Novo Holdings

Novo Holdings is a Danish holding and investment firm managing the assets of the Novo Nordisk Foundation. Established in 1999, it invests globally in life science companies at all stages of development, with a portfolio also including equities, bonds, real estate, and infrastructure.

Nis Bjørnholt Bak

Principal, Bioindustrial Investments

Jeroen Bakker Ph.D

Partner, Seed Investments

Michael Bauer

Venture Partner

Scott Beardsley

Managing Partner

Raymond Camahort

Principal

Ross Castillo

Associate

Emmanuelle Coutanceau Ph.D

Partner, Seed Investments

Kartik Dharmadhikari

Partner, Bioindustrial Investments

Thomas Dyrberg

Partner

Morten Dossing

Partner, Seed Investments

Anna Fan

Partner

Thomas Grotkjær Ph.D

Partner, Bioindustrial Investments

Kenneth Harrison

Partner

Deepa Hingorani

Partner, Planetary Health Investments

Karen Hong

Partner

Johan Hueffer

Senior Partner, Principal Investments

Amit Kakar MD

Managing Partner and Head of Novo Holdings Asia

Navjeewan Khosla

Partner, Novo Holdings Equity Asia

Kasim Kutay

CEO

Abhijeet Lele

Senior Partner and Head of Principal Investments US

Jeffrey Low MD

Principal, Growth Investments

Heather Ludvigsen

Investor

Joe Markson

Associate

Nafise Masoumi

Associate

Peter Moldt

Partner

Daniel O'Connell Ph.D

Partner, Venture Investments

João Ribas Ph.D

Principal, Seed Investments

Naveed Siddiqi

Partner

Eric Snyder

Principal

Matthias Vinther

Senior Associate

Stephen van Helden

Principal, Bioindustrial Investments, Growth Investments

Past deals in Denmark

Sparrow Quantum

Series A in 2025
Sparrow Quantum specializes in developing deterministic single-photon sources for advancing light-matter interfaces in quantum technologies. With a focus on high efficiency, purity, indistinguishability, and outcoupling, the company's technology is based on over two decades of research at the Niels Bohr Institute.

Commit Biologics

Seed Round in 2025
Founded in 2021, Commit Biologics is a Danish biotechnology company dedicated to developing innovative immunotherapy platforms for cancer treatment. Its proprietary platform employs b-specific domain antibodies to engage the body's innate immune response, targeting and destroying cancer cells.

Antag Therapeutics

Series A in 2024
Antag Therapeutics ApS is a biotechnology company based in Copenhagen, Denmark, founded in 2017. The company specializes in developing peptide drugs aimed at treating dietary-related metabolic diseases, including obesity, diabetes, and non-alcoholic fatty liver disease. Antag Therapeutics focuses on creating peptide-based GIP receptor antagonists designed to manage these conditions by reducing blood flow and lipid uptake in adipose tissue. Through its innovative approach, the company seeks to address significant health challenges associated with metabolic disorders.

Commit Biologics

Seed Round in 2024
Founded in 2021, Commit Biologics is a Danish biotechnology company dedicated to developing innovative immunotherapy platforms for cancer treatment. Its proprietary platform employs b-specific domain antibodies to engage the body's innate immune response, targeting and destroying cancer cells.

NMD Pharma

Series B in 2023
NMD Pharma A/S is a clinical-stage biotech company based in Aarhus, Denmark, focused on developing small molecules to enhance neuromuscular transmission for the treatment of orphan motor neuron diseases, such as myasthenia gravis, amyotrophic lateral sclerosis, and spinal muscular atrophy. The company's lead candidate, NMD670, is currently undergoing clinical trials aimed at alleviating the symptoms of myasthenia gravis. Utilizing a translational muscle electrophysiology platform, NMD Pharma leverages its expertise in muscle physiology to design innovative therapeutics that address significant unmet medical needs in neuromuscular disorders. The company aims to improve the quality of life and survival rates for patients affected by these debilitating conditions.

