- MedGenome is the leading provider of genomic solutions for populations in South Asia
- Dr Amit Kakar, Senior Partner, and Navjeewan Khosla, Principal, will join the Company’s Board of Directors
- Seventh investment by Novo Holdings Asia since inception
BANGALORE, INDIA – FOSTER CITY, USA – SINGAPORE – 30 August 2022 – Novo Holdings A/S (“Novo Holdings” and “NH”), a leading international investor in healthcare and life sciences, today announces it has led a $50 million investment into MedGenome, a leading genetic diagnostics, research and data company, alongside its existing investors, LeapFrog Investments and Sofina. The investment will give Novo Holdings a significant minority stake in MedGenome, and Dr Amit Kakar, Senior Partner, and Navjeewan Khosla, Principal, will join the Board of MedGenome, as Director and Observer, respectively.
MedGenome is the leading provider of genomic solutions for populations in South Asia, providing advanced genetic testing and bioinformatics solutions to patients, pharmaceutical companies, and research institutions around the world. To date, MedGenome has administered more than 300,000 complex genetic tests and served over 200,000 patients. The Company obtains samples from nearly 4,000 hospitals and 10,000 physicians across the globe. MedGenome is a co-founding member of the GenomeAsia 100K Project and has built the largest database of South Asian genetic variants―its continued expansion will contribute to the most comprehensive genomic dataset in the world.
Novo Holdings’ investment will increase MedGenome’s scale beyond India and South & South-East Asia into Africa and the Middle East and will democratise access to genetic testing and personal healthcare across emerging markets.
Dr Amit Kakar, Senior Partner, Head of Novo Holdings Equity Asia, said: “As a long-term, global life science investor, Novo Holdings is delighted to support the MedGenome team, whose mission to transform the future of personalised healthcare is a perfect fit with our investment strategy and broader portfolio. MedGenome is well positioned to seize significant expansion opportunities, and we look forward to applying our patient capital and life science expertise to support the company’s growth.”
Navjeewan Khosla, Principal, Novo Holdings Equity Asia, added: “We have seen global growth, especially in Asia, in the use of bioinformatics and genomics in the diagnosis and treatment of many diseases. This is a growing area that is tightly integrated with overall general healthcare and represents an enormous step forward in the advancement of personalised medicine. We look forward to supporting MedGenome as it expands into new markets and widens access to clinically validated, affordable testing.”
This is the seventh investment Novo Holdings has made since its establishment in Asia in January 2021. Some of the recent investments include Indonesia-based healthtech platform Halodoc, Singapore-based telehealth platform Doctor Anywhere, a regional provider of life science tools and services Esco LifeSciences Group and Qure.ai, a leading healthtech firm using artificial intelligence for medical imaging diagnostics.
For more information, please contact:
Optimum Strategic Communications
Mary Clark, Manel Mateus, Eleanor Cooper
Tel.: +44 (0) 20 3922 1906
About Novo Holdings A/S
Novo Holdings A/S is a private limited liability company wholly owned by the Novo Nordisk Foundation. It is the holding company of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is responsible for managing the Novo Nordisk Foundation’s assets.
Novo Holdings is recognised as a leading international life science investor, with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. Further information: www.novoholdings.dk.
MedGenome, the market leader in South Asia, is a genomics-driven research and diagnostics company with a mission to improve global health by decoding the genetic information contained in an individual’s genome. Its unique access to genomic, clinical, and phenotypic data provides insights into complex diseases at the genetic and molecular level in order to transform the practice of personalised medicine and clinical drug discovery.