Novo Holdings co-leads $165 million Series A financing of Expedition Therapeutics to advance next-generation COPD therapy

Financing to support Phase 2 development of Expedition’s lead candidate, EXPD-101, a DPP1 inhibitor with first-in-class potential in COPD and other neutrophil-driven inflammatory diseases

San Francisco, US – October 9, 2025 – Novo Holdings, a leading international life science investor, today announced that it has co-led a $165 million Series A financing of Expedition Therapeutics, a biotechnology company developing novel therapies for serious inflammatory and respiratory diseases. The proceeds will enable Expedition to advance EXPD-101 through a global Phase 2 clinical study in chronic obstructive pulmonary disease (COPD).

EXPD-101 is a once-daily, oral dipeptidyl peptidase 1 (DPP1) inhibitor designed to target neutrophilic inflammation, a key driver of COPD across the disease spectrum. Current COPD therapies offer limited benefits, particularly in non-type 2 COPD, which affects nearly 70% of patients. In Phase 1 studies, EXPD-101 was well-tolerated, with no dose-limiting toxicities and demonstrating clear target engagement with pharmacokinetics supporting a once-daily oral dosing. Beyond COPD, EXPD-101 has the potential to address a broad range of other neutrophil-driven inflammatory diseases.

Yi Larson, Founder and CEO, Expedition Therapeutics, said, “Most COPD patients lack effective treatment options. DPP1 represents an exciting new mechanism for COPD, and EXPD-101 has the potential to be a first-in-class therapy with this target. This financing from top-tier investors allows us to accelerate development, with the potential to treat a broad range of COPD patients, addressing a major unmet need and improving the standard of care for millions. Beyond COPD, EXPD-101 also has first/best-in-class potential to address a broad spectrum of other neutrophil-driven diseases in the future.”

Ken Harrison, Senior Partner, Venture Investments, Novo Holdings, commented, “COPD is one of the largest and fastest-growing healthcare challenges globally, and Expedition’s unique approach has the potential to significantly improve patient outcomes. We look forward to supporting the company’s growth as it advances EXPD-101 in the clinic.” In connection with this financing, Ken Harrison will join the Expedition Board of Directors.

In August 2025, Expedition acquired exclusive worldwide rights, excluding mainland China, Hong Kong and Macau, from Fosun Pharma to develop and commercialize EXPD-101 in all indications. EXPD-101 is currently advancing in a Phase 2 bronchiectasis study led by partner Fosun Pharma within China.

Expedition is led by a management team with deep experience in respiratory therapeutics, drug development, and corporate strategy:

• Yi Larson, Founder and CEO, former CFO of LianBio and Turning Point Therapeutics. Over $100 billion in M&A and financing transactions at Goldman Sachs, and board roles at RayzeBio and Olema Oncology.

• Geoff Gilmartin, M.D., CMO, with leadership experience at AstraZeneca and Vertex and formerly Chief Medical Officer of Proteostatis. Most recently Geoff led the benralizumab (Fasenra) program across multiple indications including COPD and asthma.

• Eric Hu, Ph.D., Chief Business Officer, with 20 years of R&D and business development experience at Overland Pharma, Turning Point Therapeutics, Gilead Sciences, and Mitsubishi Tanabe.

The oversubscribed financing was co-led by Novo Holdings and Sofinnova Investments, with participation from Forbion, Dawn Biopharma (a platform controlled by KKR), Adage, Balyasny, Logos Capital, Sanofi Ventures, and existing investors BVF Partners and Venrock Healthcare Capital Partners.