The Novo Nordisk Foundation is investing 5.5 billion Danish kroner ($860 million) in the BioInnovation Institute (BII) to help scale up more homegrown biotechs and deep tech companies.
The BII—which, like the foundation, is based in the Danish capital of Copenhagen—was founded in 2018 as a way to accelerate innovation. The institute’s programs are split between a “venture lab” supporting new companies, a “bio studio” that backs entrepreneurial academic researchers and a program focused specifically on quantum computing.
So far, BII has helped create and develop over 130 companies and attracted more than 7 billion kroner ($1.09 billion) in external funding, according to a Jan. 15 release.
The latest tranche of Danish biotechs to secure funding from the BII’s venture lab program included protein engineering company Troya Therapeutics and STING inhibitor-focused Sulis Therapeutics.
For the foundation, a philanthropic giant tasked with redistributing funds from Danish pharma Novo Nordisk, today’s 5.5 billion kroner investment—which runs until 2035—is an opportunity to empower the “BII to take a leading role in Europe’s response to pressing issues within human health, planetary health and societal resilience,” according to the release.
“We are giving BII the opportunity to expand its reach and further strengthen its position as a European powerhouse for innovation,” the foundation’s CEO Mads Krogsgaard Thomsen, Ph.D., said in a statement.
“This will prove instrumental in securing that even more science is translated into new companies, jobs and solutions benefitting people and our planet—and ultimately driving the growth and entrepreneurial culture that will benefit European competitiveness,” Thomsen added.
BII CEO Jens Nielsen, Ph.D., said the institute’s aim to connect Denmark’s life science ecosystem with leading innovation districts across Europe would not be possible without the foundation’s long-term support.
“We have proven that our innovation platform is successful, but we cannot push the boundaries of innovation alone,” Nielsen added. “Strengthening partnerships will remain a top priority as we continue to develop Denmark’s innovation ecosystem and help ensure Europe’s competitiveness.”