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Novo Holdings reports Total Income and Investment Returns of DKK 31 billion (€4.2 billion) for 2023. Total Assets grow by 38% to DKK 1,114 billion (€149 billion)
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COPENHAGEN, Denmark, March 12, 2024 /PRNewswire/ — Novo Holdings today announced its financial results for 2023*. Strong Investment Portfolio performance, and growth of the Novo Group companies drive Total Income and Investment Returns to DKK 31 billion (€4.2 billion) for 2023, up from DKK 3 billion (€0.4 billion) in 2022. The Investment Portfolio generated a return of 9.4%, compared to -6.3% in 2022. Including Special Investments**, the Total Investment Return is 7%.
Total Income and Investment Returns of DKK 31 billion are comprised of income from dividends and the share repurchase programmes of the Novo Group companies (Novo Nordisk A/S and Novozymes A/S, now known as Novonesis following the merger with Chr. Hansen), totalling DKK 19 billion (€2.5 billion), and Returns from the Investment Portfolio generating an income of DKK 13 billion (€1.7 billion) when including all Investment Assets. The 5- and 10-year trailing returns for the Investment Portfolio are 10.1% for both horizons.
Novo Holdings closed 2023 with Total Assets under Management of DKK 1,114 billion (€149 billion), up from DKK 805 billion (€108 billion) in 2022.
Kasim Kutay, CEO of Novo Holdings, said:
“The strong performance of our Investment Portfolio, coupled with our diversification efforts, and the continued growth of the Novo Group companies led to 9.4% returns in 2023, which is above industry benchmarks. By generating attractive long-term returns, Novo Holdings enables the growth of the Novo Nordisk Foundation’s grant-giving capacity in medical, scientific, and humanitarian fields.”
A year of high investment activity
The Novo Holdings Investment Portfolio comprises Life Science Investments (Seed Investments, Venture Investments, Bioindustrial Investments, Asia Investments, Growth Investments and Principal Investments), making up 51% of the portfolio, and Capital Investments, 49% of the portfolio.
In 2023, Life Science Investments reported a DKK 5 billion (€0.7 billion) return, compared to a negative DKK -6 billion (€-0.9 billion) return in 2022. Capital Investments reported a DKK 8 billion (€.1.0 billion) return, compared to a negative DKK -5 billion (€-0.7 billion) return in 2022.
2023 was characterised by high investment activity across most of Novo Holdings’ various investment verticals. Novo Holdings welcomed 30 new companies to the Investment Portfolio and exited 26 companies. By year-end, the Investment Portfolio included a total of 170 companies.
During a year where global biotech investment activity was less vigorous, Novo Holdings continued to support life sciences companies in their efforts to improve health outcomes for patients and to foster better planetary health.
“Among notable investments in the life sciences space in 2023, we acquired Denmark-based company Ellab, which provides crucial validation and monitoring solutions and services for biotech and pharmaceutical processes,” Kasim Kutay said.
“2023 was also a good year for Capital Investments, our non-life science investment team. Capital Investments closed the year with DKK 98 billion (€13 billion) of investment assets and generated a return of 9% versus a negative return of -6% in 2022. Highlights for 2023 include investments in Euroclear, a global provider of financial market infrastructure, and Glentra Capital, a new energy transition investment firm which was co-founded by Novo Holdings in 2022.”
New strategy to accelerate the green transition of industry and society
2023 marked the completion of Novo Holdings’ 5-year strategy period, with returns exceeding expectations. Milestones achieved over the past 5 years include the launch of an investment platform in Asia headquartered in Singapore, the establishment of a global Bioindustrial Investments vertical, and the acceleration of private equity investment activities in North America.
In 2024, Novo Holdings will start its Strategy 2030 journey, which encompasses operational scaling and the acceleration of green transition investments. By 2030, Novo Holdings aims to increase its green transition investment allocation from approximately 2% to 10% of its total investment funds. The focus will be on companies focused on planetary health across the value chain including technology, growth, scaling and infrastructure.
A key contributor to Novo Holdings’ efforts to advance planetary health is Novonesis, the company that has emerged as the result of the combination of Novozymes and Chr. Hansen. With the merger closed at the beginning of 2024, Novonesis is set to become an industrial biosolutions powerhouse, harnessing the power of biotechnology to transform consumer products and make industrial and agricultural processes more sustainable and efficient.
“In summary, 2023 was an exciting year for Novo Holdings, and 2024 holds promising opportunities. Novo Holdings recently announced an agreement to acquire Catalent, a world leading global Contract Development and Manufacturing Organisation (CDMO). In connection with this agreement, Novo Nordisk has agreed to acquire three of Catalent’s fill/finish sites from Novo Holdings. With a transaction value at $16.5 billion, the transaction will represent our largest ever investment. The transaction is expected to close by year-end of the calendar year 2024,” Kasim Kutay said.
