Novo Nordisk's Main Owner Leads $100 Million Financing of Biotech Firm Asceneuron

By Dominic Chopping

Novo Nordisk's owner led a $100 million Series C fundraising in Asceneuron, a biotech company developing therapeutics for neurodegenerative diseases.

Novo Holdings, which owns a controlling stake in Wegovy maker Novo Nordisk, said the funds will be used to progress Asceneuron's lead asset, ASN51, into phase 2 clinical development for the treatment of Alzheimer's disease.

Swedish private-equity firm EQT also invested in the oversubscribed Series C that saw OrbiMed and SR One become new investors.

Existing investors M Ventures, Sofinnova Partners, GSK Equities Investments and Johnson & Johnson Innovation also participated.

In connection with the financing, Naveed Siddiqi, a senior partner at Novo Holdings' venture investments, will join the Asceneuron board.

Philip Scheltens, head of EQT's LSP Dementia Fund will also join the Asceneuron board and Arno de Wilde, director at the fund, will join as board observer.

Asceneuron plans to initiate its first Phase 2 clinical study later this year.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

07-16-24 0516ET