Novo Holdings publishes its 2025 Venture Investments Annual Review and Business Update

• 25 venture financings, including investments expanding presence in medtech

• Important exits included 5 portfolio companies being acquired and one IPO (4Q 2025)

• $749 million invested and committed

• $519 million of cash exit proceeds

Novo Holdings Venture Investments published today its review of 2025 – a productive year supporting companies across diverse therapeutic areas.

The Novo Holdings Venture Investments team is one of the largest and most active international life sciences venture groups, with a 26-year track record of investing. The Venture Investments portfolio includes both privately held and publicly traded investments in the biotech, medtech, and digital health sectors, spanning early-stage, translatable science through commercial-stage products.

Read the full Venture Investments 2025 Annual Review here.

Scott Beardsley, Managing Partner and Head of Venture Investments, said: “The Novo Holdings Venture Investments team charted a productive year in 2025, supporting breakthrough science with the potential to have major impacts on society and addressing continued unmet needs of patients. Looking forward, we are excited about 2026. The fundamentals in our industry remain strong and provide the foundation for further growth and optimism.”

Highlights from 2025 include:

• Venture Investments added several new portfolio investments, including new companies and new investment vehicles.

• The team helped lead significant private biotechnology financings, including for Windward Bio and Crystalys Therapeutics - two of the largest Series A life sciences financings in 2025 – as well as Expedition Therapeutics.

• Newly added public portfolio companies included Apogee Therapeutics (APGE) and BridgeBio Oncology Therapeutics (BBOT).

• The team increased its presence in medtech, with financings for both FIRE1 and Supira Medical.

• Important exits from the portfolio included Blueprint Medicines, Merus N.V., SiteOne Therapeutics, Anthos Therapeutics and Nalu Medical.

• Based on the improved public market, Venture Investments helped catalyze MapLight Therapeutics’ IPO in Q4 2025.