022, Novo Holdings have announced an increased investment focusing on Biosolutions (also known under the term bioindustrials or biotechnologies within the healthcare and environmental spaces), aiming to make biotechnology a spearhead for the green transition.[12] Novo Holdings claim that the ambition is "to help remove the roadblocks wherever they are, paving the way for promising biologic discoveries to become new solutions".[12]

In 2021, Novo Holdings added numerous biotechnology companies to its portfolio, including 21st. BIO, which helps other biotechnology companies scale up production through an advanced technology platform.[13]

These diverse investments include companies supplying climate-neutral cement, biopesticides, synthetic silk biopolymers and many other products and solutions that challenge current conventions. Novo Holdings added eight bioindustrial companies to its portfolio in 2021 and invested approx. €98 million ($97.35 million) in total in the bioindustrial space.[13]

Investment profile

In 2021, the Novo Holdings portfolio focusing on Life Science Investment (Novo Seeds, Novo Growth, Novo Ventures and Novo Principal Investments[14]) made up 52% of the total portfolio[9] while the Novo Capital Investors made up the remaining 48% of the total portfolio.[9] The Life Science Investment portfolio and Novo Capital Investors generated returns of approximately DKK 12 billion ($1.6 billion) in 2021.[15][9]

  • Novo Holding A/S's most common sectors for investment are life sciences (38%) and diversified (13%).[8]
  • Novo Holding A/S's most common investment types are secondary buyouts (75%) and recapitalisation (13%).[8]
  • Novo Holdings A/S has invested in three US states and five different countries.[8]
  • Novo Holdings A/S' most common type of exit is secondary buyout (100%).[8]
  • Novo Holding A/S's largest (disclosed) investment was in 2013; the acquisition of Xellia Pharmaceuticals A/S for $700 million.[16][17][8]
  • Novo Holdings A/S' largest (disclosed) exit was in 2021 when Unchained Labs was sold to The Carlyle Group for $435 million.[18][19][20][8]

Novo Group

The Novo Group comprises Novo Holdings A/S, Novo Nordisk A/S and Novozymes A/S. Novo Holdings A/S owns more than 25% of the ordinary share capital of Novo Nordisk A/S and controls more than 70% of the votes through its ownership of all the preferred (A) shares, which are not traded.

The Group's main purpose is to manage the financial assets of the Novo Nordisk Foundation to ensure an adequate financial return to cover the Foundation's investments and grants for scientific, humanitarian and social purposes and projects in the Nordic countries and the rest of the world. The Group achieves this by investing in life science companies in Europe and North America. The Novo Group also invests in a portfolio of financial assets.[21]

Senior management

In 2014, Henrik Gürtler stepped down as CEO after serving in the position since the company was established in 1999. He was replaced by Eivind Kolding, previously the CEO of Danske Bank.[22] On 29 February 2016, Eivind Kolding was dismissed as CEO of Novo A/S after 2 years in the post. He was temporarily replaced until June 2016 by Sten Scheibye, Chair of the Board of Directors. His successor as CEO of Novo Holdings A/S is Kasim Kutay,[23] a British citizen who previously worked for investment banks Morgan Stanley and Moelis & Company.

  • Kasim Kutay (CEO), 2016 – current
  • Sten Scheibye (chairman and interim CEO), March 2016 – June 2018
  • Eivind Kolding, 2014 – 2016
  • Henrik Gürtler, 1999 – 2014

Board of directors

The Board of Directors of Novo Holdings A/S comprises six members (as of December 2018):[24][25][26]

  • Lars Rebien Sørensen (Chairman), July 2018 - current
  • Steen Riisgaard (Vice Chairman)
  • Viviane Monges
  • Francis Michael Cyprian Cuss
  • Jeppe Fonager Christiansen
  • Jean-Luc Butel
  • Britt Meelby Jensen
  • Henrik Poulsen

REPAIR Impact Fund

In February 2018, Novo Holdings announces the establishment of an impact fund commissioned by the Novo Nordisk Foundation with a total initial budget of US$165 million to invest in companies involved in discovering and early-stage development of therapies to combat antimicrobial resistance.[27]

According to CEO Kasim Kutay, Novo Holdings are looking to increase this type of investments in global healthcare challenges: “We are looking to increase investments of this type in the coming years, and we are excited about our potential to make a significant difference in improving global healthcare”.[28]

REPAIR is an acronym for: Replenishing and Enabling the Pipeline for Anti-Infective Resistance.[29]

Investments

In addition to the Novo Group, Novo Holdings A/S owns major stakes in several Danish companies, including the Xellia Group, Sonion and Chr. Hansen Holdings A/S. By the beginning of 2018 Novo Holdings A/S had a portfolio of 85 listed and unlisted Life Science companies in Europe and North America.

