- MedGenome is the leading provider of genomic solutions for the population in 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 set of genomic data.
FOSTER CITY, CA., August 30, 2022 /PRNewswire/ — MedGenome, the leading genetic diagnostics, research and data company in the South Asiaannounced today a 50 million dollars investments led by Novo Holdings, an international leader in life science investing.
To date, MedGenome has performed more than 300,000 complex genetic tests and served more than 200,000 patients. The company receives samples from nearly 4,000 hospitals and 10,000 doctors worldwide. Novo’s investment will strengthen MedGenome’s scale beyond that India and South Asia in Africa and on Middle East and democratizing access to genetic testing and personal healthcare in emerging markets. MedGenome co-founded GenomeAsia 100K Designed and built the largest database of South Asian genetic variants – its continued expansion will contribute to the most comprehensive set of genomic data in the world.
MedGenome’s genetic tests provide insight into complex non-communicable diseases to aid in drug discovery and clinical trials for treatments in oncology, diabetes, ophthalmology, cardiology and other rare diseases.
This latest round of funding will be used to expand MedGenome’s product offering and enhance the reach of its key diagnostic services, including reproductive and oncology services, as well as enhance MedGenome’s bioinformatics and SaaS offerings.
“The success the MedGenome team has achieved over the past decade has been extraordinary,” said Amit Kakkar 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 everywhere South Asia which provides cutting-edge diagnostic tests, at the same global quality standard 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 investment in the sciences for life behind us as we expand into new global markets and expand access to affordable and life-changing tests.”
“MedGenome is leading healthcare’s cultural shift, moving it from a summary model to one that prioritizes precision medicine,” said Dr. Felix Olale, chairman of MedGenome’s board of directors 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 genome dataset to support the development of more inclusive and equitable research and drug discovery is not only inspiring, but also critical to the future of global health care.
The investment will give Novo Holdings a significant minority stake in MedGenome. LeapFrog Investments, which runs a 55 million dollars investment round in MedGenome in April 2020will add to its investment alongside Novo as well as existing investor Sofina.
MedGenome, the market leader in South Asia, is a genomics-focused 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 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 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 assets of the Novo Nordisk Foundation. Novo Holdings is recognized as a leading international life science investor with a focus on long-term value creation. As a life science investor, Novo Holdings provides seed and venture capital to growth-stage companies and holds significant ownership positions in growth and established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. For further information visit: https://www.novoholdings.dk
About LeapFrog Investments
LeapFrog invests in outstanding businesses in Africa and Asia, partnering 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 healthcare or financial services. LeapFrog has risen 2 billion US dollars from global institutional investors incl 500 million US dollars recently committed by Temasek to LeapFrog and its future funds. LeapFrog was ranked by Fortune as one of the top five companies that changed the world, the first private equity firm ever to make the list. For more information visit: www.leapfroginvest.com.
SOURCE Novo Holdings