Novo Holdings leads $50 million investment in MedGenome to accelerate expansion into new markets and deepen product offerings
- MedGenome is the leading provider of genomics solutions for populations of South Asia and provides advanced genetic testing and bioinformatics solutions to patients, pharmaceutical companies and research institutions worldwide.
- The investment will increase access to genetic testing in emerging markets and contribute to the most comprehensive global genomics dataset.
FOSTER CITY, Calif., August 30, 2022 /PRNewswire/ — MedGenome, the leading genetic diagnostics, research and data company in South Asiatoday announced a $50 million investment led by Novo Holdings, an international leader in life sciences investing.
To date, MedGenome has administered over 300,000 complex genetic tests and served over 200,000 patients. The company obtains samples from nearly 4,000 hospitals and 10,000 physicians around the world. Novo’s investment will strengthen MedGenome’s scale beyond India and South Asia in Africa and the Middle East and democratizing access to genetic testing and personal healthcare in emerging markets. MedGenome is a co-founding member of GenomeAsia 100K Project and built the largest database of genetic variants in South Asia; its continued expansion will contribute to the most comprehensive genomic dataset in the world.
MedGenome genetic testing provides information on complex non-communicable diseases to facilitate drug discovery and clinical trials for treatment in oncology, diabetes, ophthalmology, cardiology and other diseases rare.
This latest round of funding will be used to expand MedGenome’s product offerings and improve the reach of its core diagnostic services, including reproductive and oncology services, as well as enhancing MedGenome’s bioinformatics and SaaS offerings. .
“The success that the MedGenome team has achieved over the past decade is extraordinary,” said Amit Kakar at Novo Holdings. “MedGenome’s mission to transform the future of personalized healthcare, an affordable, inclusive and equitable system, aligns perfectly with Novo’s investment strategy and broader portfolio. »
“The MedGenome team has built an accessibility model through South Asia which provides state-of-the-art diagnostic tests, at the same level of global quality as other market leaders, and at a fraction of the cost,” said Mahesh Pratapneni, CEO of MedGenome. “We are thrilled to have the support of the leader in international life sciences investing behind us as we expand into new global markets and expand access to affordable, life-changing tests. »
“MedGenome is leading the cultural shift in healthcare, moving it from a model of generalization to one that prioritizes precision medicine,” said Dr. Felix Olale, Chairman of the Board of MedGenome and Global Co-Head of Healthcare Investments at LeapFrog Investments. “Breakthroughs and discoveries are only as successful as the data on which they are based, and MedGenome’s mission to expand the global genomic data set to aid in the development of research and discovery of more inclusive and equitable medicines is not only inspiring, but essential for the future of global health care.
The investment will give Novo Holdings a significant minority stake in MedGenome. LeapFrog Investments, which conducted a $55 million investment round in MedGenome in April 2020will complete its investment alongside Novo, as well as existing investor, Sofina.
MedGenome, market leader in South Asia, is a genomics-focused research and diagnostics company whose mission is 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 insight into complex diseases at the genetic and molecular level to transform the practice of personalized medicine and clinical drug discovery.
About Novo Holdings A/S
Novo Holdings A/S is a private limited company wholly owned by the Novo Nordisk Foundation. It is the holding company of the Novo Group, consisting of Novo Nordisk A/S and Novozymes A/S, and is responsible for managing the assets of the Novo Nordisk Foundation. Novo Holdings is recognized as a leading international life sciences investor focused on creating long-term value. As a life sciences investor, Novo Holdings provides seed and venture capital to early-stage companies and takes significant equity positions in growing and established companies. Novo Holdings also manages a large portfolio of diversified financial assets. For more information visit: https://www.novoholdings.dk
About LeapFrog Investments
LeapFrog invests in exceptional companies by Africa and Asia, in partnership with their leaders to achieve leaps in growth, profitability and social impact. Founded in 2007, LeapFrog’s portfolio companies now reach 342 million people in 35 countries with health or financial services. LeapFrog has raised over $2 billion from global institutional investors, including $500 million recently committed by Temasek to LeapFrog and its future funds. LeapFrog was listed by Fortune as one of the top five companies to change the world, the first private investment company ever listed. For more information, visit: www.leapfroginvest.com.
SOURCE Novo Holdings