Novo Holdings A/S
Danish holding and investment company that manages the assets of the Novo Nordisk Foundation and serves as the controlling shareholder of the Novo Group.
Last updated August 21, 2026
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Overview
Novo Holdings A/S is a Danish holding and investment company wholly owned by the Novo Nordisk Foundation. It was established in 1999 to manage the foundation’s commercial assets and to provide a stable, long-term ownership structure for the companies associated with the Novo Group, principally Novo Nordisk A/S and Novonesis, formerly Novozymes A/S. The foundation is an enterprise foundation rather than a conventional shareholder-owned corporation, and investment returns generated through Novo Holdings help support grants and awards for scientific, humanitarian and social purposes. The company combines the functions of a controlling shareholder, institutional asset manager and life-sciences investor. Its central ownership role is in Novo Nordisk, where Novo Holdings owns more than one-quarter of the ordinary share capital and controls more than 70% of the voting rights through the foundation’s ownership of the company’s non-traded A shares. It also maintains the Novo Group’s long-term ownership interest in Novonesis. This structure is intended to protect the commercial companies from short-term ownership pressure while allowing their economic success to support the foundation’s philanthropic objectives. Beyond its core holdings, Novo Holdings manages a diversified portfolio of listed and unlisted financial assets and invests directly in companies developing medicines, diagnostics, medical devices, industrial biotechnology, biosolutions and other technologies based on life-science research. Its investment activities are organized across seed and venture capital, growth investments, principal investments and broader capital-market portfolios. The company has backed both early-stage businesses and established companies, including Xellia Pharmaceuticals, Sonion, Convatec and a range of biotechnology and bioindustrial ventures. A major strategic theme has been the expansion of biosolutions and bioindustrials. During 2021 and 2022, Novo Holdings increased investment in technologies intended to use biology to address health, industrial and environmental challenges. Examples cited in its portfolio include biomanufacturing infrastructure, biopesticides, synthetic silk materials and technologies intended to reduce the environmental impact of industrial production. This approach positions biotechnology as both a healthcare opportunity and a potential contributor to the green transition. Novo Holdings also uses dedicated investment vehicles to address major public-health problems. In 2018 it established the REPAIR Impact Fund, commissioned by the Novo Nordisk Foundation, to support the discovery and early development of treatments against antimicrobial resistance. The fund reflects the company’s broader model of combining financial investment with the foundation’s objective of producing long-term benefits for health, science and society. The company is headquartered in Copenhagen and has offices in San Francisco, Boston and Singapore. Its portfolio spans Europe, North America and Asia. Novo Holdings remains privately held and is not itself publicly traded. Its most visible economic exposure is the value of its Novo Nordisk holding, meaning that investment returns can vary substantially with the pharmaceutical company’s market valuation. As an investment organization, its present role is therefore defined less by consumer products than by ownership, capital allocation, life-sciences development and the financing of the Novo Nordisk Foundation’s grant-making activities.
History
Novo Holdings was established in 1999 as the holding company of the Novo Nordisk Foundation. Its creation formalized a model in which a foundation could retain long-term control of important commercial assets while using investment returns to support grants. The company’s principal ownership interests became Novo Nordisk and Novozymes, now known as Novonesis, while its investment mandate expanded beyond those companies into listed securities, private companies and life-sciences funds. Henrik Gürtler served as the company’s first chief executive from its establishment until 2014. Eivind Kolding, formerly associated with Danske Bank, succeeded him in 2014 but left the chief executive role in 2016. Chairman Sten Scheibye provided interim leadership during the transition, after which Kasim Kutay became chief executive. Under Kutay, Novo Holdings continued to develop as an international life-sciences investor while retaining its foundational ownership responsibilities. The company expanded its direct investment activities through large, growth and venture investments. In 2013 it acquired Xellia Pharmaceuticals, a pharmaceutical company focused on anti-infective products and other specialized medicines. In 2014 it acquired Sonion, a manufacturer of components used in hearing instruments. In 2017 it acquired a significant stake in Convatec, a United Kingdom-listed medical-products company. These transactions illustrated Novo Holdings’ willingness to own established healthcare businesses in addition to financing early-stage