Novo Holdings A/S

Last updated
Novo Holdings A/S
Company typePrivate limited company
IndustryLife Sciences
Asset management
Founded1999
Headquarters,
Key people
Kasim Kutay (CEO)
Lars Rebien Sørensen (Chairman)
ServicesInvestments in Life Science
Total assets DKK 1,114 billion (2023)
Approx. $163 billion (2023)
Subsidiaries Novo Nordisk A/S
Novozymes A/S
Website www.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]

Contents

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

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

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

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

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 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. [23]

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. [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.

Board of directors

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

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. [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

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]

List of all investments [41] [42]

CompanyInvestment areaRegionDate
Oxford Nanopore TechnologiesGrowth InvestmentsEuropeAugust 2024
MATR FoodsPlanetary Health InvestmentsEuropeJuly 2024
Sejet Plant Breeding (Sejet)Planetary Health InvestmentsEuropeJune 2024
CIRCTECPlanetary Health InvestmentsEuropeMay 2024
Cleveland DiagnosticsGrowth InvestmentsNorth AmericaJanuary 2024
Reunion NeuroscienceVenture InvestmentsNorth AmericaMay 2024
REDUCEDPlanetary Health InvestmentsEuropeApril 2024
Pureos Bioventures IIVenture InvestmentsEuropeJuly 2023
Site OneVenture InvestmentsNorth AmericaJanuary 2024
OnCuspVenture InvestmentsNorth AmericaDecember 2023
ManaTVenture InvestmentsNorth AmericaOctober 2023
Hillstar BioVenture InvestmentsNorth AmericaAugust 2023
Manipal HospitalsUncategorisedAsiaFebruary 2024
Nalu MedicalVenture InvestmentsNorth AmericaJanuary 2024
LePureAsiaJanuary 2023
MedGenomeAsiaAugust 2022
Sangon BiotechAsiaAugust 2023
Paratek PharmaceuticalsPlanetary Health InvestmentsEuropeSeptember 2023
LimmaTech BiologicsSeed InvestmentsEuropeOctober 2023
MapLight TherapeuticsVenture InvestmentsNorth AmericaOctober 2023
Terremoto BiosciencesVenture InvestmentsNorth AmericaNovember 2023
ROSLIN TECHNOLOGIESPlanetary Health InvestmentsEuropeNovember 2023
EuroclearCapital InvestmentsEuropeSeptember 2023
HPNowPlanetary Health InvestmentsEuropeSeptember 2023
GlentraCapital InvestmentsEuropeSeptember 2023
EllabPrincipal InvestmentsEuropeSeptember 2023
OctaveVenture InvestmentsNorth AmericaMay 2023
Commit BiologicsSeed InvestmentsEuropeApril 2023
NoomVenture InvestmentsNorth AmericaApril 2023
Ray TherapeuticsVenture InvestmentsNorth AmericaApril 2023
Alentis TherapeuticsVenture InvestmentsEuropeMarch 2023
AquafortusPlanetary Health Investments#VALUE!February 2023
FIRE1Venture InvestmentsEuropeFebruary 2023
Hemab TherapeuticsSeed InvestmentsEuropeJanuary 2023
EvosepGrowth InvestmentsEuropeJanuary 2023
iECUREVenture InvestmentsNorth AmericaNovember 2022
KabaFusionPrincipal InvestmentsNorth AmericaNovember 2022
Breye TherapeuticsSeed InvestmentsEuropeOctober 2022
Kate FarmsPlanetary Health InvestmentsNorth AmericaSeptember 2022
Riva TherapeuticsVenture InvestmentsNorth AmericaJune 2022
Tel Aviv Stock ExchangeCapital InvestmentsEuropeAugust 2018
InvisioCapital InvestmentsEuropeAugust 2016
Deep 6 AIVenture InvestmentsNorth AmericaApril 2022
Elo Life SystemsPlanetary Health InvestmentsNorth AmericaApril 2022
Engimmune TherapeuticsSeed InvestmentsEuropeApril 2022
InvetxPlanetary Health InvestmentsNorth AmericaApril 2022
Nuvig TherapeuticsVenture InvestmentsNorth AmericaApril 2022
Qure.aiAsiaMarch 2022
MetagenomiVenture InvestmentsNorth AmericaJanuary 2022
Rondo TherapeuticsVenture InvestmentsNorth AmericaJanuary 2022
RitedosePrincipal InvestmentsNorth AmericaJanuary 2022
