novo nordisk foundation

NOVO NORDISK FOUNDATION

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NOVO NORDISK FOUNDATION 3

HOW?

The ambition of the Novo Nordisk Foundation is that our companies will create world-class business results. This will be achieved by gene ra- ting research-based products and services that improve how disease is combated and how natural resour ces are used.

The Foundation uses its income for grants that advance and promote research at universities and hospitals within the health sciences and biotech-nology. The perspective is long term, and the objective is to continue to develop a know ledge environment in which innovative and talented people can carry out research of the highest quality.

This is how we contribute to developing solu tions for the pressing challenges of the future – to benefit both individuals and society as a whole.

WHY?

The world is facing major challenges as the global population increases and ages. Growing numbers of people have lifestyle-related diseases, natural resources are being depleted and carbon dioxide emissions are rising.

More research is required to improve the com-bating of disease and the more intelligent use of scarce natural resources. Denmark and the other Nordic countries must therefore make a special effort to retain and expand their strong position within biomedical and biotechnology research. This is necessary, especially because the interna-tional competition is intensifying.

4 NOVO NORDISK FOUNDATION

Introduction

The Novo Nordisk Foundation is an independent Danish foundation with corporate interests. The objective of the Novo Nordisk Founda-tion is twofold: 1) to provide a stable basis for the commercial and re-search activities conducted by the companies within the Novo Group; and 2) to support scientific and humanitarian purposes.

The vision of the Foundation is to contribute significantly to research and development that improves the health and welfare of people.

The Foundation aims to use its independence and flexibility to pro-mote world-class research at universities and hospitals. In so doing, the Foundation wishes to ensure that Denmark and the rest of the Nordic countries develop and are recognized as an international powerhouse in the health sciences and biotechnology. This will be achieved by providing long-term funding for the development of a knowledge environment in which top researchers and innovative tal-ents can carry out research of the highest quality.

Further, the ambition of the Foundation is that Novo Group compa-nies will position themselves as internationally recognized and signifi-cant actors in improving how disease is combated and how natural resources are used. All companies in the Novo Group are therefore committed to complying with a common set of values laid down in the Novo Group Charter.

In organizational terms, the Novo Nordisk Foundation awards grants and Novo A/S, the Foundation’s wholly owned subsidiary, manages the Foundation’s commercial activities. The objective of Novo A/S is to manage the Foundation’s endowment and its controlling interests in Novo Nordisk A/S and Novozymes A/S, thereby ensuring that the Foundation obtains a satisfactory financial return.

• Company products and services make a significant difference in improving the way people live and work.

• The company is perceived to be an innovator – in technology, in products, in services and/or in market approach.

• The company is among the best in its business and a challenging place to work.

• The company delivers competitive financial performance.

Companies in the Novo Group therefore commit to:

• Value-based management

• Open and honest dialogue with their stakeholders

• Continuous improvement of:

financial performance

environmental performance

social performance

• Reporting in accordance with relevant, internationally approved, conventions

THE NOVO GROUP CHARTER

All companies in the Novo Group must demonstrate that they are willing and able to make a targeted effort to meet the following criteria.

WHat is tHe NOVO NORDISK FOUNDATION?


FOUNDATIONS wITh CORpORATe INTeReSTS ARe A DISTINCTIVe FeATURe OF DeNmARK AND pROVIDe A UNIqUe OppORTUNITy TO ReTAIN SUCCeSSFUl COmpANIeS IN The COUNTRy. ThROUGh ITS OwNeRShIp OF NOVO NORDISK A/S AND NOVOzymeS A/S, The NOVO NORDISK FOUNDATION wANTS TO eNSURe ThAT ImpORTANT KNOwleDGe, TeChNOlOGy, pRODUCTION AND TAleNTeD emplOyeeS STAy IN DeNmARK AND CONTINUe TO CONTRIbUTe TO The DeVelOpmeNT OF DANISh SOCIeTy.

