Novo Holdings leads $50 million investment in MedGenome to accelerate expansion into new markets and deepen product offerings
- MedGenome is the leading provider of genomic solutions for populations in South Asia and provides advanced genetic testing and bioinformatics solutions to patients, pharmaceutical companies, and research institutions around the world.
- The investment will increase access to genetic testing across emerging markets and contribute to the most comprehensive global genomic dataset.
FOSTER CITY, California, 30 August 2022 -- MedGenome, the leading genetic diagnostics, research, and data company in South Asia, announced today a $50 million investment led by Novo Holdings, an international leader in life science investing.
To date, MedGenome has administered more than 300,000 complex genetic tests and served over 200,000 patients. The Company obtains samples from nearly 4,000 hospitals and 10,000 physicians across the globe. Novo’s investment will strengthen MedGenome’s scale beyond India and South Asia into Africa and the Middle East and democratize access to genetic testing and personal healthcare across emerging markets. MedGenome is a co-founding member of the GenomeAsia 100K Project and has built the largest database of South Asian genetic variants―its continued expansion will contribute to the most comprehensive genomic dataset in the world.
MedGenome genetic testing provides insights into complex, noncommunicable diseases to aid in the drug discovery and clinical trials for treatment in the areas of oncology, diabetes, ophthalmology, cardiology, and other rare diseases.
This latest round of funding will be used to broaden MedGenome’s product offering and improve the reach of its key diagnostic services, including reproductive and oncology services, as well as the enhancement of MedGenome’s bioinformatics and SaaS offerings.
“The success that the MedGenome team has achieved over the last decade is extraordinary,” said Amit Kakar at Novo Holdings. “MedGenome’s mission to transform the future of personalized healthcare―one that is affordable, inclusive, and equitable―is a perfect fit with Novo’s investment strategy and broader portfolio.”
“The MedGenome team has built a model of accessibility across South Asia that delivers cutting-edge diagnostic tests, at the same global standard of quality as other market leaders, and at a fraction of the cost,” said Mahesh Pratapneni, CEO of MedGenome. “We’re thrilled to have the support of the leader in international life sciences investing behind us as we expand into new global markets and scale access to affordable and life-changing testing.”
“MedGenome is leading the cultural shift of healthcare, taking it from one of generalization to a model that prioritizes precision medicine,” said Dr. Felix Olale, Chairman of MedGenome’s Board of Directors, and Global Co-Lead for Healthcare Investments at LeapFrog Investments. “Breakthroughs and discovery are only as successful as the data on which they’re based, and MedGenome’s mission to expand the global genomic dataset to aid in the development of more inclusive and equitable research & drug discovery is not only inspiring, but critical to the future of global healthcare.”
The investment will give Novo Holdings a significant minority stake in MedGenome. LeapFrog Investments, which led a $55 million investment round in MedGenome in April 2020, will be adding to its investment alongside Novo, as well as existing investor, Sofina.
MedGenome, the market leader in South Asia, is a genomics-driven research and diagnostics company with a mission 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 insights into complex diseases at the genetic and molecular level in order to transform the practice of personalized medicine and clinical drug discovery.
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. For further information, go to: https://www.novoholdings.dk
About LeapFrog Investments
LeapFrog invests in exceptional businesses in Africa and Asia, partnering with their leaders to achieve leaps of growth, profitability, and social impact. Founded in 2007, LeapFrog’s portfolio companies now reach 342 million people across 35 countries with healthcare or financial services. LeapFrog has raised over US$2bn from global institutional investors, including US$500mn recently committed by Temasek to LeapFrog and its future funds. LeapFrog was ranked by Fortune as one of the top five Companies to Change the World, the first private investment firm ever listed. For more information, go to: www.leapfroginvest.com.