Acesion Pharma

Series B in 2023
Founded in 2011, Acesion Pharma is a Danish biotech company dedicated to developing safe and tolerable treatments for atrial fibrillation (AF), the most common cardiac arrhythmia. The company focuses on inhibiting specific ion channels in heart cells to regulate the heart's rhythm and prevent AF recurrence.

Chromologics

Seed Round in 2023
Chromologics is a Danish biotechnology company that originated as a spin-out from the Technical University of Denmark. It develops natural food colorants derived from a fungal biotechnology platform and fermentation processes. The company's pigments are designed as a new generation of bio-based colorants with stability across a range of pH levels and temperatures, enabling their use in various food products and allowing businesses to replace carmine in current applications.

Hemab

Series B in 2023
Hemab is a company that creates preventative treatments for bleeding and thrombosis problems. The medicines developed by the business aggregate, modify, balance, and at times recruit endogenous clotting components already present in the blood to the site of injury, allowing patients to produce hemostatic plugs or clots to avert life-threatening complications. Hemab Therapeutics was established in 2017 in Copenhagen, Hovedstaden by Johan H. Faber and Mads Behrndt.

Breye Therapeutics

Seed Round in 2022
Breye Therapeutics, a Danish-based biopharmaceutical firm in the clinical stages, is working to provide cutting-edge oral treatments for the management of retinal vascular diseases.

Biosyntia

Series B in 2022
Biosyntia is a Danish biotechnology company that develops biocatalysts for fermentation-based production of fine chemicals, including natural active ingredients, vitamins, and other bioactives. It employs proprietary high-throughput screening and metabolic engineering to enable rapid creation of biocatalysts that convert feedstocks into complex compounds, with the goal of lower production costs and reduced environmental impact compared to conventional chemical synthesis. The company partners with manufacturers in flavors, fragrances, APIs, pigments, additives and related sectors to establish sustainable manufacturing processes with improved quality and traceability. Biosyntia operates from the Novo Nordisk Foundation Center for Biosustainability in Hørsholm, Denmark.

NMD Pharma

Venture Round in 2022
NMD Pharma A/S is a clinical-stage biotech company based in Aarhus, Denmark, focused on developing small molecules to enhance neuromuscular transmission for the treatment of orphan motor neuron diseases, such as myasthenia gravis, amyotrophic lateral sclerosis, and spinal muscular atrophy. The company's lead candidate, NMD670, is currently undergoing clinical trials aimed at alleviating the symptoms of myasthenia gravis. Utilizing a translational muscle electrophysiology platform, NMD Pharma leverages its expertise in muscle physiology to design innovative therapeutics that address significant unmet medical needs in neuromuscular disorders. The company aims to improve the quality of life and survival rates for patients affected by these debilitating conditions.

Hemab

Series A in 2021
Hemab is a company that creates preventative treatments for bleeding and thrombosis problems. The medicines developed by the business aggregate, modify, balance, and at times recruit endogenous clotting components already present in the blood to the site of injury, allowing patients to produce hemostatic plugs or clots to avert life-threatening complications. Hemab Therapeutics was established in 2017 in Copenhagen, Hovedstaden by Johan H. Faber and Mads Behrndt.

Chromologics

Seed Round in 2021
Chromologics is a Danish biotechnology company that originated as a spin-out from the Technical University of Denmark. It develops natural food colorants derived from a fungal biotechnology platform and fermentation processes. The company's pigments are designed as a new generation of bio-based colorants with stability across a range of pH levels and temperatures, enabling their use in various food products and allowing businesses to replace carmine in current applications.

The Renewable Energy Partnership

Venture Round in 2021
The Renewable Energy Partnership is a partnership between Novo Holdings, Sampension, and European Energy with the intention to buy land for the construction of solar and wind farms in Denmark and Sweden. The three partners will provide DKK 650 million (approx. EUR 87 million) with the possibility of investments of up to DKK 1.5 billion (approx. EUR 200 million) through debt financing. This will significantly increase investments in the green transition in Denmark and Sweden.

Hemab

Seed Round in 2020
Hemab is a company that creates preventative treatments for bleeding and thrombosis problems. The medicines developed by the business aggregate, modify, balance, and at times recruit endogenous clotting components already present in the blood to the site of injury, allowing patients to produce hemostatic plugs or clots to avert life-threatening complications. Hemab Therapeutics was established in 2017 in Copenhagen, Hovedstaden by Johan H. Faber and Mads Behrndt.