* This performance report is an unaudited version of the 2023 performance of Novo Holdings. The audited version of the 2023 Annual Report of Novo Holdings is expected to be released in May 2024, as it is dependent on the release of the consolidated financial statements of the Novo Nordisk Foundation, expected to be released later than in previous years due to the merger of Chr. Hansen and Novozymes.
**The Investment Portfolio excludes Special Investments, which comprise investments that are made at below market return targets (e.g. impact investments), and assets that are held for Novo Nordisk Foundation strategic purposes. Including all assets, the Total Investment Return is 7%.
2023 highlights
- The Novo Group Companies, Novo Nordisk A/S and Novozymes A/S delivered strong annual results. Novo Nordisk’s sales increased by 31% in DKK and by 36% at constant exchange rates, and Novozymes reported 5% organic sales growth in 2023.
The Capital Investments portfolio generated a profit of DKK 7.6 billion (€1.0 billion), compared to DKK -5.1 billion (€-0.7 billion) in 2022. Capital Investments’ public portfolio had a solid performance in 2023 with returns on par with the benchmark for the year, and above our long-term average returns. The private portfolio faced a more difficult year, as higher interest rates had a negative impact on valuations. Notable investments in 2023 include a €267 million investment in EuroClear, a global provider of financial market infrastructure. - Principal Investments realised total proceeds of $1.3 billion (€1.2 billion) (including the sale of Synlab, which was not closed at year-end). These proceeds have in part been generated by full or partial divestments of 7 shareholdings, predominantly from the public portfolio. The most significant exit is the agreement to sell the ~17% shareholding in European listed company Synlab to Cinven for €10 per share returning a total of €380 million.
Principal Investments made a new platform investment with the acquisition of Ellab, a global leader in providing validation and monitoring solutions and services mainly for biotech and pharma processes. - At the beginning of 2023, Growth Investments executed a new $40 million (€36 million) investment in Evosep, to further Evosep’s technology and application portfolio. Growth Investments executed one follow-on investment in 2023, deploying DKK 0.5 billion (€0.1 billion) in Oxford Biomedica, a leading gene and cell therapy group focused on developing life-changing treatments for serious diseases. During 2023, Growth Investments received capital returns of DKK 13 million (€2 million).
- Venture Investments deployed DKK 3.6 billion (€0.5 billion) in 2023, including DKK 1.4 billion (€0.2 billion) committed to 15 new investments. Notable new investments include 4D Molecular, Alentis Therapeutics, BioGeneration Capital Fund V, CARGO Therapeutics, Cymabay, Fire1, Hillstar Bio, Lexeo Therapeutics, ManaT Bio, Maplight Therapeutics, Octave Health, Pureos Bioventures Fund II, Ray Therapeutics, Terremoto Biosciences and Scion Fund I. Venture Investments exited 16 investments, and realised DKK 3.4 billion (€0.5 billion) from the sale of publicly traded stock as well as from the acquisition of several of our portfolio companies.
- Seed Investments deployed DKK 1.2 billion (€0.2 billion) in 2023, including significant investments in Hemab Therapeutics, Adcendo, Acesion Pharma and Commit Biologics. Other notable activities in 2023 include the establishment of Seed Investments’ own experimental incubator laboratory in Denmark and the acquisition of Paratek Pharmaceuticals through the REPAIR Impact Fund. Seed Investments raised >$460 million (€417 million) for its portfolio in 2023, and by year-end, the portfolio comprised 36 companies. Most of the portfolio consists of private investments, valued at DKK 3.5 billion (€0.5 billion) at year end, 41% higher than at the end of 2022.
- The REPAIR Impact Fund closed the acquisition of Paratek Pharmaceuticals together with Gurnet Point Capital. Paratek is one of the leading independent antibiotics companies in the world, and the transaction was valued at approximately $462 million (€419 million). Further, the REPAIR Impact Fund co-led the $37 million (€34 million) series A financing for LimmaTech Biologics and supported the $10 million (€9 million) series B financing for Revagenix. By year-end, the REPAIR Impact Fund was valued at DKK 798 million (€107 million), compared to DKK 317 million (€43 million) at the end of 2022.
- Bioindustrial Investments executed seven investments during 2023, deploying DKK 1 billion (€0.1 billion). Notable transactions include co-leading the $17 million (€15 million) series A financing of Aquafortus, a water technology company that purifies high salinity brines. Another water-tech investment was the €4.7 million investment in HPNow, a Danish firm pioneering an innovative form of water treatment. Additionally, Bioindustrial Investments completed follow-on investments in several portfolio companies, including 21st. BIO, Bactolife, Biomason, Deep Branch and LanzaTech. By the end of the year, the Bioindustrial Investments portfolio was valued at DKK 4.1 billion (€0.6 billion) and included 23 companies, of which 22 were private and one public.
