# Novo Holdings A/S: portfolio, investments and team

> Novo Holdings A/S is a growth equity. 93 investments on record, latest Mar 2025. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/novo-holdings-a-s (Millionrounds; every figure on the page links to its filing or article)

[Investor](https://millionrounds.com/investors)

# Novo Holdings A/S

Last cheque observed Mar 2025. Silence since then is not evidence of inactivity: our sources miss unannounced rounds.

Email

Quiet Growth equity

Series A Series B Series C

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Cheques on record

**0%** of best year **0** **cheques in 12 months**, 93 on record

Since the last cheque **609** days **00** hrs **00** min **00** sec

Median round **$40M** Rounds led **4 of 93** Sole investor **9 rounds** Exits **12 from the portfolio** Mostly in **United States, 64%**

Pitch Novo Holdings A/S

## Novo Holdings A/S highlights

- 01 93 rounds on record
- 02 Mostly Series A and Series B: 51% of its rounds
- 03 Sole investor in 9 rounds, median $31M
- 04 12 exits from the portfolio

## What they do

- **Type:** Growth equity (from a list, unverified)
- **Cheque size:** Not stated
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **93 appearances**

- **2025** 2 rounds
- **Mar** **[Hillstar Bio](https://millionrounds.com/company/hillstar-bio)** Series A · US · Firms' own news pages **$67M** With 5 others
- **Jan** **[Coave Therapeutics](https://millionrounds.com/company/coave-therapeutics)** Series A · FR · Seroba Life Sciences **$33M** *Led*
- **2019** 3 rounds
- **Oct** **[Disc Medicine](https://millionrounds.com/company/disc-medicine)** Series A · US · FinSMEs **$50M** *Led*
- **Aug** **[Glycomine](https://millionrounds.com/company/glycomine)** Series B · US · FinSMEs **$33M** *Led*
- **Jun** **[Vestaron](https://millionrounds.com/company/vestaron)** Series B · US · FinSMEs **$40M** *Led*
- **2018** 3 rounds
- **Dec** **[Aristea Therapeutics](https://millionrounds.com/company/aristea-therapeutics)** Series A · US · FinSMEs **$15M** Sole investor
- **Nov** **[Mirum Therapeutics](https://millionrounds.com/company/mirum-therapeutics)** Series A · US · FinSMEs **$120M** With 5 others
- **Oct** **[Rgenix](https://millionrounds.com/company/rgenix)** Series C · US · FinSMEs **$40M** With 4 others
- **2017** 1 round
- **Nov** **[Outpost Medicine](https://millionrounds.com/company/outpost-medicine)** Series A · GB · FinSMEs **$20M** With 5 others
- **2015** 6 rounds
- **Oct** **[Symphogen](https://millionrounds.com/company/symphogen)** Debt · DK **$77M** With 1 other
- **Jul** **[KalVista Pharmaceuticals](https://millionrounds.com/company/kalvista-pharmaceuticals)** Series B · GB **$33M** With 4 others
- **Jul** **[Procept BioRobotics](https://millionrounds.com/company/procept-biorobotics)** US **$42M** With 1 other
- **Jun** **[UNUM Therapeutics](https://millionrounds.com/company/unum-therapeutics)** Series B · US **$65M** With 11 others
- **May** **[Biosyntia](https://millionrounds.com/company/biosyntia)** Seed · DK **$1.9M** With 1 other
- **Apr** **[Merus](https://millionrounds.com/company/merus)** Series C · NL **$79M** With 10 others
- **2014** 9 rounds
- **Sept** **[Adaptimmune](https://millionrounds.com/company/adaptimmune)** Series A · GB **$104M** With 12 others
- **Sept** **[Pulmologix](https://millionrounds.com/company/pulmologix)** Venture **$12M** With 2 others
- **May** **[Tarsa Therapeutics](https://millionrounds.com/company/tarsa-therapeutics)** Series B · US **$7.0M** With 3 others
- **May** **[iRhythm Technologies](https://millionrounds.com/company/irhythm-technologies)** Series E · US **$17M** With 1 other
- **Apr** **[SI-BONE](https://millionrounds.com/company/si-bone)** Venture · US **$33M** With 3 others
- **Apr** **[Nora Therapeutics](https://millionrounds.com/company/nora-therapeutics)** Series B · US **$18M** With 4 others
- **Apr** **[Spinifex Pharmaceuticals](https://millionrounds.com/company/spinifex-pharmaceuticals)** Series C · GB **$45M** With 4 others
- **Mar** **[ZS Pharma](https://millionrounds.com/company/zs-pharma)** Series D · US **$55M** With 8 others
- **Jan** **[Ophthotech](https://millionrounds.com/company/ophthotech)** US **$42M** Sole investor
- **2013** 9 rounds
- **Nov** **[Delenex Therapeutics](https://millionrounds.com/company/delenex-therapeutics)** Series A · CH · startupticker.ch **$8.0M** With 4 others
- **Sept** **[Acacia Pharma](https://millionrounds.com/company/acacia-pharma)** Series B · GB · finsmes.com **$24M** With 2 others
- **Aug** **[ObsEva](https://millionrounds.com/company/obseva)** Series A · CH · marketwatch.com **$33M** With 1 other
- **Jun** **[Akebia Therapeutics](https://millionrounds.com/company/akebia-therapeutics)** Series C · US · finsmes.com **$41M** With 8 others
- **May** **[Ophthotech](https://millionrounds.com/company/ophthotech)** Series C · US · pehub.com **$50M** Sole investor
- **May** **[Ophthotech](https://millionrounds.com/company/ophthotech)** Growth · US **$50M** Sole investor
- **May** **[Ophthotech](https://millionrounds.com/company/ophthotech)** Growth · US · pehub.com **$125M** Sole investor
- **May** **[Symphogen](https://millionrounds.com/company/symphogen)** Growth · DK · finsmes.com **$54M** With 2 others
- **Mar** **[PTC Therapeutics](https://millionrounds.com/company/ptc-therapeutics)** Growth · US · finsmes.com **$60M** With 8 others
- **2012** 7 rounds
- **Sept** **[Karus Therapeutics](https://millionrounds.com/company/karus-therapeutics)** Series B · GB · pevc.dowjones.com **$7.6M** With 3 others
- **Jul** **[PTC Therapeutics](https://millionrounds.com/company/ptc-therapeutics)** Growth · US · finsmes.com **$30M** With 4 others
- **Jun** **[Santaris Pharma](https://millionrounds.com/company/santaris-pharma)** Venture · DK · pevc.dowjones.com **$12M** With 5 others
- **Apr** **[Inogen](https://millionrounds.com/company/inogen)** Venture · US · inogenone.com **$20M** Sole investor
- **Apr** **[AlloCure](https://millionrounds.com/company/allocure)** Series B · US · masshightech.com **$25M** With 2 others
- **Mar** **[Tarsa Therapeutics](https://millionrounds.com/company/tarsa-therapeutics)** Series B · US · prnewswire.com **$28M** With 4 others
- **Feb** **[Altheos](https://millionrounds.com/company/altheos)** Series A · US · fiercebiotech.com **$13M** With 2 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## Exits from the portfolio