Chromologics

Seed Round in 2020
Chromologics is a Danish biotechnology company that originated as a spin-out from the Technical University of Denmark. It develops natural food colorants derived from a fungal biotechnology platform and fermentation processes. The company's pigments are designed as a new generation of bio-based colorants with stability across a range of pH levels and temperatures, enabling their use in various food products and allowing businesses to replace carmine in current applications.

Reapplix

Series A in 2020
Reapplix is a Danish medical technology company that develops autologous wound therapy and tissue regeneration solutions derived from the patient's blood. It identifies and isolates blood-derived proteins to accelerate healing of chronic wounds and markets a device capable of delivering autologous active cell therapy to treat diabetic foot ulcers, with the aim of improving healing outcomes and reducing treatment costs. Founded in 2008 and based in Birkerod, Denmark, the company focuses on enabling hospitals to provide biological wound treatment using the patient's own cells.

Antag Therapeutics

Venture Round in 2020
Antag Therapeutics ApS is a biotechnology company based in Copenhagen, Denmark, founded in 2017. The company specializes in developing peptide drugs aimed at treating dietary-related metabolic diseases, including obesity, diabetes, and non-alcoholic fatty liver disease. Antag Therapeutics focuses on creating peptide-based GIP receptor antagonists designed to manage these conditions by reducing blood flow and lipid uptake in adipose tissue. Through its innovative approach, the company seeks to address significant health challenges associated with metabolic disorders.

Reapplix

Venture Round in 2019
Reapplix is a Danish medical technology company that develops autologous wound therapy and tissue regeneration solutions derived from the patient's blood. It identifies and isolates blood-derived proteins to accelerate healing of chronic wounds and markets a device capable of delivering autologous active cell therapy to treat diabetic foot ulcers, with the aim of improving healing outcomes and reducing treatment costs. Founded in 2008 and based in Birkerod, Denmark, the company focuses on enabling hospitals to provide biological wound treatment using the patient's own cells.

Stipe Therapeutics

Series A in 2019
Founded in 2018, Stipe Therapeutics is a Danish biopharmaceutical company dedicated to harnessing the innate immune system for cancer treatment. It focuses on developing first-in-class drugs targeting intracellular protein-protein interactions of the STING pathway, aiming to modulate the tumor microenvironment and enhance anti-tumoral responses.

AFYX Therapeutics

Debt Financing in 2019
AFYX Therapeutics A/S is a pharmaceutical company based in Copenhagen, Denmark, focused on developing and manufacturing treatments for mucosal diseases. Established in 2014, the company is known for its flagship product, the Rivelin® patch, which is designed for the treatment of oral lichen planus. This innovative patch is flexible, biodegradable, and adheres to mucosal surfaces, utilizing electrospinning technology to deliver medication directly to the affected area. By offering targeted therapies for conditions that currently lack approved treatment options, AFYX Therapeutics aims to enhance patient relief and support recovery without disrupting daily activities.

Biosyntia

Series A in 2018
Biosyntia is a Danish biotechnology company that develops biocatalysts for fermentation-based production of fine chemicals, including natural active ingredients, vitamins, and other bioactives. It employs proprietary high-throughput screening and metabolic engineering to enable rapid creation of biocatalysts that convert feedstocks into complex compounds, with the goal of lower production costs and reduced environmental impact compared to conventional chemical synthesis. The company partners with manufacturers in flavors, fragrances, APIs, pigments, additives and related sectors to establish sustainable manufacturing processes with improved quality and traceability. Biosyntia operates from the Novo Nordisk Foundation Center for Biosustainability in Hørsholm, Denmark.