Novo Holdings A/S invests mainly in companies that develop, manufacture or sell medicine, new treatment methods or medical or health-related equipment.[30]

At the end of 2017, Novo Holdings A/S had allocated nearly DKK 38 billion for investment in portfolios in Large Investments, Ventures and Seeds of DKK 31.5 billion, DKK 5.9 billion and DKK 291 million, respectively.[31]

  • In April 2021, Novo Holdings made its first investment in an Asia-based company, Halodoc.[32]
  • In May 2013, Novo Holdings acquired all shares in the pharmaceutical company Xellia.[33]
  • In July 2014, Novo Holdings acquired all shares in Sonion, a manufacturer of components for the hearing aid industry.[34]
  • In March 2017, Novo Holdings acquired 20 percent of the shares in the UK listed company Convatec with Kasim Kutay, CEO of Novo Holdings A/S, joining the Board of Directors.[35]

List of all investments[36]

Company Date Investment area Region Status
HPNow Sep 2023 Europe Active
Glentra Sep 2023 Capital Investments Europe Active
Ellab Jun 2023 Europe Active
Octave Jun 2023 Novo Ventures Eastern USA Active
Commit Biologics May 2023 Novo Seeds Europe Active
Ray Therapeutics May 2023 Novo Ventures Western USA Active
Alentis Therapeutics Apr 2023 Novo Ventures Europe Active
FIRE1 Mar 2023 Novo Ventures Europe Active
Aquafortus Feb 2023 Novo Growth Active
Hemab Therapeutics Feb 2023 Novo Seeds Europe Active
LePure Jan 2023 Asia Active
ZhenGe Biotech Jan 2023 Asia Active
Evosep Jan 2023 Novo Growth Active
iECURE Dec 2023 Novo Ventures Active
Breye Therapeutics Nov 2023 Novo Seeds Europe Active
KabaFusion Nov 2023 Principal Investments Eastern USA Active
MedGenome Aug 2023 Asia Active
Riva Therapeutics Jun 2023 Novo Ventures North America Active
Deep 6 AI May 2022 Novo Ventures Western USA Active
Elo Life Systems May 2022 Active
Invetx May 2022 Novo Growth Eastern USA Active
Nuvig Therapeutics May 2022 Novo Ventures Western USA Active
Engimmune Therapeutics May 2022 Novo Seeds Europe Active
Qure.ai Mar 2023 Asia Active
Metagenomi Feb 2023 Novo Ventures Western USA Active
Rondo Therapeutics Feb 2023 Novo Ventures Western USA Active
Verana Health Jan 2023 Novo Growth Western USA Active
Medical Knowledge Group Jan 2023 Principal Investments Eastern USA Active
Ritedose Jan 2023 Principal Investments Eastern USA Active
21st.BIO Dec 2023 Novo Seeds Europe Active
Clever Care Health Plan Nov 2023 Novo Ventures North America Active
Asgard Therapeutics Nov 2023 Novo Seeds Europe Active
Jernbanebyen Oct 2021 Novo Capital Investors Europe Active
BIOMILQ Oct 2021 Novo Growth Eastern USA Active
Orbis Medicines Sep 2023 Novo Seeds Europe Active
ZELP Sep 2023 Novo Growth United Kingdom Active
Doctor Anywhere Aug 2023 Asia Active
Hemab Jul 2023 Novo Seeds Europe Active
Muna Therapeutics Jul 2023 Novo Seeds Europe Active
Genomatica Jul 2023 Novo Growth Western USA Active
Availity Jul 2023 Principal Investments Eastern USA Active
Tribune Therapeutics Jun 2023 Novo Seeds Europe Active