STEN SCHEIbyE, CHAIR Of THE bOARd, NOVO NORdISk fOUNdATION ANd CHAIR Of THE bOARd, NOVO A/S

FUNDING FOR RESEARCH

BASIS

A STABLE

WHat is tHe NOVO NORDISK FOUNDATION?


dIVIdENdS ON CAPITAl INVESTEd

NOVO NORdISk fOUNdATION

NOVO A/S

NOVO NORdISk A/S NOVOzymES A/S

dIVIdENdS ON CAPITAl INVESTEd

Investment in biopharmaceutical and biotechnology

companies

Grants awarded for research

StenScheibye

Chair

Chair

Jørgen BoeVice Chair

BoAhrén

LarsFugger

KarstenDybvad

Ulla MorinSørenThuesen Pedersen

Stig Strøbæk

StenScheibye

JørgenBoe

GöranAndo

JeppeChristiansen

Per Wold-Olsen

Henrik GürtlerCEO

BirgitteNauntofte

CEO

SteenRiisgaard

SteenRiisgaard

EmployeeRepresentative



NOVO GROUP

NOVO NORDisK FOUNDatiON GROUP

The Novo Nordisk foundation and the companies in the

Novo Group comprise the Novo Nordisk foundation Group.

The Novo Nordisk foundation receives dividends from Novo

A/S comprising:

• Dividendsfromcompanies

• Returnsfromotherinvestments

Organization


StenScheibye

Chair

Chair

Jørgen BoeVice Chair

BoAhrén

LarsFugger

KarstenDybvad

Ulla MorinSørenThuesen Pedersen

Stig Strøbæk

StenScheibye

JørgenBoe

GöranAndo

JeppeChristiansen

Per Wold-Olsen

Henrik GürtlerCEO

BirgitteNauntofte

CEO

SteenRiisgaard

SteenRiisgaard




bOARdS

The board of the Novo Nordisk foundation has nine members. In ad-dition to the Chair and Vice Chair, the board has four members elected under the foundation’s Articles of Association, two of whom must have insight into research in the medical or natural sciences, and three employee representatives from Novo Nordisk A/S and Novozymes A/S.

The Chair and Vice Chair of the foundation also serve on the board of Novo A/S. The majority of the members of the boards of Novo Nordisk A/S and Novozymes A/S are independent of the Novo Nordisk founda-tion and Novo A/S.


The Novo Nordisk Foundation awards grants in areas that fall within the Foundation’s Articles of Association, and especially for research. The Foundation’s grants support research of the highest quality. Re-searchers decide their own research priorities and are free to publish as they wish.

Grants are awarded in two ways:

1) grants awarded in open competition based on the applications received and assessed by the Foundation’s expert committees; and

2) thematic grants, in which the Foundation decides the overall theme and international experts assess the research proposals by peer review.

with its grants, the Foundation strives to facilitate new frontline research and to develop dynamic international research environ-ments that will attract and retain the very best researchers. This is intended to lead to research of the highest quality and to contribute to the knowledge base that is crucial for the future education, in-novation and growth in Denmark.

The Foundation’s active support of free and independent research supplements government-funded research at public research insti-tutions.

In addition to funding research, the Foundation supports the deve-lopment of application-oriented research discoveries that have commercial potential. The Foundation also supports humanitarian and social causes – including funding the operating costs, research in health promotion and international education in diabetes care of the Steno Diabetes Center.

The Foundation bases its grant awards on a set of values expressed in four cornerstones. The Foundation informs every recipient of a research grant about these. Furthermore, grant recipients agree to abide by the Foundation’s standards for good research practice and thus to use the funding responsibly.

Commitment

In awarding grants, we strive to contribute significantly to research and development that improves the health and welfare of people, and we believe that research benefits the development of society.

Professionalism

In awarding grants, we consult with experts to ensure that the research we support is of the highest international quality with the aim of generating new in-depth knowledge and innovation.

Respect

In awarding grants, we take an international perspective; we support free and independent research and publishing freedom.