NMD Pharma

Series A in 2018
NMD Pharma A/S is a clinical-stage biotech company based in Aarhus, Denmark, focused on developing small molecules to enhance neuromuscular transmission for the treatment of orphan motor neuron diseases, such as myasthenia gravis, amyotrophic lateral sclerosis, and spinal muscular atrophy. The company's lead candidate, NMD670, is currently undergoing clinical trials aimed at alleviating the symptoms of myasthenia gravis. Utilizing a translational muscle electrophysiology platform, NMD Pharma leverages its expertise in muscle physiology to design innovative therapeutics that address significant unmet medical needs in neuromuscular disorders. The company aims to improve the quality of life and survival rates for patients affected by these debilitating conditions.

Orphazyme

Post in 2017
Orphazyme develops innovative therapies for treating lysosomal storage diseases, a family of serious genetic disorders. Based in Copenhagen, Denmark, the company collaborates with leading academic institutions worldwide.

Antag Therapeutics

Series A in 2017
Antag Therapeutics ApS is a biotechnology company based in Copenhagen, Denmark, founded in 2017. The company specializes in developing peptide drugs aimed at treating dietary-related metabolic diseases, including obesity, diabetes, and non-alcoholic fatty liver disease. Antag Therapeutics focuses on creating peptide-based GIP receptor antagonists designed to manage these conditions by reducing blood flow and lipid uptake in adipose tissue. Through its innovative approach, the company seeks to address significant health challenges associated with metabolic disorders.

AFYX Therapeutics

Series A in 2017
AFYX Therapeutics A/S is a pharmaceutical company based in Copenhagen, Denmark, focused on developing and manufacturing treatments for mucosal diseases. Established in 2014, the company is known for its flagship product, the Rivelin® patch, which is designed for the treatment of oral lichen planus. This innovative patch is flexible, biodegradable, and adheres to mucosal surfaces, utilizing electrospinning technology to deliver medication directly to the affected area. By offering targeted therapies for conditions that currently lack approved treatment options, AFYX Therapeutics aims to enhance patient relief and support recovery without disrupting daily activities.

Orphazyme

Venture Round in 2017
Orphazyme develops innovative therapies for treating lysosomal storage diseases, a family of serious genetic disorders. Based in Copenhagen, Denmark, the company collaborates with leading academic institutions worldwide.

Acesion Pharma

Series C in 2016
Founded in 2011, Acesion Pharma is a Danish biotech company dedicated to developing safe and tolerable treatments for atrial fibrillation (AF), the most common cardiac arrhythmia. The company focuses on inhibiting specific ion channels in heart cells to regulate the heart's rhythm and prevent AF recurrence.

Reapplix

Venture Round in 2016
Reapplix is a Danish medical technology company that develops autologous wound therapy and tissue regeneration solutions derived from the patient's blood. It identifies and isolates blood-derived proteins to accelerate healing of chronic wounds and markets a device capable of delivering autologous active cell therapy to treat diabetic foot ulcers, with the aim of improving healing outcomes and reducing treatment costs. Founded in 2008 and based in Birkerod, Denmark, the company focuses on enabling hospitals to provide biological wound treatment using the patient's own cells.

NMD Pharma

Venture Round in 2016
NMD Pharma A/S is a clinical-stage biotech company based in Aarhus, Denmark, focused on developing small molecules to enhance neuromuscular transmission for the treatment of orphan motor neuron diseases, such as myasthenia gravis, amyotrophic lateral sclerosis, and spinal muscular atrophy. The company's lead candidate, NMD670, is currently undergoing clinical trials aimed at alleviating the symptoms of myasthenia gravis. Utilizing a translational muscle electrophysiology platform, NMD Pharma leverages its expertise in muscle physiology to design innovative therapeutics that address significant unmet medical needs in neuromuscular disorders. The company aims to improve the quality of life and survival rates for patients affected by these debilitating conditions.

Acesion Pharma

Venture Round in 2016
Founded in 2011, Acesion Pharma is a Danish biotech company dedicated to developing safe and tolerable treatments for atrial fibrillation (AF), the most common cardiac arrhythmia. The company focuses on inhibiting specific ion channels in heart cells to regulate the heart's rhythm and prevent AF recurrence.

