Novo Holdings, a controlling shareholder of Danish obesity drugmaker Novo Nordisk, announced on Wednesday that it would acquire a controlling stake of approximately 60% in Single Use Support, a life science tools company based in Austria. The exact value of the deal was not disclosed, but a spokesperson stated that it would amount to a “high triple-digit million euros.” The two founders of Single Use Support will each retain 10% ownership, and U.S. life sciences firm Danaher will keep 20%.
Novo Holdings, an investment arm of the Novo Nordisk Foundation and holding 77% of voting shares in Novo Nordisk, focuses on established life science companies. Its CEO Kasim Kutay previously expressed that the success of Wegovy, Novo Nordisk’s obesity drug, would lead to bigger deals in the healthcare sector. The acquisition of Single Use Support is consistent with its strategy of investing in companies providing services to the pharmaceutical industry.
Founded in 2017, Single Use Support specializes in producing equipment and consumables for drug manufacturing, particularly biologic medicines, cell and gene therapies, and mRNA vaccines. The company experienced significant growth during the COVID-19 pandemic due to business with Moderna.
Novo Holdings aims to help Single Use Support expand its customer base globally by leveraging its existing network and expertise in the life science industry. Despite currently not using Single Use Support products in Wegovy’s manufacturing process, Novo Nordisk sees potential for collaboration and growth with this acquisition.