Trust

In awarding grants, we trust that researchers will strive to ensure that the results of their research will benefit as many people as possible.

CORNERSTONES

ResPectiNG FRee AND INDepeNDeNT ReSeARch

The foundation’s grants


ResPectiNG FRee AND INDepeNDeNT ReSeARch

we SUppORT FRee AND INDepeNDeNT ReSeARCh, AND NO COmpANy IN The NOVO GROUp hAS pReFeReNTIAl ACCeSS TO The ReSeARCh ReSUlTS FUNDeD by GRANTS FROm The FOUNDATION. beCAUSe The OwNeRShIp IS VeSTeD IN The ReSeARCh INSTITUTIONS AND The ReSeARCheRS, The ReSUlTS beNeFIT The whOle OF SOCIeTy.

bIRGITTE NAUNTOfTE, CEO, NOVO NORdISk fOUNdATION

RespectTrusT

ProfessionalismCommitment


with roots stretching back to the 1920s, the Foundation has a long history of awarding grants to high-quality researchers and research projects through its scientific committees. Over the years, the Foun-dation has added more committees, types of grants and new grant areas. Today, the Foundation has two large committees and eight other committees on which 45 experts serve.

The Foundation receives more than 1000 applications per year in re-sponse to open calls. It awards grants to a large number of research projects, fellowships, scholarships and research leader programmes. In 2012, the Foundation’s committees awarded DKK 285 million (€38 million) in open competition.

The committees serve as the Foundation’s window to the research communities. Committee members are experts in their fields and have a valuable overview of the research field, often supplemented by experience gained as members of research councils or academic assessment committees. The various committees are therefore ex-tremely qualified to assess the quality, originality and feasibility of projects. The assessment process thus ensures high-quality grants.

Research in the health sciences is the Foundation’s most important grant area. One main committee, the Committee on medical and Natural Sciences Research, awards grants for projects, fellowships and scholarships for basic biomedical and clinical research in Denmark. The

other main committee, the Nordic Research Committee (endocrino-logy), awards grants for research projects, scholarships and sympo-sia in experimental physiological, endocrinological and metabolic re-search in the Nordic countries. The Committee on Nursing Research and the Committee on General practice and Family medicine Research also award grants for research projects and scholarships.

The newly established Committee on Novo Nordisk Foundation lau-reate Research Grants awards substantial, long-term grants to top international researchers who want to establish a research group in Denmark within biomedicine or biotechnology.

The Foundation also supports research in biotechnology-based syn-thesis and production, innovation and research on art history and art and appoints specific expert committees that award these grants.

The Foundation awards several honorary prizes each year, for which no applications are solicited, to reward researchers for unique re-search efforts. The Novo Nordisk prize is the most prestigious of these prizes, comprising a personal honorary award and a grant for re-search in the prize recipient’s field. A specially appointed prize Com-mittee decides on the recipient of the Novo Nordisk prize. Similarly, the Nordic Research Committee decides on the recipient of the Ja-cobæus prize. The Foundation awards its other prizes jointly with scientific societies in Denmark and the other Nordic countries.

aN OPeN WiNDOW TO The wORlD

The foundation’s committees

The objective of these prizes is to reward researchers for a unique research effort.

mARIE ANd AUGUST kROGH PRIzE Awarded under the auspices of the Organization of danish medical Societies

NOVO NORdISk fOUNdATION lECTUREAwarded under the auspices of the Scandinavian Society for the Study of diabetes and the foundation’s Nordic Research Committee (endocrinology)

HAGEdORN PRIzE Awarded under the auspices of the danish Society for Internal medicine

JACObæUS PRIzE Awarded under the auspices of the foundation’s Nordic Research Committee (endocrinology)

NOVO NORdISk PRIzE Awarded under the auspices of the foundation’s Prize Committee