NMD Pharma

Grant in 2016
NMD Pharma A/S is a clinical-stage biotech company based in Aarhus, Denmark, focused on developing small molecules to enhance neuromuscular transmission for the treatment of orphan motor neuron diseases, such as myasthenia gravis, amyotrophic lateral sclerosis, and spinal muscular atrophy. The company's lead candidate, NMD670, is currently undergoing clinical trials aimed at alleviating the symptoms of myasthenia gravis. Utilizing a translational muscle electrophysiology platform, NMD Pharma leverages its expertise in muscle physiology to design innovative therapeutics that address significant unmet medical needs in neuromuscular disorders. The company aims to improve the quality of life and survival rates for patients affected by these debilitating conditions.

Biosyntia

Seed Round in 2015
Biosyntia is a Danish biotechnology company that develops biocatalysts for fermentation-based production of fine chemicals, including natural active ingredients, vitamins, and other bioactives. It employs proprietary high-throughput screening and metabolic engineering to enable rapid creation of biocatalysts that convert feedstocks into complex compounds, with the goal of lower production costs and reduced environmental impact compared to conventional chemical synthesis. The company partners with manufacturers in flavors, fragrances, APIs, pigments, additives and related sectors to establish sustainable manufacturing processes with improved quality and traceability. Biosyntia operates from the Novo Nordisk Foundation Center for Biosustainability in Hørsholm, Denmark.

Acesion Pharma

Series B in 2014
Founded in 2011, Acesion Pharma is a Danish biotech company dedicated to developing safe and tolerable treatments for atrial fibrillation (AF), the most common cardiac arrhythmia. The company focuses on inhibiting specific ion channels in heart cells to regulate the heart's rhythm and prevent AF recurrence.

Xellia Pharmaceuticals

Acquisition in 2013
Xellia Pharmaceuticals is a specialty pharmaceutical company focused on anti-infective products, developing and manufacturing fermented and semi-synthetic active pharmaceutical ingredients and finished dosage forms for global pharmaceutical clients. It offers contract manufacturing services for antibiotics, from custom synthesis of clinical trial material to large-scale production of marketed products, along with stability testing, filling and packaging of dry powder filled vials and lyophilized vials. The company is a leading supplier of vancomycin and colistimethate sodium and operates manufacturing facilities in Europe and Asia with a global customer base across more than 70 countries. Xellia adheres to current Good Manufacturing Practice and maintains regulatory approvals from relevant authorities.

Avilex Pharma

Venture Round in 2013
Avilex Pharma is a Danish biotechnology company spun out from the University of Copenhagen. It leverages technology from the Department of Drug Design and Pharmacology to develop dimeric peptides that target PSD95 for the treatment of neuropathic pain. The company is also developing inhibitors and neuroprotectants designed to modulate intracellular scaffolding and postsynaptic density proteins to aid recovery after ischemic stroke. Based in Copenhagen, Denmark, Avilex Pharma has backing from Novo Seeds and the Wellcome Trust.

Santaris Pharma

Venture Round in 2012
Santaris Pharma A/S is a privately held clinical-stage biopharmaceutical company based in Denmark, specializing in the discovery and development of RNA-targeted therapies. Utilizing its proprietary Locked Nucleic Acid (LNA) Drug Platform and Drug Discovery Engine, the company focuses on delivering potent single-stranded LNA-based drug candidates for various disease states. Santaris Pharma's research and development efforts primarily target infectious diseases and cardiometabolic disorders, while also engaging in partnerships with major pharmaceutical companies to address a broader range of therapeutic areas, including cancer, cardiovascular disease, and rare genetic disorders. Founded in 2003, the company holds exclusive worldwide rights for the manufacture and sale of products containing LNA as an active ingredient, supporting its goal of obtaining marketing approval for its innovative therapies.

Chr. Hansen

Post in 2012
Chr. Hansen is a global bioscience company that specializes in developing natural ingredient solutions for the food, nutritional, pharmaceutical, and agricultural sectors. Established in 1874, the company focuses on producing cultures, enzymes, probiotics, and natural colors that enhance the flavor, texture, shelf life, and nutritional value of various products, including foods, beverages, dietary supplements, and animal feed. With a strong emphasis on research and development, Chr. Hansen employs over 2,500 individuals across 30 countries and operates main production facilities in Denmark, France, the USA, and Germany. The company's innovative offerings cater to the health and wellness needs of consumers and contribute to sustainable practices in the industry.