Companies it backed that were later bought or listed **12 in all**

**[ZS Pharma](https://millionrounds.com/company/zs-pharma)** Bought by [AstraZeneca](https://millionrounds.com/fund/astrazeneca) **$2.7B** Nov 2015

**[Spinifex Pharmaceuticals](https://millionrounds.com/company/spinifex-pharmaceuticals)** Bought by [Novartis](https://millionrounds.com/fund/novartis) **$200M** Jun 2015

**[Santaris Pharma](https://millionrounds.com/company/santaris-pharma)** Bought by Roche **$450M** Aug 2014

**[Archimedes Pharma](https://millionrounds.com/company/archimedes-pharma)** Bought by ProStrakan **Undisclosed** Jul 2014

**[CellBiosciences](https://millionrounds.com/company/cellbiosciences)** Bought by Bio-Techne **Undisclosed** Jun 2014

**[PTC Therapeutics](https://millionrounds.com/company/ptc-therapeutics)** Listed **$125M** Jun 2013

**[Cytochroma](https://millionrounds.com/company/cytochroma)** Bought by [OPKO Health](https://millionrounds.com/fund/opko-health) **Undisclosed** Jan 2013

**[Amira Pharmaceuticals](https://millionrounds.com/company/amira-pharmaceuticals)** Bought by [Bristol-Myers Squibb](https://millionrounds.com/fund/bristol-myers-squibb) **$325M** Jul 2011

**[Synosia Therapeutics](https://millionrounds.com/company/synosia-therapeutics)** Bought by Biotie Therapies **$122M** Jan 2011

**[Protein Forest](https://millionrounds.com/company/protein-forest)** Bought by CellBiosciences **Undisclosed** Dec 2009

**[Inogen](https://millionrounds.com/company/inogen)** Listed **$86M** Dec 2008

**[Corus Pharma](https://millionrounds.com/company/corus-pharma)** Bought by [Gilead Sciences](https://millionrounds.com/fund/gilead-sciences) **Undisclosed** Oct 2006

An exit counts when it came after the firm's first round in the company. From historical deal records.