PRIzES AwARdEd by THE NOVO NORdISk fOUNdATION

NorDic research

coMMiTTee

coMMiTTee oN NursiNG research

coMMiTTee oN arT hisTory research

– MaDs ØvliseN scholarships

coMMiTTee oN Novo NorDisk

FouNDaTioN laureaTe research

GraNTs

coMMiTTee oN arT hisTory

research

coMMiTTee oN GeNeral pracTice aND FaMily MeDi-

ciNe research

Novo NorDisk prize coMMiTTee

coMMiTTee oN BioTechNoloGy-BaseD syNThesis aND proDucTioN

research

coMMiTTee oN MeDical aND

NaTural scieNces research

coMMiTTee oN exploraTory

pre-seeD GraNTs


meet a committee Chair

IT IS A pRIVIleGe yeAR AFTeR yeAR TO ChART The DeVelOpmeNT ThROUGh The ReSeARCh IDeAS pReSeNTeD AND be pART OF DeTeRmINING The DIReCTION AND eNCOURAGING ReSeARCh by SUppORTING The beST pROJeCTS.

lARS fUGGER, CHAIR Of THE COmmITTEE ON mEdICAl ANd NATURAl SCIENCES RESEARCH ANd mEmbER Of THE bOARd Of THE NOVO NORdISk fOUNdATION



lars Fugger, Chair of the Committee on medical and Natural Scien-ces Research, says: “basically, quality is the reference point at the heart of the Committee on medical and Natural Sciences Research. we therefore target finding and supporting the best projects within the Committee’s remit. This is probably one reason why the research community considers a grant from the Committee and thereby the Novo Nordisk Foundation to be an endorsement of the specific re-searcher and his or her project. we can be proud of this.”

“For many years, the Foundation has demonstrated considerable and consistent responsibility by providing substantial funds for research. I am pleased to be able to emphasize that the Committee’s grants have increased gradually during the past 10 years from DKK 31 mil-lion (€4.2 million) in 2003 to DKK 82 million (€11 million) in 2012. These grants help to ensure that Denmark can retain and sustain a high standard of medical research, and this will lead to better health both in Denmark and globally,” explains lars Fugger.

both young and established researchers benefit from the Commit-tee’s grants, which include DKK 32 million (€4.3 million) for scholar-ships and fellowships and DKK 50 million (€6.7 million) for project grants.

lars Fugger continues: “The Committee knows that researchers often have to navigate uncharted waters to achieve their goals. we therefore

readily support projects of high risk if they are of high quality, since these are often the ones that lead to decisive advances in research.”

“One of the Committee’s flagship grants is the hallas-møller Fellow-ship, which provide young researchers with the space to concentrate on their research and thus make especially great efforts. The Com-mittee is always on the lookout for markers from the research envi-ronment, and we are pleased to witness the impressive thrust of the hallas-møller Fellowships.”

“while hallas-møller Fellowships support basic scientific research, our clinical research fellowships also deserve special mention. These scholarships have been groundbreaking because they have helped to revitalize clinical research in Denmark’s hospitals, by giving physicians the opportunity to be relieved part time from their busy clinical tasks so they have time to do research. Observing the synergy that arises when we integrate clinical work and research is really positive.”

“I am personally honoured to participate in the Committee’s work. This means that I can help to support research that advances the science of medicine. As a member of the Committee, I get in-depth insight into medical research in Denmark. It is a privilege year after year to chart the development through the research ideas presented and be part of determining the direction and encouraging research by supporting the best projects,” concludes lars Fugger.

FUll sPeeD aHeaD ON pIONeeRINg ReSeARch


meet a grant recipient

how can cancer be prevented from spreading to other parts of the body?

Thirty-five-year-old Janine erler hopes to shed light on this urgent issue in the coming years. She was awarded the Novo Nordisk Foun-dation’s hallas-møller Fellowship in 2012. The fellowship, which pro-vides up to DKK 11 million (€1.5 million) over 5 years, is awarded to talented young researchers with an independent research profile to enable them to create their own research group in Denmark.

The fellowship is aimed at medical and natural sciences research, mainly within basic biomedical research, translational research and clinical research.

