Novo Holdings A/S

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 2021 was worth almost DKK 700 billion[2] Danish Kroner (approximately US$93.73 billion) and is the largest charitable foundation in the world making Novo Holdings A/S a world-leading life sciences investor.[3] Novo Holdings A/S is headquartered in Copenhagen, Denmark, with offices in San Francisco, Boston and Singapore.

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 697 billion (2021)
Approx. $93.73 billion (2021)
SubsidiariesNovo Nordisk A/S
Novozymes A/S
Websitewww.novoholdings.dk

Eivind Kolding succeeded Henrik Gürtler as CEO on 1 May 2014.[4] Eivind Kolding left Novo Holdings A/S in March 2016 and Kasim Kutay took over as CEO for the organisation.[5]

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.[6][7][8]

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.[9] 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.[7] 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.[7]

Novo Holdings A/S is recognised as a leading international life science investor focusing on creating long-term value.[6] Besides from being the controlling shareholder in the Novo Group companies (including Novo Nordisk A/S and Novozymes A/S),[10] Novo Holdings also provides seed and venture capital to companies in the development-stage.[8]

Novo Holdings also takes on significant ownership in growth and well-established companies and manages a broad portfolio of diversified financial assets.[8][10]

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.[11] 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".[11]

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.[12]

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.[12]

Investment profile

In 2021, the Novo Holdings portfolio focusing on Life Science Investment (Novo Seeds, Novo Growth, Novo Ventures and Novo Principal Investments[13]) made up 52% of the total portfolio[8] while the Novo Capital Investors made up the remaining 48% of the total portfolio.[8] The Life Science Investment portfolio and Novo Capital Investors generated returns of approximately DKK 12 billion ($1.6 billion) in 2021.[2][8]

  • Novo Holding A/S's most common sectors for investment are life sciences (38%) and diversified (13%).[7]
  • Novo Holding A/S's most common investment types are secondary buyouts (75%) and recapitalisation (13%).[7]
  • Novo Holdings A/S has invested in three US states and five different countries.[7]
  • Novo Holdings A/S' most common type of exit is secondary buyout (100%).[7]
  • Novo Holding A/S's largest (disclosed) investment was in 2013; the acquisition of Xellia Pharmaceuticals A/S for $700 million.[14][15][7]
  • Novo Holdings A/S' largest (disclosed) exit was in 2021 when Unchained Labs was sold to The Carlyle Group for $435 million.[16][17][18][7]

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.[19]

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.[20] 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,[21] 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):[22][23][24]

  • 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.[25]

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”.[26]

REPAIR is an acronym for: Replenishing and Enabling the Pipeline for Anti-Infective Resistance.[27]

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.[28]

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.[29]

  • In April 2021, Novo Holdings made its first investment in an Asia-based company, Halodoc[30]
  • In May 2013, Novo Holdings acquired all shares in the pharmaceutical company Xellia.[31]
  • In July 2014, Novo Holdings acquired all shares in Sonion, a manufacturer of components for the hearing aid industry.[32]
  • 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.[33]

List of all investments[34]

