- 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 worldwide.
- The investment will increase access to genetic testing in emerging markets and contribute to the most comprehensive set of global genomic data.
FOSTER CITY, California., August 30, 2022 /PRNewswire/ — MedGenome, the leading genetic diagnostics, research and data company in South Asiaannounced today a 50 million dollars investment led by Novo Holdings, an international leader in life science investments.
To date, MedGenome has administered more than 300,000 complex genetic tests and served over 200,000 patients. The company samples nearly 4,000 hospitals and 10,000 doctors across the globe. Novo’s investment will strengthen MedGenome’s scale beyond India AND South Asia IN Africa AND Middle East and democratize access to genetic testing and personal healthcare across emerging markets. MedGenome is a co-founding member of GenomeAsia 100 thousand The project has built South Asia’s largest database of genetic variants – its continued expansion will contribute to the world’s most comprehensive genomic dataset.
MedGenome’s genetic testing provides insights into complex, non-communicable diseases to aid in drug discovery and clinical trials for treatment in the fields of 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 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 remarkable,” 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 the board South Asia that offers advanced diagnostic tests, with 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 genetics of Life are investing behind us as we expand into new global markets and expand access to affordable, life-changing testing.”
“MedGenome is leading the cultural shift in health care, moving it from a generalization to a model 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. “Advances and discoveries are only as successful as the data on which they are based, and MedGenome’s mission to expand the global genomic dataset to help develop more inclusive and equitable research and drug discovery is not only inspiring, but also 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 dollars MedGenome’s investment round at April 2020will add 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 deciphering the genetic information contained in an individual’s genome. His 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, 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 science investor with a focus on long-term value creation. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growing and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. For more 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 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 is raised on 2 billion US dollars from global institutional investors, incl 500 million US dollars recently committed by Temasek to LeapFrog and its future funding. LeapFrog was listed by Fortune as one of the top five companies to change the world, the first private equity firm ever listed. For more information, go to: www.leapfroginvest.com.
SOURCE Novo Holdings