Orphazyme

Series A in 2011
Orphazyme develops innovative therapies for treating lysosomal storage diseases, a family of serious genetic disorders. Based in Copenhagen, Denmark, the company collaborates with leading academic institutions worldwide.

Orphazyme

Seed Round in 2011
Orphazyme develops innovative therapies for treating lysosomal storage diseases, a family of serious genetic disorders. Based in Copenhagen, Denmark, the company collaborates with leading academic institutions worldwide.

Adenium Biotech

Seed Round in 2011
Adenium Biotech ApS is a Copenhagen-based biopharmaceutical company founded in 2011, specializing in the development and commercialization of novel antibiotics aimed at treating multi-drug resistant bacterial infections. The company focuses on addressing hospital-acquired infections, particularly complicated urinary tract infections and pneumonia caused by resistant Gram-negative bacteria such as Escherichia coli, Pseudomonas aeruginosa, Klebsiella pneumoniae, and Acinetobacter baumannii. Its lead product, Arenicin, is a 21-amino acid antimicrobial peptide derived from the lugworm, demonstrating strong efficacy against Gram-negative pathogens while maintaining a broad therapeutic window. Adenium Biotech operates as a semi-virtual company, relying on a small team of experts supported by an international scientific advisory board to advance its clinical development programs toward regulatory approval.

Nanoference

Venture Round in 2010
Nanoference ApS develops technology that uses nano particles to deliver Sirna molecules directly to the desired part of the body. The company was founded in 2009 and is based in Aarhus, Denmark.

EpiTherapeutics

Funding Round in 2008
EpiTherapeutics is a biotechnology company focused on developing innovative cancer therapies that leverage the science of epigenetics. Founded on research conducted by Professor Kristian Helin and his team at the Biotech Research & Innovation Centre at the University of Copenhagen, the company specializes in small-molecule therapies targeting enzymes that regulate transcription in cancer cells. EpiTherapeutics has created a library of selective small molecule inhibitors, with a particular emphasis on histone demethylases, which play a critical role in gene transcription. The company's lead compounds are currently in pre-clinical development, aimed at addressing specific types of cancer.

Nuevolution

Series B in 2003
Nuevolution is a prominent small molecule lead discovery company established in 2001 and headquartered in Copenhagen, Denmark. The firm specializes in developing innovative treatments for human diseases, particularly in oncology and inflammatory conditions. Central to its operations is Chemetics®, a proprietary drug discovery platform that combines wet chemistry with molecular biology, allowing for the rapid synthesis and DNA-tagging of millions of diverse small molecule compounds. This advanced technology enables efficient screening to identify potent drug leads at an unprecedented scale and speed. With a library exceeding 1 billion compounds, Nuevolution collaborates with various pharmaceutical and biotechnology companies, including notable partnerships with leading industry names. Additionally, the company is involved in a joint venture focused on the discovery and development of small molecule drugs targeting epigenetic factors. Nuevolution's capabilities have led to the identification of novel ligands with potential applications in addressing significant unmet medical needs across various therapeutic areas. The company is privately owned by a group of key Scandinavian investors.

Nuevolution

Series A in 2001
Nuevolution is a prominent small molecule lead discovery company established in 2001 and headquartered in Copenhagen, Denmark. The firm specializes in developing innovative treatments for human diseases, particularly in oncology and inflammatory conditions. Central to its operations is Chemetics®, a proprietary drug discovery platform that combines wet chemistry with molecular biology, allowing for the rapid synthesis and DNA-tagging of millions of diverse small molecule compounds. This advanced technology enables efficient screening to identify potent drug leads at an unprecedented scale and speed. With a library exceeding 1 billion compounds, Nuevolution collaborates with various pharmaceutical and biotechnology companies, including notable partnerships with leading industry names. Additionally, the company is involved in a joint venture focused on the discovery and development of small molecule drugs targeting epigenetic factors. Nuevolution's capabilities have led to the identification of novel ligands with potential applications in addressing significant unmet medical needs across various therapeutic areas. The company is privately owned by a group of key Scandinavian investors.
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