Novo Holdings participates in €80 million Series A financing round for Antag Therapeutics, supporting the advancement of novel obesity treatments

Novo Holdings today announced its participation in a €80 million Series A financing round for Antag Therapeutics, a Danish biopharmaceutical company developing innovative therapies targeting obesity and cardiometabolic diseases through the antagonism of the glucose-dependent insulinotropic polypeptide receptor (GIPR).

Antag Therapeutics (“Antag”), founded in 2017 and headquartered in Copenhagen, Denmark, is advancing next-generation treatments for obesity, focusing on new therapeutic strategies to complement existing or future obesity therapies including GLP-1 medicines. The company’s lead candidate, AT-7687, is a once-weekly subcutaneous GIPR antagonist, developed to improve weight loss outcomes, glycaemic control, and lipid profiles without the gastrointestinal side effects typically seen in current treatments. The funds will support the clinical development of AT-7687, while also fuelling the expansion of Antag’s pipeline.

The €80 million Series A round was led by Versant Ventures, with participation from new investors SR One, Dawn Biopharma (a platform controlled by KKR), Pictet, Longview Ventures (an affiliate of Broadview Ventures), and the Export and Investment Fund of Denmark (EIFO), alongside founding investor Novo Holdings. Novo Holdings was the first investor in Antag and has supported the company throughout its journey.

Dr. Alexander Sparre-Ulrich, PhD, CEO and Co-Founder of Antag Therapeutics, said: “The backing of such a strong syndicate of global investors is a testament to our pioneering approach to developing novel therapies for patients with obesity. Coupled with our recent IND clearance, this investment allows us to accelerate the development of AT-7687 towards important clinical milestones. We believe our first-in-class peptide’s weight loss profile and flexible dosing will be key drivers of differentiation.”

Obesity remains a major global health challenge, and current therapies, while revolutionary, are for some patients associated with tolerability issues and suboptimal outcomes. Antag’s approach, targeting the GIP receptor, offers an innovative solution by reducing weight gain and enhancing GLP-1-mediated weight loss while also improving glycaemic control and lipid profiles.

Antag recently received Investigational New Drug (IND) approval from the U.S. Food and Drug Administration (FDA) to initiate Phase I clinical trials for AT-7687. The upcoming trials will explore the safety, tolerance, and pharmacokinetics of AT-7687 in both monotherapy and combination therapy settings with semaglutide, a GLP-1 receptor agonist, in patients with obesity.

Jeroen Bakker, Partner, Seed Investments, Novo Holdings, said: “Novo Holdings was the first investor in Antag, impressed by the scientific foundation and world-class team that has driven the company’s vision. We are proud to support Antag through this pivotal Series A financing, as the company advances its innovative lead product, AT-7687, towards key clinical milestones. Antag is well-positioned to significantly enhance the landscape of obesity treatments, improving options for patients worldwide.”

Jeroen Bakker added: “Working with the Antag team has been a truly rewarding experience, and I’m excited to see how they continue to grow and innovate in this critical therapeutic area. I’m confident that under Novo Holdings’ continued support, Antag will make great strides in addressing the unmet medical needs in obesity treatment.”

Jørgen Søberg Petersen, Senior Partner, Seed Investments, Novo Holdings, will be taking over Jeroen Bakker’s seat on Antag’s board.

Jørgen Søberg Petersen said: “I am excited to join the board at such a crucial time for Antag. The company is entering an important phase in its journey, and I look forward to working closely with the leadership team to support the advancement of their innovative solutions. Antag’s work holds the potential to make a real impact in obesity treatment, and I am pleased to contribute to this mission.”

Novo Holdings’ Seed Investments team, the early-stage investment and company creation arm of Novo Holdings, has a long-standing track record in backing early-stage companies. Its portfolio includes companies such as Adcendo, Muna, Minervax, Hemab, and IO Biotech, which have each leveraged Novo Holdings’ expertise to successfully raise significant Series A funding.

Strategic support from EIFO
EIFO is among the investors in the syndicate, and with a dedicated investment team focusing on life sciences investment, EIFO plays a critical role in supporting the Danish life sciences sector.

Novo Holdings and EIFO have collaborated on several occasions, sharing the ability to provide risk-willing capital and a mutual commitment to supporting the life science ecosystem in Denmark. The long-standing partnership is expected to lead to further successful collaborations in the future.

Mads Lacoppidan, Managing Director and Partner, EIFO Life Science, said: “We work strategically to support the life science sector, including therapeutics, because the transformation of innovative technologies from research to business requires risk-willing capital. Antag Therapeutics is a good example of how EIFO contributes to the strengthening of Denmark’s leading role in the life sciences, because we invest at all stages of the growth journey – alongside a strong team of investors.”

About Antag Therapeutics
Antag Therapeutics is a clinical-stage biopharmaceutical company committed to discovering and developing novel therapies for obesity and cardiometabolic diseases through GIP receptor antagonism. As a pioneer in exploring the potential of GIP receptor antagonists, the company is dedicated to advancing science and improving patient outcomes by delivering groundbreaking solutions that address unmet medical needs. For more information, please visit https://antagtherapeutics.com.

About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk

About the Novo Nordisk Foundation
Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people’s health and the sustainability of society and the planet. The Foundation’s mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support a green transformation of society.