Name Date Investment area Region Status
KabaFusion Nov/22 Principal Investments Eastern USA Active
MedGenome Aug/22 Asia Active
Invetx May/22 Novo Growth Eastern USA Active
Nuvig Therapeutics May/22 Novo Ventures Western USA Active
Engimmune Therapeutics May/22 Novo Seeds Europe Active
Qure.ai Mar/22 Asia Active
Metagenomi Feb/22 Novo Ventures Western USA Active
Rondo Therapeutics Feb/22 Novo Ventures Western USA Active
Verana Health Jan/22 Novo Growth Western USA Active
Medical Knowledge Group Jan/22 Principal Investments Eastern USA Active
Ritedose Jan/22 Principal Investments Eastern USA Active
21st.BIO Dec/21 Novo Seeds Europe Active
Clever Care Health Plan Nov/21 Novo Ventures North America Active
Asgard Therapeutics Nov/21 Novo Seeds Europe Active
Jernbanebyen Oct/21 Novo Capital Investors Europe Active
BIOMILQ Oct/21 Novo Growth Eastern USA Active
Orbis Medicines Sep/21 Novo Seeds Europe Active
ZELP Sep/21 Novo Growth United Kngdom Active
Doctor Anywhere Aug/21 Asia Active
Hemab Jul/21 Novo Seeds Europe Active
Muna Therapeutics Jul/21 Novo Seeds Europe Active
Genomatica Jul/21 Novo Growth Western USA Active
Availity Jul/21 Principal Investments Eastern USA Active
Tribune Therapeutics Jun/21 Novo Seeds Europe Active
Quanta Jun/21 Novo Growth United Kingdom Active
BBI Group Jun/21 Principal Investments United Kingdom Active
AMSilk May/21 Novo Growth Europe Active
Numab May/21 Novo Ventures Active
Esco May/21 Principal Investments Asia Active
Hummingbird May/21 Novo Ventures Asia Active
Halodoc Apr/21 Novo Ventures Asia Active
Stride Therapeutics Apr/21 Novo Ventures North America Active
Renewable Energy Partnership Apr/21 Novo Capital Investors Europe Active
Bactolife Apr/21 Novo Seeds Active
Adcendo Apr/21 Novo Seeds Active
Altasciences Mar/21 Principal Investments North America Active
Deep Branch Mar/21 Novo Growth Europe Active
Verve Therapeutics Jan/21 Novo Ventures Eastern USA Active
The Protein Brewery Nov/20 Novo Growth Europe Active
Rappta Therapeutics Aug/20 Novo Seeds Europe Active
NREP Aug/20 Novo Capital Investors Europe Active
Lava Therapeutics Aug/20 Novo Ventures Europe Active
Mission Bio Aug/20 Novo Growth Western USA Active
iSD Immunotech Jul/20 Novo Seeds Europe Active
Chromologics Jul/20 Novo Seeds Europe Active
Freeline Jul/20 Novo Ventures Eastern USA Active
Checkmate Pharma Jun/20 Novo Ventures Eastern USA Active
NodThera Jun/20 Novo Ventures Europe Active
Exscientia May/20 Novo Growth Europe Active
Hyperbio Therapeutics May/20 Novo Seeds Europe Active
Kebotix Apr/20 Novo Growth Eastern USA Active
WCG Jan/20 Principal Investments Eastern USA Active
bioMASON Dec/19 Novo Growth Eastern USA Active
Allievex Corporation Oct/19 Novo Ventures Eastern USA Active
STipe Therapeutics Oct/19 Novo Seeds Europe Active
Cyteir Therapeutics Aug/19 Novo Ventures Eastern USA Active
LanzaTech Aug/19 Novo Growth Western USA Active
Edgewise Therapeutics Jul/19 Novo Ventures Western USA Active
Amolyt Pharma Jul/19 Novo Ventures Europe Active
Glycomine Jul/19 Novo Ventures Western USA Active
Disk Medicine Jun/19 Novo Ventures Eastern USA Active
Claris Bio Jun/19 Novo Ventures Western USA Active
VectivBio Jun/19 Novo Ventures Europe Active
Vestaron Jun/19 Novo Growth Eastern USA Active
MycoWorks May/19 Novo Growth Western USA Active
Swift Health Systems / Inbrace May/19 Novo Ventures Eastern USA Active
Tempus May/19 Novo Growth Western USA Active
Oxford Biomedica May/19 Novo Growth Europe Active