Quanta Jun 2023 Novo Growth United Kingdom Active
BBI Group Jun 2023 Principal Investments United Kingdom Active
AMSilk May 2021 Novo Growth Europe Active
Numab May 2021 Novo Ventures Active
Esco May 2021 Principal Investments Asia Active
Hummingbird May 2021 Novo Ventures Asia Active
Halodoc Apr 2023 Novo Ventures Asia Active
Stride Therapeutics Apr 2023 Novo Ventures North America Active
Renewable Energy Partnership Apr 2023 Novo Capital Investors Europe Active
Bactolife Apr 2023 Novo Seeds Active
Adcendo Apr 2023 Novo Seeds Active
Altasciences Mar 2023 Principal Investments North America Active
Deep Branch Mar 2023 Novo Growth Europe Active
BGV Jan 2023 Novo Ventures Europe Active
Verve Therapeutics Jan 2023 Novo Ventures Eastern USA Active
The Protein Brewery Nov 2023 Novo Growth Europe Active
Rappta Therapeutics Aug 2023 Novo Seeds Europe Active
NREP Aug 2023 Novo Capital Investors Europe Active
Lava Therapeutics Aug 2023 Novo Ventures Europe Active
Mission Bio Aug 2023 Novo Growth Western USA Active
iSD Immunotech Jul 2023 Novo Seeds Europe Active
Chromologics Jul 2023 Novo Seeds Europe Active
Freeline Jul 2023 Novo Ventures Eastern USA Active
Checkmate Pharma Jun 2023 Novo Ventures Eastern USA Active
NodThera Jun 2023 Novo Ventures Europe Active
Exscientia May 2020 Novo Growth Europe Active
Hyperbio Therapeutics May 2020 Novo Seeds Europe Active
Kebotix Apr 2023 Novo Growth Eastern USA Active
WCG Jan 2023 Principal Investments Eastern USA Active
bioMASON Dec 2023 Novo Growth Eastern USA Active
Allievex Corporation Oct 2019 Novo Ventures Eastern USA Active
STipe Therapeutics Oct 2019 Novo Seeds Europe Active
Cyteir Therapeutics Aug 2023 Novo Ventures Eastern USA Active
LanzaTech Aug 2023 Novo Growth Western USA Active
Edgewise Therapeutics Jul 2023 Novo Ventures Western USA Active
Amolyt Pharma Jul 2023 Novo Ventures Europe Active
Glycomine Jul 2023 Novo Ventures Western USA Active
Disk Medicine Jun 2023 Novo Ventures Eastern USA Active
Claris Bio Jun 2023 Novo Ventures Western USA Active
VectivBio Jun 2023 Novo Ventures Europe Active
Vestaron Jun 2023 Novo Growth Eastern USA Active
MycoWorks May 2019 Novo Growth Western USA Active
Swift Health Systems / Inbrace May 2019 Novo Ventures Eastern USA Active
Tempus May 2019 Novo Growth Western USA Active
Oxford Biomedica May 2019 Novo Growth Europe Active
Anthos Therapeutics Jan 2023 Novo Ventures Eastern USA Active
Mirum Pharmaceuticals Nov 2023 Novo Ventures Western USA Active
Precirix Nov 2023 Novo Seeds Europe Active
Draupnir Bio Oct 2018 Novo Seeds Europe Active
BioPhero Sep 2023 Novo Seeds Europe Exit
Morphic Therapeutics Sep 2023 Novo Ventures Western USA Active
Envirotainer Sep 2023 Principal Investments Europe Exit
Tel Aviv Stock Exchange Aug 2023 Novo Capital Investors Europe Active
MDLIVE Aug 2023 Novo Ventures Eastern USA Exit
Aligos Aug 2023 Novo Ventures Western USA Active
Aristea Therapeutics Jul 2023 Novo Ventures Western USA Active