In her project, Janine erler investigates the mechanisms that cause cancer to spread through the body. The project especially focuses on an enzyme called lysyl oxidase-like 2 (lOXl2) that plays a key role in the process. The goal is to find a strategy for improving the treatment of people with cancer.

Janine erler, who moved from london to Copenhagen, where she currently works at the biotech Research & Innovation Centre (bRIC)

at the University of Copenhagen, says: “Our ultimate goal is to de-crease the suffering of people with cancer and to prolong their lives. when cancer spreads through the body, you would assume that the primary tumour and secondary tumours are similar, but they are not at all. So it is very complicated to treat cancer once it has spread. however, there must be something similar between the different types of tumours that we can target to stop cancer from spreading and growing,”

“The hallas-møller Fellowship has allowed me to set up a research group here in Denmark and to take on exciting and important re-search aimed at helping people with cancer. because of its five-year perspective, the fellowship provides stability and security. It allows me to focus on the research and the long-term objectives instead of having to worry about where the money for the next step of the research project will come from.”

“In addition, the five-year perspective makes it easier to attract and recruit the right people. I am very motivated by receiving the hallas-møller Fellowship. I think it will help me get established here and form the basis for my future research career.”

FiVe YeaRs OF FOcUS AND ImmeRSION

JANINE ERlER, ASSOCIATE PROfESSOR, bIOTECHRESEARCH & INNOVATION CENTRE (bRIC), UNIVERSITy Of COPENHAGEN

A hAllAS-mølleR FellOwShIp wIll pROVIDe me wITh The OppORTUNITy TO CARRy OUT lONG-TeRm IN-DepTh ReSeARCh IN A COmpleX FIelD SUCh AS The SpReAD OF CANCeR.

FiVe YeaRs OF FOcUS AND ImmeRSION


meet a prize winner

ERIk A. RICHTER, PROfESSOR, dEPARTmENT Of NUTRITION, ExERCISE ANd SPORTS, UNIVERSITy Of COPENHAGEN

hONeSTly, we STIll DO NOT KNOw ThAT mUCh AbOUT The UNDeRlyING meChANISmS ThAT mAKe phySICAl ACTIVITy heAlThy. ThIS "why AND hOw" IS whAT ReSeARCheRS mUST DeTeRmINe. qUITe SImply, we mUST eNhANCe OUR KNOwleDGe AND UNDeRSTANDING.



According to erik A. Richter, “physical activity has an enormous bear-ing on our health and welfare. There is no reason to wait for more results from researchers before you lace up your training shoes. we know already that’s how it is. Now we need to find out exactly what happens and why.”

The experienced professor at the Department of Nutrition, exercise and Sports of the University of Copenhagen knows what he is talking about. For more than 30 years, he has investigated the metabolism of the musculoskeletal system, and in 2012 he received the Novo Nordisk prize for his dedicated and pioneering research on muscle glucose metabolism.

erik A. Richter was the first researcher to demonstrate that physical activity increases insulin sensitivity and thereby improves the regula-tion of blood glucose in the body. Thus, he has helped to explain why regular physical activity can help people with type 2 diabetes, some-times eliminating the need for medicine. Today, physical activity and dietary changes are a natural part of treating and preventing the on-set of type 2 diabetes, one of the most rapidly growing diseases glob-ally. About 330 million people worldwide are estimated to have it.

The Novo Nordisk prize is the most prestigious of the five annual prizes the Novo Nordisk Foundation awards to researchers. The prize of DKK 1.5 million (€200,000) includes DKK 1 million (€130,000) for research and a personal award of DKK 500,000 (€70,000).

“This is a great honour, and I am extremely pleased to receive the prize, both personally and on behalf of my profession. This represents huge recognition and altogether confirms that this research field is important. I should add that I am also a bit overwhelmed to be in such good company,” says erik A. Richter, referring to the 57 previ-ous recipients of the prize, which was first awarded in 1963.

erik A. Richter has made many scientific discoveries throughout his career, and is internationally recognized for his research efforts, but he is not content to rest on his laurels.

