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Novo Holdings A/S

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Novo Holdings A/S
Company 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 1,114 billion (2023)
Approx. $163 billion (2023)
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 2023 was worth almost DKK 1,114 billion[2][3][4] Danish Kroner (approximately US$163 billion). The company generated a total income and investment return of DKK 31 billion in 2023.[5]

It is the largest charitable foundation in the world making Novo Holdings A/S a world-leading life sciences investor.[6] 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.[7] Eivind Kolding left Novo Holdings A/S in March 2016 and Kasim Kutay took over as CEO for the organisation.[8]

Purpose

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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.[9][10][11]

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.[12] 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

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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.[10] 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.[10]

Novo Holdings A/S is recognised as a leading international life science investor focusing on creating long-term value.[9] Besides from being the controlling shareholder in the Novo Group companies (including Novo Nordisk A/S and Novozymes A/S),[13] Novo Holdings also provides seed and venture capital to companies in the development-stage.[11]

Novo Holdings also takes on significant ownership in growth and well-established companies and manages a broad portfolio of diversified financial assets.[11][13]

Increased focus on industrial Biosolutions

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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.[14] 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".[14]

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.[15]

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.[15]

Investment profile

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In 2021, the Novo Holdings portfolio focusing on Life Science Investment (Novo Seeds, Novo Growth, Novo Ventures and Novo Principal Investments[16]) made up 52% of the total portfolio[11] while the Novo Capital Investors made up the remaining 48% of the total portfolio.[11] The Life Science Investment portfolio and Novo Capital Investors generated returns of approximately DKK 12 billion ($1.6 billion) in 2021.[17][11]

  • Novo Holding A/S's most common sectors for investment are life sciences (38%) and diversified (13%).[10]
  • Novo Holding A/S's most common investment types are secondary buyouts (75%) and recapitalisation (13%).[10]
  • Novo Holdings A/S has invested in three US states and five different countries.[10]
  • Novo Holdings A/S' most common type of exit is secondary buyout (100%).[10]
  • Novo Holding A/S's largest (disclosed) investment was in 2013; the acquisition of Xellia Pharmaceuticals A/S for $700 million.[18][19][10]
  • Novo Holdings A/S' largest (disclosed) exit was in 2021 when Unchained Labs was sold to The Carlyle Group for $435 million.[20][21][22][10]

Novo Group

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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.[23]

Senior management

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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.[24] 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,[25] 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

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The Board of Directors of Novo Holdings A/S comprises six members (as of December 2018):[26][27][28]

  • 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

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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.[29]

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”.[30]

REPAIR is an acronym for: Replenishing and Enabling the Pipeline for Anti-Infective Resistance.[31]

Investments

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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.[32]

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.[33]

  • In April 2021, Novo Holdings made its first investment in an Asia-based company, Halodoc.[34]
  • In May 2013, Novo Holdings acquired all shares in the pharmaceutical company Xellia.[35]
  • In July 2014, Novo Holdings acquired all shares in Sonion, a manufacturer of components for the hearing aid industry.[36]
  • 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.[37]
  • In February 2024, Novo Holdings A/S agreed to acquire Catalent for $16.5 billion. On completion, Novo Nordisk would acquire three manufacturing facilities from parent Novo Holdings for $11 billion to scale up production to meet the demand of its obesity and diabetes drugs Wegovy and Ozempic respectively.[38][39]
  • In December 2024, Novo Holdngs sealed its $16.5 billion deal for Catalent with its aims to boost supplies of widely popular weight-loss drug Wegovy. This investment will allow Novo Nordisk to take control of three fill-finish facilities of the contract drug manufacturer in Italy, Belgium, and the U.S.[40]

List of all investments[41][42]