Medical Knowledge GroupPrincipal InvestmentsNorth AmericaDecember 2021
Verana HealthGrowth InvestmentsNorth AmericaDecember 2021
21st.BIOPlanetary Health InvestmentsEuropeNovember 2021
Asgard TherapeuticsSeed InvestmentsEuropeOctober 2021
Clever Care Health PlanVenture InvestmentsNorth AmericaOctober 2021
BIOMILQPlanetary Health InvestmentsNorth AmericaOctober 2021
JernbanebyenCapital InvestmentsEuropeSeptember 2021
Doctor AnywhereUncategorisedAsiaAugust 2021
AvailityPrincipal InvestmentsNorth AmericaJuly 2021
GenomaticaPlanetary Health InvestmentsNorth AmericaJune 2021
Muna TherapeuticsSeed InvestmentsEuropeJune 2021
BBI SolutionsPrincipal InvestmentsEuropeAugust 2021
QuantaGrowth InvestmentsEuropeMay 2021
Tribune TherapeuticsSeed InvestmentsEuropeMay 2021
AMSilkPlanetary Health InvestmentsEuropeApril 2021
EscoAsiaApril 2021
HummingbirdVenture InvestmentsAsiaApril 2021
NumabVenture InvestmentsEuropeApril 2021
AdcendoSeed InvestmentsEuropeMarch 2021
BactolifePlanetary Health InvestmentsEuropeMarch 2021
HalodocUncategorisedAsiaMarch 2021
Renewable Energy PartnershipCapital InvestmentsEuropeMarch 2021
Deep BranchPlanetary Health InvestmentsEuropeFebruary 2021
BGVVenture InvestmentsEuropeDecember 2020
Orbis MedicinesSeed InvestmentsEuropeNovember 2020
ZELPPlanetary Health InvestmentsEuropeNovember 2020
The Protein BreweryPlanetary Health InvestmentsEuropeOctober 2020
Rappta TherapeuticsSeed InvestmentsEuropeAugust 2020
Lava TherapeuticsVenture InvestmentsEuropeJuly 2020
Mission BioGrowth InvestmentsNorth AmericaJuly 2020
NREPCapital InvestmentsEuropeJuly 2020
ChromologicsPlanetary Health InvestmentsEuropeJune 2020
NodTheraVenture InvestmentsNorth AmericaMay 2020
ExscientiaGrowth InvestmentsEuropeApril 2020
BiomasonPlanetary Health InvestmentsNorth AmericaNovember 2019
Allievex CorporationVenture InvestmentsNorth AmericaSeptember 2019
LanzaTechPlanetary Health InvestmentsNorth AmericaJuly 2019
GlycomineVenture InvestmentsNorth AmericaJuly 2019
Amolyt PharmaVenture InvestmentsEuropeJune 2019
Edgewise TherapeuticsVenture InvestmentsNorth AmericaJune 2019
Claris BioVenture InvestmentsNorth AmericaMay 2019
VestaronPlanetary Health InvestmentsNorth AmericaMay 2019
MycoWorksPlanetary Health InvestmentsNorth AmericaApril 2019
Oxford BiomedicaGrowth InvestmentsEuropeApril 2019
Swift Health Systems / InbraceVenture InvestmentsNorth AmericaApril 2019
TempusGrowth InvestmentsNorth AmericaApril 2019
Anthos TherapeuticsVenture InvestmentsNorth AmericaDecember 2018
Mirum PharmaceuticalsVenture InvestmentsNorth AmericaOctober 2018
PrecirixSeed InvestmentsEuropeOctober 2018
Draupnir BioSeed InvestmentsEuropeSeptember 2018
NorthSea TherapeuticsSeed InvestmentsEuropeNovember 2017
Antag TherapeuticsSeed InvestmentsEuropeApril 2017
AvalynVenture InvestmentsNorth AmericaFebruary 2017
ConvaTecPrincipal InvestmentsEuropeFebruary 2017
EvotecPrincipal InvestmentsEuropeJanuary 2017
Hoba TherapeuticsSeed InvestmentsEuropeNovember 2016
HepaRegeniXSeed InvestmentsEuropeOctober 2016
CorWaveSeed InvestmentsEuropeSeptember 2016
F2G LimitedVenture InvestmentsEuropeMay 2016
InspirnaVenture InvestmentsNorth AmericaMay 2016
NMD PharmaSeed InvestmentsEuropeMay 2016
Spruce BiosciencesVenture InvestmentsNorth AmericaMarch 2016
SynlabPrincipal InvestmentsEuropeJanuary 2016
DADESCapital InvestmentsEuropeJune 2015
BiosyntiaPlanetary Health InvestmentsEuropeDecember 2014
SonionPrincipal InvestmentsEuropeSeptember 2014
AnokionVenture InvestmentsEuropeFebruary 2014
IO BiotechSeed InvestmentsEuropeDecember 2013
Xellia PharmaceuticalsPrincipal InvestmentsEuropeApril 2013
ReapplixSeed InvestmentsEuropeDecember 2012
Chr. HansenPrincipal InvestmentsEuropeDecember 2011
Galecto BiotechSeed InvestmentsEuropeOctober 2011
Acesion PharmaSeed InvestmentsEuropeDecember 2010
OrexoPrincipal InvestmentsEuropeMarch 2010

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