- Asia Investments invests across life science subsectors, applying a tailored approach to each region and country. Most of the portfolio consists of direct, private investments, valued at DKK 2.7 billion (€0.4 billion) at year-end, compared with DKK 1.4 billion (€0.2 billion) at the end of 2022. Notable transactions in 2023 include co-leading of the series C financing in LePure Biotech, a leading provider of high-quality and innovative single-use bioprocessing solutions in China. Further, Asia Investments participated as a cornerstone investor in the $470 million (€426 million) IPO of WuXi XDC for listing on the Hong Kong stock exchange. Additional highlights include participation in the $135 million (€122 million) series D financing of Halodoc and participation in the $39 million (€35 million) series C1 financing of Doctor Anywhere.
Return on the Investment Portfolio
The following table shows the 5- and 10-year returns for Life Science Investments, Capital Investments and the Total Investment Portfolio. The results for 2022 are included for comparison along with the long-term returns.
Photo – https://mma.prnewswire.com/media/2359481/Novo_Holdings_1.jpg
Income and Investment Returns (in DKK (EUR) billion):
Photo – https://mma.prnewswire.com/media/2359482/Novo_Holdings_2.jpg
As a holding and investment company, Novo Holdings invests to generate long-term returns. The Total Value of the Holding and Assets under Management was DKK 1,114 billion (€149 billion) at the end of 2023.
Assets under Management (in DKK (EUR) billion):
Photo – https://mma.prnewswire.com/media/2359483/Novo_Holdings_3.jpg
Notes: Income from the Novo Group includes dividends received from Novo Nordisk A/S and Novozymes A/S, in addition to income related to the sale of shares in Novo Group companies. In the investment assets overview, the value of the Novo Group is presented with both A and B shares valued at the closing price of B shares on 31 December 2023 and 31 December 2022. Income and Investment Returns as well as Total Holdings and Investment Assets include the Novo Nordisk Foundation’s share of returns and assets.
About the performance overview of the Investment Portfolio
All returns are calculated in DKK and reflect total returns excluding internal costs. The returns on Life Science Investments are calculated as Internal Rate of Return (IRR) based on the book value at the end of the measurement period and cash flows within the measurement period, compared with the book value at the beginning of the measurement period. Capital Investments’ returns and Investment Portfolio returns are based on Time Weighted Returns (TWR).
Read the Novo Holdings Performance Report 2023 here.
About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and 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 and Novozymes (the Novo Group companies) and manages an investment portfolio with a long-term return perspective. Novo Holdings invests in life science companies at all stages of development and also manages a broad portfolio of equities, bonds, real estate and infrastructure assets as well as private equity investments.
As of year-end 2023, Novo Holdings had total assets of €149 billion. Further information: 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.
www.novonordiskfonden.dk/en
Fintech PR
Board the TOKEN2049 Treasure Express With Bybit and Dive Into an $80,000 Prize Pool
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, set out to make the community’s TOKEN2049 journey more rewarding. Gearing up for the most anticipated blockchain and Web3 event in the region, Bybit is thrilled to announce three bonus events to enable both attendees and remote fans to both be part of the experience.
The winning opportunities are open to both attendees of TOKEN2049 and followers from afar. Through trading and offline events, participants stand to get free tickets, a share of the $80,000 prize pool in airdrops and coupons, and Bybit merchandise.
Event 1: TOKEN2049 Treasure Express
From now to Sep. 26, 2024, Bybit users may register for the event and complete tasks by depositing and trading assets to earn lucky draw tickets. The wheel of fortune will turn to one of the three prizes:
1. A pair of tickets to TOKEN2049;
2. A share of the airdrop prize pool valued at $50,000 featuring the hottest tokens, including DOGS, PEPE, SOL, XRP, TON and USDT; or
3. Up to 50 USDT in spot coupons.
Even more rewards await in referrals and social media giveaways. For details, visit: TOKEN2049 Treasure Express
Event 2: Share and Unlock
From now to Sep. 30, 2024, unleash your social media magic for a chance to win a 10 USDT spot trading coupon. Share a Bybit blog link and your thoughts on Bybit and Web3. Remember to tag @Bybit_Official and use the hashtag #UnlockWeb3Future and submit the form with us here: #UnlockWeb3Future at TOKEN2049 with Bybit
Event 3: Meet us offline at TOKEN2049
Spot our logo at TOKEN2049 and capture a photo at the Bybit booth (M50) to win Bybit merchandise. Remember to share to your social media channels and use the right hashtag. For details, visit: #UnlockWeb3Future at TOKEN2049 with Bybit
An advocate for a sustainable Web3 ecosystem, Bybit will be featured prominently at TOKEN2049 on a series of keynote panels, thought leadership and community events, and booth M50.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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Fintech PR
Bybit Expands Global Reach, Receives Formal Consent for Full Authorization in Kazakhstan
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce it’s among the first to be granted consent to a full authorization by the Astana Financial Service Authority (AFSA). This milestone brings Bybit closer to becoming a fully regulated Digital Asset Trading Facility (DATF).