Anthos Therapeutics Jan/19 Novo Ventures Eastern USA Active
Mirum Pharmaceuticals Nov/18 Novo Ventures Western USA Active
Precirix Nov/18 Novo Seeds Europe Active
Draupnir Bio Oct/18 Novo Seeds Europe Active
BioPhero Sep/18 Novo Seeds Europe Exited
Morphic Therapeutics Sep/18 Novo Ventures Western USA Active
Envirotainer Sep/18 Principal Investments Europe Exited
Tel Aviv Stock Exchange Aug/18 Novo Capital Investors Europe Active
MDLIVE Aug/18 Novo Ventures Eastern USA Exited
Aligos Aug/18 Novo Ventures Western USA Active
Aristea Therapeutics Jul/18 Novo Ventures Western USA Active
Reviral Jul/18 Novo Ventures Europe Active
Stargazer Pharmaceuticals Apr/18 Novo Ventures Eastern USA Exited
Praxis Precision Medicine Mar/18 Novo Ventures Eastern USA Exited
Viewpoint Feb/18 Novo Ventures Western USA Exited
Syndesi Therapeutics Dec/17 Novo Seeds Europe Active
NorthSea Therapeutics Dec/17 Novo Seeds Europe Active
Arcellx Sep/17 Novo Ventures Eastern USA Active
Harmony Biosciences Sep/17 Novo Ventures Eastern USA Active
Milestone Pharmaceuticals Jun/17 Novo Ventures Eastern USA Exited
Antag Therapeutics May/17 Novo Seeds Europe Active
AFYX Apr/17 Novo Seeds Europe Active
Avalyn Mar/17 Novo Ventures Western USA Active
Cirius Mar/17 Novo Ventures Eastern USA Exited
Convatec Mar/17 Principal Investments Europe Active
Evotec Feb/17 Principal Investments Europe Active
Inozyme Pharma Jan/17 Novo Ventures Eastern USA Exited
Hoba Therapeutics Dec/16 Novo Seeds Europe Active
Macrophage pharma Dec/16 Novo Seeds Europe Exited
Minerva Surgical Dec/16 Novo Ventures Eastern USA Active
AMRA Nov/16 Novo Seeds Europe Active
HepaRegeniX Nov/16 Novo Seeds Europe Active
CorWave Oct/16 Novo Seeds Europe Active
Tarveda Therapeutics Oct/16 Novo Ventures Eastern USA Exited
Bolt Biotherapeutics Sep/16 Novo Ventures Western USA Active
Invisio Aug/16 Novo Capital Investors Europe Active
NMD Pharma Jun/16 Novo Seeds Europe Active
Rgenix Jun/16 Novo Ventures Eastern USA Exited
F2G Limited Jun/16 Novo Ventures Europe Active
Verona Pharma Jun/16 Novo Ventures Europe Active
Inspirna Jun/16 Novo Ventures Eastern USA Active
ERT May/16 Principal Investments Eastern USA Exited
Clario May/16 Principal Investments Eastern USA Active
Spruce Biosciences Apr/16 Novo Ventures Western USA Active
Synlab Feb/16 Principal Investments Europe Active
Nkarta Oct/15 Novo Ventures Western USA Active
DADES Jul/15 Novo Capital Investors Europe Active
E-Scape Bio Jul/15 Novo Ventures Eastern USA Active
Unchained Labs Feb/15 Novo Ventures Western USA Exited
Biosyntia Jan/15 Novo Seeds Europe Active
Inthera Bioscience Jan/15 Novo Seeds Europe Active
Galera Therapeutics Jan/15 Novo Ventures Eastern USA Exited
Sonion Jul/14 Principal Investments Europe Active
Anokion Mar/14 Novo Ventures Eastern USA Active
IO Biotech Jan/14 Novo Seeds Europe Active
Lysogene Jan/14 Novo Seeds Europe Exited
Xellia Pharmaceuticals May/13 Principal Investments Europe Active
Avilex Pharma Feb/13 Novo Seeds Europe Active
Forendo Pharma Jan/13 Novo Seeds Europe Exited
Reapplix Jan/13 Novo Seeds Europe Active
Karus Therapeutics Ltd. Jun/12 Novo Ventures Europe Exited
Chr. Hansen Jan/12 Principal Investments Europe Active
Galecto Biotech Nov/11 Novo Seeds Europe Active
Acesion Pharma Jan/11 Novo Seeds Europe Active
Orexo Apr/10 Principal Investments Europe Active
Inogen Nov/06 Principal Investments Western USA Exited
Noom Novo Ventures Eastern USA Active
Reneo Pharmaceuticals Novo Ventures Western USA Active