“I think it’s fascinating to try and discover how the body works. This research field is constantly changing and generating new challenges. One of my new hypotheses is that muscles tell the brain about their condition and thus influence a person’s motivation to take exercise. whether some people are very keen or less keen to exercise is there-fore not just a question of willpower."

"As a senior researcher, I consider it really important to collaborate with young, talented phD and postdoctoral fellows, who constant-ly challenge me. This is vital for obtaining research of the highest quality."

"we still have not cracked the two key questions: how muscle con-tractions acutely increase the ability of muscles to take up sugar and how muscle contractions increase insulin sensitivity after work. Given the rapid developments in molecular biology and gene technology – together with a dynamic research group – I am sure that we will take great steps forward in the coming years.”

The NOVO NORDISK FOUNDATION AwARDS The NOVO NORDISK pRIze ANNUAlly TO A ReSeARCheR TO ReCOGNIze UNIqUe meDICAl ReSeARCh OR OTheR ReSeARCh CONTRIbUTIONS ThAT beNeFIT meDICAl SCIeNCe.

aN eNDless qUest FOR ANSweRS


The Novo Nordisk Foundation wants to promote and recognize individual scientific excellence. The Foundation believes that land-mark research results and innovation are best achieved by identifying researchers with great potential and giving them autonomy to develop their ideas and projects.

In addition to increasing the amount of money the Foundation awards through its committees, the board of the Foundation therefore deci-ded recently to launch several new substantial programmes that will provide exceptional researchers from Denmark and elsewhere the best possible conditions to fully develop their potential and carry out visionary research in Denmark and the Nordic countries.

These long-term programmes provide personal funding to a researcher who is free to build a research group and to identify research projects as he or she wishes within a theme approved by the Foundation. This creates conditions for making unexpected discoveries, which often ultimately lead to innovation and creative, excellent research.

The most ambitious programme is the Novo Nordisk Foundation laureate Research Grants. These grants are awarded to outstand-ing researchers within biomedicine and biotechnology who want to move to Denmark and establish a research group. Funds of up to DKK 40 million (€5.35 million) are available based on applications in international competition. The first two grants were awarded in 2012. The Advanced Investigator Grant is another new initiative. This grant amounts to DKK 10 million (€1.34 million) over five years and is awarded to a researcher from a Nordic country at a high international level within endocrinology or experimental physiology.

In addition to funding recognized and established researchers, the Foundation seeks to support younger talents and enable them to kick-start their careers as research leaders by building their own research groups. Overall, the Foundation thus hopes to both facili-tate new frontline research and help to strengthen and promote the future development of young talent.

cONFiDeNce IN The INDIVIDUAl

THE fOUNdATION’S GRANT PROGRAmmES fOR INdIVIdUAl RESEACHERS AwARdEd ANNUAlly bASEd ON OPEN CAllS, APPlICATIONS ANd PEER REVIEw

Individual excellence

Novo Nordisk Foundation laureate Research Grants

7 years (can be exten-ded for up to 7 years)

Up to 40 biomedicine and biotechnology research 2

hallas-møller Fellowships 5 years Up to 11 biomedical research: basic, translational and clinical research 2

Advanced Investigator Grant 5 years 10 endocrinology and experimental physiology research: basic, translational and clinical research

1

Novo Nordisk Foundation excellence projects

5 years 5 endocrinology and experimental physiology research: basic, translational and clinical research

4

Clinical Research Fellowships 5 years 2.5 biomedical translational research and clinical research 4

mads øvlisen phD Scholarships 3 years 1.5 Art history, art and curatorship 2

mads øvlisen postdoctoral Scholarships 2 years 1 Art history, practice-based art and art and bioscience 3

postdoctoral scholarships in general practice and family medicine

2 years 1 General practice and family medicine 2

Co-funding of postdoctoral scholarships in nursing

3 years 0.5 Nursing research 3

Co-funding of phD scholarships in nursing 3 years 0.5 Nursing research 3

Grant duration Total Grant area Awarded (DKK, millions) per year


cONFiDeNce IN The INDIVIDUAl

by SUppORTING INDIVIDUAl eXCelleNCe The FOUNDATION helpS CReATe CONDITIONS FOR mAKING UNeXpeCTeD DISCOVeRIeS, whICh OFTeN UlTImATely leAD TO pIONeeRING, eXCelleNT ReSeARCh.

