Novo Holdings, the investment arm of Denmark's Novo Nordisk Foundation, has completed its first medical technology deal in China, marking a significant expansion of its Asian investment strategy. Regional head Amit Kakar outlined the firm's commitment to building up its network, expertise, and headcount across the region, with China, India, and Southeast Asia identified as core target markets. The strategic minority investment in Huizhou For You Medical Devices, a contract development and manufacturing organization specializing in advanced wound care products, was completed alongside GL Capital, which remains the majority shareholder.

This transaction underscores Novo Holdings' conviction in China's ability to produce best-in-class medical technologies, particularly in oncology and metabolic disease. Beyond medtech, the firm highlighted India as a major opportunity for patient services and pharmaceutical industry services, noting the country houses seven of its fifteen active direct Asian investments. In the life sciences sector, Novo Holdings recently achieved an exit from Sangon Biotech following a $290 million financing round in 2023 and anticipates an IPO for Le Pure Biotech in mainland China or Hong Kong.

The firm also maintains a strong focus on contract manufacturing and research, citing Wu Xi XDC as a key player in antibody drug conjugate production.