Life science investor Novo Holdings, the venture capital arm of Novo Nordisk Foundation, is expanding into Asia and setting up an office in Singapore, the company said in a statement Thursday.
Novo Holdings said it has tapped Amit Kakar to head the Asian outpost and lead investments and partnerships in China, Japan, Singapore and the rest of Southeast Asia.
Kakar will be based in Singapore when he takes up the reins at the beginning of August. He was previously the head of business development and M&A at Everlife Asia, a buy-and-build platform for healthcare in South East Asia and India.
Novo Holdings manages Novo Nordisk Foundation’s wealth and invests in life science companies at all development stages.
“We have followed the life sciences markets in Asia closely, and the growth, the demographics and the increased focus on innovation and R&D make the region a compelling area for us to explore investment opportunities,” Novo Holdings CEO Kasim Kutay said in the statement.
In an email response to DealStreetAsia, a representative of Novo Holdings said, deal sizes in Asia will be in line with those for Novo’s US and European offices, and that it would be flexible on the maturity of the investment targets.
Investments will be grouped under Principal Investments that will make sizable investments in well-established companies; Novo Growth that will provide expansion capital to high-growth plays; and Novo Ventures that will invest in venture-stage biotech and medical technology companies, the representative said.
Principal Investments has $7.9 billion in assets while Novo Ventures has $1.3 billion. Also, Novo Seeds has $200 million and Novo Growth has $400 million, as of March 2020, Novo Holdings said.