STEN SCHEIbyE, CHAIR Of THE bOARd, NOVO NORdISk fOUNdATION


Since 2007, the Foundation has awarded DKK 3.1 billion (€420 million) for establishing four large research centres and the Danish Na-tional biobank in Greater Copenhagen. The centres’ respective fields of research are proteins, stem cells, metabolism and biosustainability.

The Foundation aims to create a cluster of research centres that comprise outstanding knowledge environments with world-class in-frastructure and research. This will make Greater Copenhagen an international beacon within bioscience research by developing and strengthening scientific competencies, attracting the best research-ers and sowing the seeds for pioneering research results. The vision is that the centres can contribute to solving some of the challenges threatening global health and welfare such as diabetes and the de-pletion of natural resources.

The grants for the centres extend over 10 years, and this long-term perspective combined with substantial funding are vital in realizing the ambitions.

The cluster of centres has been established in partnership with public research institutions that confirmed in their applications that they would co-finance establishment and ongoing operation. The board of the Foundation decides whether to award these grants.

The cluster of research centres is located in Greater Copenhagen, where the University of Copenhagen, the Technical University of Denmark and several university hospitals are located and where a number of biopharmaceutical and biotechnology companies are headquartered. This provides opportunities for interaction and col-laboration.

One objective of the centres’ geographic proximity is that this will lead to a dynamic and innovative environment capable of creating fruitful interdisciplinary collaboration based on the centres’ closely related scientific fields. The result is synergy in the form of mutual inspiration and knowledge sharing, which neither each centre nor the individual research groups could otherwise achieve.

In 2012, as part of its strategy of turning Copenhagen into a hub for research in the biosciences, the Foundation established the Co-penhagen bioscience Conferences. Together with the Foundation, the centres alternate in arranging international conferences within each centre’s research field. The objective of the Conferences is to gather some of the world’s top researchers and young talent to ex-change knowledge and to build international networks.

Research centres and conferences

PUlsatiNG SyNeRgy AND SUcceSS


The AIm OF AwARDING TheSe VeRy lARGe GRANTS IS TO CReATe A ClUSTeR OF ReSeARCh CeNTReS ThAT CAN ATTRACT AND ReTAIN The wORlD’S beST ReSeARCheRS, TheReby CReATING The bASIS FOR AN INTeRNATIONAlly ORIeNTeD AND INNOVATIVe ReSeARCh eNVIRONmeNT OF The hIGheST qUAlITy TO beNeFIT SOCIeTy.

STEN SCHEIbyE, CHAIR Of THE bOARd, NOVO NORdISk fOUNdATION

PUlsatiNG SyNeRgy AND SUcceSS

meet four passionate scientists

our center is very international. people come from many dif-ferent academic backgrounds and often from very competitive environments. and of course they bring this with them into the center. But instead of competing with each other, we join forces. in an area like metabolic engineering where the inter-national competition is fierce, collaboration and synergy is es-sential. i think it is clear to all of us here in this center, that this is the way to go: international teams of complementary exper-tise, multidisciplinarity and an incentive to work together. as i see it, we have all the possibilities here at the center to really bring something new to the table in science.

The most exciting discoveries i have made in my young research career were outside of what i could have predicted – it was not really planned. leaving room for the unexpected, i think, cre-ates opportunities for great science and innovation. The long-term funding of the centres provides that: by limiting the time constraint to the scientists, the Foundation leaves room for spending time on the unexpected. The Foundation is basically saying to the scientific directors at the centres: “We know you are excellent scientists. We give you funding for the projects you want to do. hire the people you believe in, and we trust that you and your teams will foster new ideas and produce in-novative and exciting science.” i believe it really helps bring science forward.