biotechnology. Novo Holdings also developed a dedicated seed and venture platform. Its life-science investment activities have included Novo Seeds, Novo Ventures, Novo Growth and Novo Principal Investments. The investment focus covers therapeutics, diagnostics, medical technology, manufacturing, healthcare services and enabling technologies. Alongside these activities, the company manages a broader capital portfolio intended to diversify risk and generate returns for the foundation. A notable strategic development occurred in the early 2020s, when Novo Holdings increased its focus on biosolutions and bioindustrial biotechnology. The objective was to help promising biological discoveries become scalable commercial solutions in healthcare, manufacturing and environmental applications. In 2021 the company reported adding multiple bioindustrial companies, including 21st.BIO, a business developing technology intended to help biotechnology companies scale production. Other investment themes included lower-impact cement, biological crop protection and engineered biomaterials. The company’s impact-investment work includes the REPAIR Impact Fund, announced in 2018 with an initial budget commissioned by the Novo Nordisk Foundation. REPAIR supports companies working on new anti-infective therapies and is intended to address the declining pipeline of treatments for antimicrobial resistance. This initiative demonstrates the connection between Novo Holdings’ investment capabilities and the foundation’s public-benefit objectives. In 2021 Novo Holdings reported its first investment in an Asia-based company through Halodoc, a digital-health company. In 2024 it agreed to acquire Catalent for a reported USD 16.5 billion. The transaction was linked to a separate planned transfer of three Catalent manufacturing sites to Novo Nordisk, intended to expand manufacturing capacity for high-demand diabetes and obesity medicines. The Catalent transaction became one of the largest and most consequential deals associated with the Novo ecosystem. Novo Holdings is headquartered in Copenhagen and operates internationally through offices in San Francisco, Boston and Singapore. Its investment portfolio has included more than one hundred companies and, according to the supplied reference material, exceeded 170 companies by the end of 2025. Its financial results are strongly influenced by the market value of its Novo Nordisk holding and other investments. The company remains privately held and continues to combine ownership stewardship, financial investment and the long-term funding of the Novo Nordisk Foundation’s charitable activities.
- 2025
Board chair transition
[1]Lars Green is announced as the incoming chair, with Britt Meelby Jensen becoming vice chair.
- 2024
Catalent acquisition agreement
[1]Novo Holdings agrees to acquire Catalent, a contract development and manufacturing company, in a transaction connected with planned site transfers to Novo Nordisk.
- 2021
Expansion into Asia and bioindustrial investment
[1]Novo Holdings makes its first reported investment in an Asia-based company and increases its portfolio of biosolutions and bioindustrial businesses.
- 2018
REPAIR Impact Fund is launched
[1]Novo Holdings establishes an antimicrobial-resistance impact fund commissioned by the Novo Nordisk Foundation.
- 2016
Kasim Kutay becomes chief executive
[1]Kasim Kutay succeeds interim leader Sten Scheibye and takes over the company’s executive leadership.
- 2014
Sonion acquisition
[1]Novo Holdings acquires Sonion, a manufacturer of components for hearing instruments.
- 2013
Acquisition of Xellia Pharmaceuticals
[1]Novo Holdings acquires all shares in Xellia Pharmaceuticals, expanding its direct ownership of specialized pharmaceutical operations.
- 1999
Novo Holdings is established
[1]Novo Holdings is formed as the Novo Nordisk Foundation’s wholly owned holding company and manager of its commercial assets.
Products and positioning
A foundation-owned, long-term investment organization focused on life sciences, diversified asset management and the creation of financial returns that support scientific, humanitarian and social grants.
Life-sciences seed investment
Novo Seeds
Novo Seeds provides seed-stage financing and support to early life-sciences companies, particularly businesses based on research with potential applications in therapeutics, diagnostics, medical technology and related fields. It is part of Novo Holdings’ effort to create a pipeline of new companies rather than limiting the organization to investments in mature businesses.
Life-sciences venture capital
Novo Ventures
Novo Ventures invests in developing life-sciences businesses, typically alongside other institutional and specialist investors. Its remit covers companies advancing products and technologies in healthcare and biotechnology, helping provide capital during stages when businesses are moving from research and development toward commercial scale.
Growth investment
Novo Growth
Novo Growth supplies growth-stage capital to life-sciences companies with established technologies, products or commercial platforms. The strategy complements seed and venture investing by supporting businesses that require additional resources for market expansion, manufacturing, clinical development or internationalization.