## The cheque

Series A Series B Series C

Median round joined **$40M** the round, not its cheque Alone, median **$31M**

Led 4 of 93 rounds **4%**

- **Sole investor:** 9 rounds
- **Last cheque:** Mar 2025
- **Exits:** 12 from the portfolio

Rounds by stage said on their site

- Series A *21*
- Series B *20*
- Series C *16*
- Venture *9*
- Growth *9*
- Series D *6*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [SV Life Sciences](https://millionrounds.com/fund/sv-life-sciences) 12
- [HBM BioVentures](https://millionrounds.com/fund/hbm-bioventures) 10
- [Bay City Capital](https://millionrounds.com/fund/bay-city-capital) 8
- [Delphi Ventures](https://millionrounds.com/fund/delphi-ventures) 8
- [Credit Suisse](https://millionrounds.com/fund/credit-suisse) 6
- [Essex Woodlands Healthcare Partners](https://millionrounds.com/fund/essex-woodlands-health-ventures) 5

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## Who they invest alongside

The investors most often in the same rounds as Novo Holdings A/S. A count of rooms they were both in, not a relationship either has claimed.

[**SV Life Sciences** VC firm **12** rounds together](https://millionrounds.com/fund/sv-life-sciences)[**HBM BioVentures** Growth equity **10** rounds together](https://millionrounds.com/fund/hbm-bioventures)[**Bay City Capital** VC firm **8** rounds together](https://millionrounds.com/fund/bay-city-capital)[**Delphi Ventures** VC firm **8** rounds together](https://millionrounds.com/fund/delphi-ventures)[**Credit Suisse** VC firm **6** rounds together](https://millionrounds.com/fund/credit-suisse)[**Essex Woodlands Healthcare Partners** VC firm **5** rounds together](https://millionrounds.com/fund/essex-woodlands-health-ventures)[**MVM Life Science Partners** VC firm **5** rounds together](https://millionrounds.com/fund/mvm-life-science-partners)[**Versant Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/versant-ventures)[**Burrill & Company** VC firm **4** rounds together](https://millionrounds.com/fund/burrill-and-company)[**Canaan** VC firm **4** rounds together](https://millionrounds.com/fund/canaan-partners)[**Novo Holdings** VC firm **4** rounds together](https://millionrounds.com/fund/novo-ventures)[**OrbiMed** Private equity **4** rounds together](https://millionrounds.com/fund/orbimed)

## Recently backed

The latest companies Novo Holdings A/S put money into.

[**Hillstar Bio** $67M · Mar 2025](https://millionrounds.com/company/hillstar-bio)[**Coave Therapeutics** $33M · Jan 2025](https://millionrounds.com/company/coave-therapeutics)[**Disc Medicine** $50M · Oct 2019](https://millionrounds.com/company/disc-medicine)[**Glycomine** $33M · Aug 2019](https://millionrounds.com/company/glycomine)[**Outpost Medicine** $20M · Nov 2017](https://millionrounds.com/company/outpost-medicine)

## Quick answers about Novo Holdings A/S

### What does Novo Holdings A/S invest in?

Novo Holdings A/S invests most often at Series A and Series B (51% of the rounds on record).

### How active is Novo Holdings A/S?

93 investments on record, 0 of them in the last 12 months, and it led 4. The most recent was in Mar 2025.

### What has Novo Holdings A/S invested in recently?

Its most recent investments on record: Hillstar Bio (Series A, Mar 2025), Coave Therapeutics (Series A, Jan 2025) and Disc Medicine (Series A, Oct 2019).

### How big are Novo Holdings A/S's cheques?

The median round it joins is $40M.

### Does Novo Holdings A/S lead rounds?

Sometimes: it led 4 of its 93 investments on record (4%).

### Where does Novo Holdings A/S invest?

Most of the companies it backs are in the United States (64%), the United Kingdom (15%) and Denmark (10%).

### Is Novo Holdings A/S investing now?

No investments in the last 12 months; the latest was in Mar 2025.

### Who does Novo Holdings A/S invest alongside?

Most often SV Life Sciences (12 rounds together), HBM BioVentures (10 rounds together) and Bay City Capital (8 rounds together).

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