Novo Holdings, the holding firm of Danish drugmaker Novo Nordisk, has announced an investment in the Indian private hospital chain Manipal Hospitals, aiming to leverage the burgeoning market potential in Asia.
While the exact size of the investment remains undisclosed, Novo Holdings emphasized in a statement that it marks its largest investment in Asia thus far.
Novo Holdings is the controlling shareholder of Novo Nordisk and Novozymes. With assets totaling $115.86 billion by the end of 2022, the Danish investment firm specializes in backing life science companies.
Its primary markets in the Asian region include India, Southeast Asia and China, where it established an office in Shanghai last year.
Manipal Hospitals, boasting a network of 33 hospitals across India and serving approximately 6 million patients annually, stands as a prominent player in the Indian healthcare landscape, according to Novo Holdings.
The investment firm highlighted several factors driving the increasing demand for private hospital care in India, including the rising middle class, a growing preference for advanced medical facilities, and an emphasis on quality healthcare services.
“The demand for affordable and accessible private healthcare services in India is increasing rapidly, and Manipal stands at the forefront to address patient needs through its consistent growth and ability to provide high-quality patient services at affordable prices,” Amit Kakar, managing partner and head of Novo Holdings Asia Investments, said.
“It represents our commitment towards filling the gap between the enormous demand and underserved healthcare infrastructure in India,” Navjeewan J. Khosla, partner, Novo Holdings Asia Investments, added.
Owned by the Novo Nordisk Foundation, Novo Holdings holds a significant stake in Novo Nordisk, the renowned manufacturer of obesity drug Wegovy and the diabetes medication Ozempic.
Recently, Novo Holdings announced its acquisition of Catalent, a manufacturing subcontractor for Wegovy, for $16.5 billion, aimed at bolstering Novo Nordisk’s production capacity to meet surging demand. This strategic move is seen to ramp up Wegovy’s output starting in 2026.
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