Company Investment area Region Date
Oxford Nanopore Technologies Growth Investments Europe August 2024
MATR Foods Planetary Health Investments Europe July 2024
Sejet Plant Breeding (Sejet) Planetary Health Investments Europe June 2024
CIRCTEC Planetary Health Investments Europe May 2024
Cleveland Diagnostics Growth Investments North America January 2024
Reunion Neuroscience Venture Investments North America May 2024
REDUCED Planetary Health Investments Europe April 2024
Pureos Bioventures II Venture Investments Europe July 2023
Site One Venture Investments North America January 2024
OnCusp Venture Investments North America December 2023
ManaT Venture Investments North America October 2023
Hillstar Bio Venture Investments North America August 2023
Manipal Hospitals Uncategorised Asia February 2024
Nalu Medical Venture Investments North America January 2024
LePure Asia January 2023
MedGenome Asia August 2022
Sangon Biotech Asia August 2023
Paratek Pharmaceuticals Planetary Health Investments Europe September 2023
LimmaTech Biologics Seed Investments Europe October 2023
MapLight Therapeutics Venture Investments North America October 2023
Terremoto Biosciences Venture Investments North America November 2023
ROSLIN TECHNOLOGIES Planetary Health Investments Europe November 2023
Euroclear Capital Investments Europe September 2023
HPNow Planetary Health Investments Europe September 2023
Glentra Capital Investments Europe September 2023
Ellab Principal Investments Europe September 2023
Octave Venture Investments North America May 2023
Commit Biologics Seed Investments Europe April 2023
Noom Venture Investments North America April 2023
Ray Therapeutics Venture Investments North America April 2023
Alentis Therapeutics Venture Investments Europe March 2023
Aquafortus Planetary Health Investments #VALUE! February 2023
FIRE1 Venture Investments Europe February 2023
Hemab Therapeutics Seed Investments Europe January 2023
Evosep Growth Investments Europe January 2023
iECURE Venture Investments North America November 2022
KabaFusion Principal Investments North America November 2022
Breye Therapeutics Seed Investments Europe October 2022
Kate Farms Planetary Health Investments North America September 2022
Riva Therapeutics Venture Investments North America June 2022
Tel Aviv Stock Exchange Capital Investments Europe August 2018
Invisio Capital Investments Europe August 2016
Deep 6 AI Venture Investments North America April 2022
Elo Life Systems Planetary Health Investments North America April 2022
Engimmune Therapeutics Seed Investments Europe April 2022
Invetx Planetary Health Investments North America April 2022
Nuvig Therapeutics Venture Investments North America April 2022
Qure.ai Asia March 2022
Metagenomi Venture Investments North America January 2022
Rondo Therapeutics Venture Investments North America January 2022
Ritedose Principal Investments North America January 2022
Medical Knowledge Group Principal Investments North America December 2021
Verana Health Growth Investments North America December 2021
21st.BIO Planetary Health Investments Europe November 2021
Asgard Therapeutics Seed Investments Europe October 2021
Clever Care Health Plan Venture Investments North America October 2021
BIOMILQ Planetary Health Investments North America October 2021
Jernbanebyen Capital Investments Europe September 2021
Doctor Anywhere Uncategorised Asia August 2021
Availity Principal Investments North America July 2021
