Denmark-based pharmaceutical firm Novo Holdings launched a $165m impact investment fund yesterday that will back developers of drugs that can combat antimicrobial resistance.
About 20 projects across Europe and the US are expected to receive funding from the vehicle, dubbed Repair Impact Fund, which will provide between $20m and $40m per year in a three-to-five year period.
Repair will focus on the 12 bacterial families identified by the World Health Organization and US Centers for Disease Control and Prevention as priority pathogens. Novo estimates more than 700,000 people die each year from infections that are resistant to antibiotics.
The fund was commissioned by Novo Holdings’ owner, Novo Nordisk Foundation, to address the lack of early-stage funding for drugs fighting antibiotic resistance, caused by a shortage of clinical evidence and relatively bleak commercial prospects.
Novo Holdings CEO Kasim Kutay said: “We have established this impact fund to provide a fresh approach to a global healthcare challenge. With our scale, vision and capabilities, we are able to provide the essential strategic and financial support to these projects.
“This approach embodies our ethos to leave a positive and meaningful impact on health and society through our investments in life science. We are looking to increase investments of this type in the coming years, and we are excited about our potential to make a significant difference in improving global healthcare.”
Repair is an acronym that stands for: Replenishing and Enabling the Pipeline for Anti-Infective Resistance.