As part of a rigorous process, Bybit Kazakhstan has passed a full AML check, business conduct audit, and detailed compliance inspections. This is part of Bybit’s focus on securing new user opportunities in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.
“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market,” said Ben Zhou, co-founder and CEO of Bybit. “We are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”
Once the full license is in place, Bybit Kazakhstan will offer various digital assets related products and services. The expansion into Kazakhstan aligns with Bybit’s mission to provide reliable and transparent services, catering to the unique needs of crypto traders and investors in the region.
This development follows Bybit’s receipt of its initial operating and custody licenses from AFSA in June 2023, reinforcing its commitment to local regulatory requirements. Bybit’s ongoing efforts to strengthen its presence in Kazakhstan underscore its belief in responsible growth and ensuring a compliant and secure trading environment.
Kazakhstan has quickly emerged as a hub for crypto innovation, and Bybit is proud to play a leading role in fostering this development. For example, Bybit hosted a “Foundations of Blockchain, Web3 and Crypto Exchange Activities” course for Banks of Kazakhstan in 2024. This event was part of Bybit’s drive to make blockchain education more accessible in the CIS region.
By securing this full authorization, Bybit is poised to enhance crypto adoption, provide institutional-grade security, and offer advanced trading features to its growing regional user base.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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Fintech PR
Integrum ESG and CSRHub enable fund managers to monitor both long-term trends and short-term movements in ESG ratings for companies, across a 10-year time series
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LONDON, Sept. 6, 2024 /PRNewswire/ — Integrum ESG, the leading alternative ESG data provider, has today announced the launch of their Consensus ESG Ratings module.
Just as investors monitor movements in consensus earnings estimates or credit ratings, investors now are aware of the demand for the ability to monitor long-term trends and short-term movements in consensus ESG ratings.
This new feature enables Integrum ESG’s asset manager clients to now see the consensus ESG score for any company, either as an absolute rating or a relative percentile ranking, across a 10-year time series.
These scores will indicate to any investor what the capital markets have ‘priced in’ for a company’s ESG performance, allowing users to quickly understand the market’s view on a company and easily conduct relative ESG analysis on the positions they hold within their Portfolio.
This regularly updated data is provided by CSRHub, the world’s leading provider of consensus ESG ratings. CSRHub has spent years aggregating and normalising a vast range of licensed sources – from large ESG ratings firms such as MSCI, ISS, S&P Global, and Sustainalytics to specialists such as CDP and Better World Companies.
Shai Hill, Founder and CEO of Integrum ESG, commented: “Many investors have told us they want a sense of ‘what is priced in’ in terms of a company’s ESG performance, so they can compare this to what anyone ESG ratings firm is saying. CSRHub is the only firm to have credibly achieved this, thanks to a model refined over years and a vast data lake – so we are delighted to be partnering with them.”
Bahar Gidwani, Co-Founder of CSRHub, added: “Investors need to fine tune their ESG-related investment strategies to improve their returns and better match the preferences of their clients. Combining CSRHub’s expert outside-in, consensus view of ESG with Integrum ESG’s detailed real-time data stream provides a strong solution for these needs.”
About Integrum ESG
Integrum ESG is the leading alternative ESG data and ratings platform for investors, blending human analysis and award-winning artificial intelligence models to capture, verify and display granular and relevant ESG data for analysis and assessment. Their Platform allows clients to dissect ESG scores, real-time sentiment, and more with a variety of unique-to-market features, empowering industry professionals and investors and giving them complete oversight of ESG risk across their portfolio.
For more information, visit www.integrumesg.com
About CSRHub
CSRHub offers the most comprehensive global set of Consensus ESG (Environmental, Social, and Governance) ratings, information, and tools. CSRHub’s business intelligence system measures the ESG business impact that drives corporate and investor sustainability decisions. Founded in 2007, CSRHub covers 56,545 public and private companies, and provides ESG performance scores on over 37,899 companies from 135 industries in 210 countries. Our Big Data platform uses algorithms to aggregate, normalize and weight ESG metrics from 957 sources to produce a strong consensus signal on corporate sustainability performance.
For more information, visit www.csrhub.com
Media Contact
Harish Karunalingam
Integrum ESG
[email protected]
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