Impact investment fund · 2018
REPAIR Impact Fund
The REPAIR Impact Fund invests in companies working to discover and develop new therapies against antimicrobial resistance. The fund was commissioned by the Novo Nordisk Foundation and reflects Novo Holdings’ use of investment structures to address a major global-health challenge while seeking sustainable long-term impact.
Marketing campaigns
- 2021Biosolutions investment initiative
Europe · North America · Global
Novo Holdings increased investment in bioindustrial and biosolutions companies working on healthcare, industrial and environmental applications of biotechnology. The initiative presented biotechnology as a potential contributor to the green transition and included investments in production technology, biopesticides, engineered materials and other biological solutions.
Outcome. Portfolio expansion in bioindustrial biotechnology, including investment in 21st.BIO.
Brand decisions
2024
Acquire CatalentM&ABackground
Novo Nordisk needed additional manufacturing capacity for medicines used in diabetes and obesity treatment.
Action taken
Novo Holdings agreed to acquire Catalent, with a separate planned transaction under which Novo Nordisk would acquire three Catalent manufacturing facilities from Novo Holdings.
Aftermath
The transaction was completed in 2024 according to the supplied reference material and transferred the facilities in Italy, Belgium and the United States into the Novo Nordisk manufacturing network.
Reported acquisition value. USD 16.5 billion (2024)
2021
Increase focus on biosolutionsStrategyBackground
Biotechnology was increasingly being applied beyond traditional healthcare, including in industrial production and environmental technologies.
Action taken
Novo Holdings expanded investments in bioindustrial companies and technologies intended to make biological production commercially scalable.
Aftermath
The portfolio added several biosolutions businesses, including 21st.BIO and companies developing biological or lower-impact alternatives to conventional products.
Approximate investment in bioindustrial companies. EUR 98 million (2021)
2018
Create an antimicrobial-resistance impact fundStrategyBackground
Antimicrobial resistance has created a shortage of new anti-infective medicines and reduced the effectiveness of existing treatments.
Action taken
Novo Holdings established the REPAIR Impact Fund with an initial budget commissioned by the Novo Nordisk Foundation to invest in early anti-infective research and companies.
Aftermath
The fund became a prominent example of Novo Holdings’ impact-investment model and its connection to the foundation’s public-health mission.
Recent events
NMD Pharma raises €35 million in financing[3]
Reported:
NMD Pharma announced that it had raised €35 million in a financing led by Jeito Capital, with investments from existing investors. The proceeds are intended to support clinical programs and expand its research and development pipeline.
Aristea closes $63 million Series B financing[4]
Reported:
Aristea Therapeutics announced the closing of a $63 million Series B financing led by Fidelity Management & Research Company, with participation from existing investor Novo Holdings and new investors Arena Pharmaceuticals and funds managed by Tekla Capital Management.
Muna Therapeutics closes US$73 million Series A financing[5]
Reported:
Muna Therapeutics announced that it had successfully closed a US$73 million Series A financing round. The round was co-led by Novo Holdings, Sofinnova Partners, Droia Ventures, and LSP Dementia Fund, with additional investors participating.
Novo Holdings completes acquisition of BBI Group[6]
Reported:
Novo Holdings announced that it had acquired BBI Group from Exponent for an enterprise value of over GBP 400 million and would become its majority shareholder.
Hummingbird Bioscience closes $125 million Series C financing[7]
Reported:
Hummingbird Bioscience announced that it closed a US$125 million Series C financing round led by Novo Holdings, with participation from new and existing investors.
Deep Branch completes €8 million Series A round[8]
Reported:
Deep Branch announced that it had completed an €8 million Series A investment round led by Novo Holdings and DSM Venturing, with participation from Total Carbon Neutrality Ventures and Barclays Sustainable Impact Capital.
Sources8 sources
- 1Novo Holdings A/Sen.wikipedia.org
- 2Novo Holdings official websitenovoholdings.com
- 3NMD Pharma融资3,500万欧元finanznachrichten.de
- 4Aristea 完成 6300 万美元 B 轮融资prnewswire.com
- 5Muna Therapeutics完成7300万美元A轮融资prnewswire.co.uk
- 6Novo Holdings完成对BBI Group的收购prnewswire.com
- 7Hummingbird Bioscience完成1.25亿美元C轮融资prnewswire.com
- 8Deep Branch 完成 800 万欧元 A 轮融资prnewswire.com
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