References
  1. "Archived copy". Archived from the original on 2017-10-18. Retrieved 2017-06-23.{{cite web}}: CS1 maint: archived copy as title (link)
  2. 2021 Annual Report: https://www.novoholdings.dk/wp-content/uploads/Novo-Holdings-Annual-Report-2021.pdf
  3. Network, The OECD Forum. "Mads Krogsgaard Thomsen & Kasim Kutay". The OECD Forum Network. Retrieved 2022-10-27.
  4. "Eivind Kolding bliver direktør for Novo A/S". Berlingske.dk (in Danish). 23 January 2014. Retrieved 2014-07-17.
  5. "Novos pengetank får ny topchef". 21 June 2016. Archived from the original on 7 November 2016. Retrieved 6 November 2016.
  6. "Home". Novo Holdings. Retrieved 2022-10-27.
  7. "Novo Holdings A/S Mergers and Acquisitions Summary | Mergr". mergr.com. Retrieved 2022-10-27.
  8. "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.
  9. Novo Holdings website: What We Do. https://www.novoholdings.dk/
  10. Design, Mastafu. "Novo Holdings A/S | DANISH BIO – DANSK BIOTEK" (in Danish). Retrieved 2022-10-27.
  11. "Responsible Investments". Novo Holdings. Retrieved 2022-11-06.
  12. "Record year for industrial biotechnology grants and investments". finance.yahoo.com. Retrieved 2022-11-06.
  13. "Investments". www.novoholdings.dk.
  14. "Novo A/S Acquires Xellia | Press Release | Global | Xellia Pharmaceuticals". www.xellia.com. Retrieved 2022-10-27.
  15. Levin, Jennifer (2013-05-21). "Novo A/S acquires Xellia Pharmaceuticals for US$ 700 million". Fierce Pharma. Retrieved 2022-10-27.
  16. "Carlyle to acquire Unchained Labs for $435 million". Reuters. 2021-04-26. Retrieved 2022-10-27.
  17. Labs, Unchained. "The Carlyle Group to Acquire Rapidly Growing Life Sciences Tools Company Unchained Labs". www.prnewswire.com. Retrieved 2022-10-27.
  18. "The Carlyle Group to Acquire Rapidly Growing Life Sciences Tools Company Unchained Labs | Carlyle". www.carlyle.com. Retrieved 2022-10-27.
  19. "Ownership and subsidiaries | Novo Nordisk Fonden". Archived from the original on 2018-03-08. Retrieved 2018-03-16.
  20. "Eivind Kolding bliver direktør for Novo A/S". www.business.dk. 23 January 2014.
  21. "After ousting former CEO, Novo A/S puts Kutay in charge of $57B investment vehicle". www.fiercebiotech.com. 22 June 2016.
  22. "Novo Holdings prepares for major US offensive". medwatch.dk. 4 October 2017.
  23. "Leadership". www.novoholdings.dk.
  24. "CVR - Det Centrale Virksomhedsregister". datacvr.virk.dk.
  25. "Novo Holdings launches $165 MLN 'superbug' drug venture fund". Reuters. 28 February 2018.
  26. "Novo Holdings launches €135m fund to combat antimicrobial resistance". european-biotechnology.com.
  27. "Home". REPAIR Impact Fund.
  28. "Stocks". Bloomberg News.
  29. "Novo a/S annual report 2016". 2016.novo.dk.
  30. Larsen, Mette (April 23, 2021). "Novo Holdings makes its first investment in an Asian health tech company". scandasia.com.
  31. "Novo køber norsk biotekselskab for fire milliarder kroner". ing.dk (in Danish). 21 May 2013. Retrieved 2014-07-17.
  32. "Novo betaler op mod 4 milliarder kroner for Sonion" (in Danish). Berlingske. 15 July 2014. Retrieved 2014-07-17.
  33. "Novo to buy 20% stake in UK's ConvaTec". www.pharmatimes.com. 29 March 2017.
  34. "Investments".
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