Novo Holdings participates in EUR 110 million first closing of Sound Bioventures Fund I

Novo Holdings participates in EUR 110 million first closing of Sound Bioventures Fund I

PR Newswire

COPENHAGEN, Denmark, Jan. 4, 2022

COPENHAGEN, Denmark, Jan. 4, 2022 /PRNewswire/ -- Novo Holdings, a leading international life sciences investor, today announced that it has invested in Sound Bioventures Fund I as cornerstone investor in the first close of EUR 110 million.

Sound Bioventures will be investing in private biotech companies and will focus on companies with assets in clinical or late pre-clinical stages, primarily within rare diseases.

The fund will be managed by a founding team with extensive experience from venture investing and operational drug development. The team includes Casper Breum, who has a background from Novo Nordisk, Lundbeck and Lundbeckfonden Ventures, Johan Kördel who brings experience from Pharmacia, Biovitrum and Lundbeckfonden Ventures, and Bibhash Mukhopadhyay, with a background in J&J, AstraZeneca and NEA.

"At Novo Holdings we are very excited to be one of the cornerstone investors of Sound Bioventures. In addition to making a profitable fund investment, we are looking forward to working with the experienced transatlantic team to translate more Scandinavian innovation into companies with a global footprint developing drugs that target critical unmet medical needs," said Søren Møller, Managing Partner of Novo Seeds, the early-stage investment arm of Novo Holdings.

Anchor points in Scandinavia and the US

Based in Scandinavia and the US, Sound Bioventures expect to invest one third of the funds in Scandinavian companies, one third in US- and UK-based companies, and one third will be invested in companies from across Europe.

"Our bridgehead in the US makes us different from many other European-based life science venture investors. Apart from giving us access to a high- quality deal flow from the US, it also positions us to bringing relevant US-based investors into our European portfolio companies," said Casper Breum, managing partner and co-founder of Sound Bioventures.

Saminvest, Vækstfonden and the European Investment Fund have also invested in the first fund of Sound Bioventures, together with other private investors.

"We are pleased that Sound Bioventures have attracted such a solid group of both public and private investors to Sound Bioventures' first fund. Our experience from the pharmaceutical and biotech industries in areas such as R&D and business development, combined with the knowledge, experience and influence of the syndicate and portfolio companies, holds promise for a fruitful collaboration based on nuanced perspectives on biotech risks and opportunities," said Johan Kördel, managing partner and co-founder of Sound Bioventures.

Investing in a biotech focused venture fund is attractive to Novo Holdings for several reasons, said Søren Møller:

"We invest in venture funds' financial return and Sound Bioventures fulfill an additional strategic goal, namely to attract more capital to the Scandinavian ecosystem. As the biotech ecosystem continues to grow, in particular across the Nordics and the wider European region, the number of new investment opportunities also increases. By leveraging our capital through a fund, we are able to take part in more of these promising ventures with the added advantage of being joined by a more diverse set of investors. In addition, we believe that the cross-Atlantic focus of Sound Bioventures is a competitive advantage."

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 recognized 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.

About Sound Bioventures

Sound Bioventures is a clinical stage Biotherapeutics focused venture fund, that with a strong foundation in the Nordic biotech ecosystem will invest in EU, UK and USA. The fund will seek opportunities addressing significant unmet medical needs for new therapies.

Sound Bioventures is founded by a team of experienced life science investors and backed by a strong investor syndicate comprising Novo Holdings, Saminvest, Vækstfonden, the European Investment Fund (EIF), as well as additional private investors and the founders. Sound Bioventures Fund I AB is a registered alternative investment fund, under the Swedish Alternative Investment Funds Managers Act.  http://www.soundbioventures.com

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