Genomatica Planetary Health Investments North America June 2021
Muna Therapeutics Seed Investments Europe June 2021
BBI Solutions Principal Investments Europe August 2021
Quanta Growth Investments Europe May 2021
Tribune Therapeutics Seed Investments Europe May 2021
AMSilk Planetary Health Investments Europe April 2021
Esco Asia April 2021
Hummingbird Venture Investments Asia April 2021
Numab Venture Investments Europe April 2021
Adcendo Seed Investments Europe March 2021
Bactolife Planetary Health Investments Europe March 2021
Halodoc Uncategorised Asia March 2021
Renewable Energy Partnership Capital Investments Europe March 2021
Deep Branch Planetary Health Investments Europe February 2021
BGV Venture Investments Europe December 2020
Orbis Medicines Seed Investments Europe November 2020
ZELP Planetary Health Investments Europe November 2020
The Protein Brewery Planetary Health Investments Europe October 2020
Rappta Therapeutics Seed Investments Europe August 2020
Lava Therapeutics Venture Investments Europe July 2020
Mission Bio Growth Investments North America July 2020
NREP Capital Investments Europe July 2020
Chromologics Planetary Health Investments Europe June 2020
NodThera Venture Investments North America May 2020
Exscientia Growth Investments Europe April 2020
Biomason Planetary Health Investments North America November 2019
Allievex Corporation Venture Investments North America September 2019
LanzaTech Planetary Health Investments North America July 2019
Glycomine Venture Investments North America July 2019
Amolyt Pharma Venture Investments Europe June 2019
Edgewise Therapeutics Venture Investments North America June 2019
Claris Bio Venture Investments North America May 2019
Vestaron Planetary Health Investments North America May 2019
MycoWorks Planetary Health Investments North America April 2019
Oxford Biomedica Growth Investments Europe April 2019
Swift Health Systems / Inbrace Venture Investments North America April 2019
Tempus Growth Investments North America April 2019
Anthos Therapeutics Venture Investments North America December 2018
Mirum Pharmaceuticals Venture Investments North America October 2018
Precirix Seed Investments Europe October 2018
Draupnir Bio Seed Investments Europe September 2018
NorthSea Therapeutics Seed Investments Europe November 2017
Antag Therapeutics Seed Investments Europe April 2017
Avalyn Venture Investments North America February 2017
ConvaTec Principal Investments Europe February 2017
Evotec Principal Investments Europe January 2017
Hoba Therapeutics Seed Investments Europe November 2016
HepaRegeniX Seed Investments Europe October 2016
CorWave Seed Investments Europe September 2016
F2G Limited Venture Investments Europe May 2016
Inspirna Venture Investments North America May 2016
NMD Pharma Seed Investments Europe May 2016
Spruce Biosciences Venture Investments North America March 2016
Synlab Principal Investments Europe January 2016
DADES Capital Investments Europe June 2015
Biosyntia Planetary Health Investments Europe December 2014
Sonion Principal Investments Europe September 2014
Anokion Venture Investments Europe February 2014
IO Biotech Seed Investments Europe December 2013
Xellia Pharmaceuticals Principal Investments Europe April 2013
Reapplix Seed Investments Europe December 2012
Chr. Hansen Principal Investments Europe December 2011
Galecto Biotech Seed Investments Europe October 2011
Acesion Pharma Seed Investments Europe December 2010
Orexo Principal Investments Europe March 2010