Reviral Jul 2023 Novo Ventures Europe Active
Stargazer Pharmaceuticals Apr 2023 Novo Ventures Eastern USA Exit
Praxis Precision Medicine Mar 2023 Novo Ventures Eastern USA Exit
Viewpoint Feb 2023 Novo Ventures Western USA Exit
Syndesi Therapeutics Dec 2023 Novo Seeds Europe Active
NorthSea Therapeutics Dec 2023 Novo Seeds Europe Active
Arcellx Sep 2023 Novo Ventures Eastern USA Active
Harmony Biosciences Sep 2023 Novo Ventures Eastern USA Active
Milestone Pharmaceuticals Jun 2023 Novo Ventures Eastern USA Exit
Antag Therapeutics May 2017 Novo Seeds Europe Active
AFYX Apr 2023 Novo Seeds Europe Active
Avalyn Mar 2023 Novo Ventures Western USA Active
Cirius Mar 2023 Novo Ventures Eastern USA Exit
Convatec Mar 2023 Principal Investments Europe Active
Evotec Feb 2023 Principal Investments Europe Active
Inozyme Pharma Jan 2023 Novo Ventures Eastern USA Exit
Hoba Therapeutics Dec 2023 Novo Seeds Europe Active
Macrophage pharma Dec 2023 Novo Seeds Europe Exit
Minerva Surgical Dec 2023 Novo Ventures Eastern USA Active
AMRA Nov 2023 Novo Seeds Europe Active
HepaRegeniX Nov 2023 Novo Seeds Europe Active
CorWave Oct 2016 Novo Seeds Europe Active
Tarveda Therapeutics Oct 2016 Novo Ventures Eastern USA Exit
Bolt Biotherapeutics Sep 2023 Novo Ventures Western USA Active
Invisio Aug 2023 Novo Capital Investors Europe Active
NMD Pharma Jun 2023 Novo Seeds Europe Active
Rgenix Jun 2023 Novo Ventures Eastern USA Exit
F2G Limited Jun 2023 Novo Ventures Europe Active
Verona Pharma Jun 2023 Novo Ventures Europe Active
Inspirna Jun 2023 Novo Ventures Eastern USA Active
ERT May 2016 Principal Investments Eastern USA Exit
Clario May 2016 Principal Investments Eastern USA Active
Spruce Biosciences Apr 2023 Novo Ventures Western USA Active
Synlab Feb 2023 Principal Investments Europe Active
Nkarta Oct 2015 Novo Ventures Western USA Active
DADES Jul 2023 Novo Capital Investors Europe Active
E-Scape Bio Jul 2023 Novo Ventures Eastern USA Active
Unchained Labs Feb 2023 Novo Ventures Western USA Exit
Biosyntia Jan 2023 Novo Seeds Europe Active
Inthera Bioscience Jan 2023 Novo Seeds Europe Active
Galera Therapeutics Jan 2023 Novo Ventures Eastern USA Exit
Sonion Jul 2023 Principal Investments Europe Active
Anokion Mar 2023 Novo Ventures Eastern USA Active
IO Biotech Jan 2023 Novo Seeds Europe Active
Lysogene Jan 2023 Novo Seeds Europe Exit
Xellia Pharmaceuticals May 2013 Principal Investments Europe Active
Avilex Pharma Feb 2023 Novo Seeds Europe Active
Forendo Pharma Jan 2023 Novo Seeds Europe Exit
Reapplix Jan 2023 Novo Seeds Europe Active
Karus Therapeutics Ltd. Jun 2023 Novo Ventures Europe Exit
Chr. Hansen Jan 2023 Principal Investments Europe Active
Galecto Biotech Nov 2023 Novo Seeds Europe Active
Acesion Pharma Jan 2023 Novo Seeds Europe Active
Orexo Apr 2023 Principal Investments Europe Active
Inogen Nov 2023 Principal Investments Western USA Exit
JUST Asia Asia Active
Noom Novo Ventures Eastern USA Active
Reneo Pharmaceuticals Novo Ventures Western USA Active

References

  1. ↑ "Novo A/S renamed Novo Holdings A/S". Archived from the original on 2017-10-18. Retrieved 2017-06-23.
  2. ↑ 2022 Annual Report - Novo Holdings
  3. ↑ PR Newswire: For 2022, Novo Holdings reports a negative return on the Investment Portfolio of -6% and Total Income and Returns of DKK 3 billion (€0.4 billion); Total Assets are reported at DKK 805 billion (€108 billion)
  4. ↑ "Mads Krogsgaard Thomsen & Kasim Kutay". The OECD Forum Network. Retrieved 2022-10-27.
  5. ↑ "Eivind Kolding bliver direktør for Novo A/S". Berlingske.dk (in Danish). 23 January 2014. Retrieved 2014-07-17.
  6. ↑ "Novos pengetank får ny topchef". 21 June 2016. Archived from the original on 7 November 2016. Retrieved 6 November 2016.
  7. 1 2 "Home". Novo Holdings. Retrieved 2022-10-27.
  8. 1 2 3 4 5 6 7 8 9 "Novo Holdings A/S Mergers and Acquisitions Summary | Mergr". mergr.com. Retrieved 2022-10-27.
  9. 1 2 3 4 5 6 "Novo Holdings reports Total Income and Returns of DKK 37 billion (€5 billion) in 2021, representing a 29% increase over 2020". finance.yahoo.com. Retrieved 2022-10-27.
  10. ↑ Novo Holdings website: What We Do. https://www.novoholdings.dk/
  11. 1 2 Design, Mastafu. "Novo Holdings A/S | DANISH BIO – DANSK BIOTEK" (in Danish). Retrieved 2022-10-27.
  12. 1 2 "Responsible Investments". Novo Holdings. Retrieved 2022-11-06.
  13. 1 2 "Record year for industrial biotechnology grants and investments". finance.yahoo.com. Retrieved 2022-11-06.
  14. ↑ "Investments". www.novoholdings.dk.
  15. ↑ 2021 Annual Report: https://www.novoholdings.dk/wp-content/uploads/Novo-Holdings-Annual-Report-2021.pdf
  16. ↑ "Novo A/S Acquires Xellia". Xellia Pharmaceuticals (Press release). Retrieved 2022-10-27.
  17. ↑ Levin, Jennifer (2013-05-21). "Novo A/S acquires Xellia Pharmaceuticals for US$ 700 million". Fierce Pharma. Retrieved 2022-10-27.
  18. ↑ "Carlyle to acquire Unchained Labs for $435 million". Reuters. 2021-04-26. Retrieved 2022-10-27.
  19. ↑ "The Carlyle Group to Acquire Rapidly Growing Life Sciences Tools Company Unchained Labs". www.prnewswire.com (Press release). Unchained Labs. Retrieved 2022-10-27.
  20. ↑ "The Carlyle Group to Acquire Rapidly Growing Life Sciences Tools Company Unchained Labs | Carlyle". www.carlyle.com (Press release). Retrieved 2022-10-27.
  21. ↑ "Ownership and subsidiaries | Novo Nordisk Fonden". Archived from the original on 2018-03-08. Retrieved 2018-03-16.
  22. ↑ "Eivind Kolding bliver direktør for Novo A/S". www.business.dk. 23 January 2014.
  23. ↑ "After ousting former CEO, Novo A/S puts Kutay in charge of $57B investment vehicle". www.fiercebiotech.com. 22 June 2016.
  24. ↑ "Novo Holdings prepares for major US offensive". medwatch.dk. 4 October 2017.
  25. ↑ "Leadership". www.novoholdings.dk.
  26. ↑ "CVR - Det Centrale Virksomhedsregister". datacvr.virk.dk.
  27. ↑ "Novo Holdings launches $165 MLN 'superbug' drug venture fund". Reuters. 28 February 2018.
  28. ↑ "Novo Holdings launches €135m fund to combat antimicrobial resistance". european-biotechnology.com.
  29. ↑ "Home". REPAIR Impact Fund.
  30. ↑ "Stocks". Bloomberg News.
  31. ↑ "Novo a/S annual report 2016". 2016.novo.dk.
  32. ↑ Larsen, Mette (April 23, 2021). "Novo Holdings makes its first investment in an Asian health tech company". scandasia.com.
  33. ↑ "Novo køber norsk biotekselskab for fire milliarder kroner". ing.dk (in Danish). 21 May 2013. Retrieved 2014-07-17.
  34. ↑ "Novo betaler op mod 4 milliarder kroner for Sonion" (in Danish). Berlingske. 15 July 2014. Retrieved 2014-07-17.
  35. ↑ "Novo to buy 20% stake in UK's ConvaTec". www.pharmatimes.com. 29 March 2017.
  36. ↑ "Novo Holdings · Investments". Novo Holdings.
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