References

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  1. ^ "Novo A/S renamed Novo Holdings A/S". Archived from the original on 2017-10-18. Retrieved 2017-06-23.
  2. ^ Holdings, Novo. "Novo Holdings reports Total Income and Investment Returns of DKK 31 billion (€4.2 billion) for 2023. Total Assets grow by 38% to DKK 1,114 billion (€149 billion)". www.prnewswire.com. Retrieved 2024-03-12.
  3. ^ "Novo Holdings reports Total Income and Investment Returns of DKK 31 billion (€4.2 billion) for 2023. Total Assets grow by 38% to DKK 1,114 billion (€149 billion)". Novo Holdings. Retrieved 2024-03-12.
  4. ^ Novo Holdings 2023 Performance Report: https://assets.novoholdings.dk/f/228216/x/d054b2acb5/novo-holdings-performance-report-2023.pdf
  5. ^ Novo Holdings annual report 2023: https://assets.novoholdings.dk/novo-holdings-2023-performance-report.pdf
  6. ^ "Mads Krogsgaard Thomsen & Kasim Kutay". The OECD Forum Network. Retrieved 2022-10-27.
  7. ^ "Eivind Kolding bliver direktør for Novo A/S". Berlingske.dk (in Danish). 23 January 2014. Retrieved 2014-07-17.
  8. ^ "Novos pengetank får ny topchef". 21 June 2016. Archived from the original on 7 November 2016. Retrieved 6 November 2016.
  9. ^ a b "Home". Novo Holdings. Retrieved 2022-10-27.
  10. ^ a b c d e f g h i "Novo Holdings A/S Mergers and Acquisitions Summary | Mergr". mergr.com. Retrieved 2022-10-27.
  11. ^ a b c d e f "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.
  12. ^ Novo Holdings website: What We Do. https://www.novoholdings.dk/
  13. ^ a b Design, Mastafu. "Novo Holdings A/S | DANISH BIO – DANSK BIOTEK" (in Danish). Retrieved 2022-10-27.
  14. ^ a b "Responsible Investments". Novo Holdings. Retrieved 2022-11-06.
  15. ^ a b "Record year for industrial biotechnology grants and investments". finance.yahoo.com. Retrieved 2022-11-06.
  16. ^ "Investments". www.novoholdings.dk.
  17. ^ 2021 Annual Report: https://www.novoholdings.dk/wp-content/uploads/Novo-Holdings-Annual-Report-2021.pdf
  18. ^ "Novo A/S Acquires Xellia". Xellia Pharmaceuticals (Press release). Retrieved 2022-10-27.
  19. ^ Levin, Jennifer (2013-05-21). "Novo A/S acquires Xellia Pharmaceuticals for US$ 700 million". Fierce Pharma. Retrieved 2022-10-27.
  20. ^ "Carlyle to acquire Unchained Labs for $435 million". Reuters. 2021-04-26. Retrieved 2022-10-27.
  21. ^ "The Carlyle Group to Acquire Rapidly Growing Life Sciences Tools Company Unchained Labs". www.prnewswire.com (Press release). Unchained Labs. Retrieved 2022-10-27.
  22. ^ "The Carlyle Group to Acquire Rapidly Growing Life Sciences Tools Company Unchained Labs | Carlyle". www.carlyle.com (Press release). Retrieved 2022-10-27.
  23. ^ "Ownership and subsidiaries | Novo Nordisk Fonden". Archived from the original on 2018-03-08. Retrieved 2018-03-16.
  24. ^ "Eivind Kolding bliver direktør for Novo A/S". www.business.dk. 23 January 2014.
  25. ^ "After ousting former CEO, Novo A/S puts Kutay in charge of $57B investment vehicle". www.fiercebiotech.com. 22 June 2016.
  26. ^ "Novo Holdings prepares for major US offensive". medwatch.dk. 4 October 2017.
  27. ^ "Leadership". www.novoholdings.dk.
  28. ^ "CVR - Det Centrale Virksomhedsregister". datacvr.virk.dk.
  29. ^ "Novo Holdings launches $165 MLN 'superbug' drug venture fund". Reuters. 28 February 2018.
  30. ^ "Novo Holdings launches €135m fund to combat antimicrobial resistance". european-biotechnology.com.
  31. ^ "Home". REPAIR Impact Fund.
  32. ^ "Stocks". Bloomberg News.
  33. ^ "Novo a/S annual report 2016". 2016.novo.dk.
  34. ^ Larsen, Mette (April 23, 2021). "Novo Holdings makes its first investment in an Asian health tech company". scandasia.com.
  35. ^ "Novo køber norsk biotekselskab for fire milliarder kroner". ing.dk (in Danish). 21 May 2013. Retrieved 2014-07-17.
  36. ^ "Novo betaler op mod 4 milliarder kroner for Sonion" (in Danish). Berlingske. 15 July 2014. Retrieved 2014-07-17.
  37. ^ "Novo to buy 20% stake in UK's ConvaTec". www.pharmatimes.com. 29 March 2017.
  38. ^ Gilbert, Daniel (2024-02-05). "Novo Nordisk buys manufacturing power as it seeks to ramp up Wegovy". The Washington Post.
  39. ^ Constantino, Annika Kim (2024-02-05). "Novo Nordisk parent to buy Catalent for $16.5 billion to expand Wegovy supply". CNBC.
  40. ^ "Novo Holdings closes $16.5 billion buyout of contract manufacturer Catalent". December 18, 2024.
  41. ^ "Novo Holdings · Investments". Novo Holdings.
  42. ^ "Novo Holdings · Investments". Novo Holdings. Retrieved 2024-08-26.
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