TRUSTING THE UNExPECTEd JOINING fORCES TO COmPETE

Romain barres, Associate Professor,

Novo Nordisk foundation Center for

basic metabolic Research

Ana Rute Neves, Senior Researcher,

Novo Nordisk foundation Center for

biosustainability


at the center, we do not merely have access to mass spectrom-etry, which enables us to uniquely analyse biological samples. We also have talented bioinformatics researchers who can make sense of the huge quantities of data generated. com-bined with a good collaboration culture, this means that we can carry out research that cannot be done elsewhere. The center is also part of the university of copenhagen, and we contribute substantially to teaching and training researchers. For me, part of being a researcher is sharing my knowledge to help students blossom professionally.

SHARING kNOwlEdGE

To me, one of the reasons for joining the centre was the com-mitment. i am not getting more yearly funding here than in my previous position, but here there is a commitment for 10 years of funding by the Foundation – and that is very, very significant. it is more than what you can get anywhere in the world at the moment. and with 10 years, we can really achieve a lot. another reason is the integration with the university. i believe it is important to be part of a vision going beyond the funding period. Being located at the university means that you become part of both the physical and the intellectual environ-ment, which provides good conditions for interaction between centre and faculty. There is also the fact that the research we do here is independent. i choose which results to publish and i collaborate with whomever i choose or whatever company i choose. That is very important to me.

CHOOSING INdEPENdENCE

Anne Grapin-botton, Professor of developmental biology,

Novo Nordisk foundation Section for basic Stem Cell biology,

danStem

kim Hjorth-Jensen, Postdoctoral fellow,

Novo Nordisk foundation

Center for Protein Research


THE NOVO NORdISk fOUNdATION CENTER fOR PROTEIN RESEARCH wIll bECOmE A bEACON fOR AdVANCEd RESEARCH INTO PROTEINS, ANd wE HOPE THAT All AmbITIOUS RESEARCHERS wIll wANT TO PARTICIPATE IN THE CENTER AT SOmE STAGE IN THEIR CAREERS.

JIRI lUkAS, PROfESSOR ANd ExECUTIVE dIRECTOR, NOVO NORdISk fOUNdATION CENTER fOR PROTEIN RESEARCH


in-depth insight into the biology of disease is required to develop new treatment methods. cell behaviour is largely deter-mined by which proteins the cell produces and how these proteins are modified.

The vision of the Novo Nordisk Foundation center for protein research is to under-stand the molecular causes of a wide range of diseases using protein-based approaches that will contribute to developing new treatment strategies, including new medi-cines. The center aims to be one of the world’s leading research environments within the field and to create significant new technologies, methods and results. This will be achieved by combining high-technology studies of proteins in diseased and healthy cells, using computer technol-ogy to process the enormous quantities of data and developing an understanding of the mechanism of disease and the func-tioning of proteins.

The ultimate goal of this research is to bene fit people affected by serious diseases for which treatment is currently not avail-able or not very effective.

researchers at the center collaborate with various partners in Denmark and else where in both the public and private sectors.

Jiri lukas, executive Director of the center, says: “Tomorrow’s medicine will become increasingly individualized, and proteins will play a key role in understanding, diagnosing and treating disease. There are no easy solutions. This is why the long-term funding provided by the Novo Nord-isk Foundation is extremely important. it enables us to launch ambitious – and risky – projects that can produce new para-digms and take our knowledge to a higher plane.”

The Novo Nordisk Foundation center for protein research was established in collaboration with the university of copenhagen. in 2007, the Novo Nordisk Foundation awarded a 10-year grant of Dkk 600 million (€80.7 million) to establish and operate the center. it opened in 2009 and currently has 144 employees, many of whom have been recruited from outside Denmark.

cOmbiNatiONs aND cONseqUeNcesNOVO NORDisK FOUNDatiON ceNteR FOR PROteiN ReseaRcH, UNiVeRsitY OF cOPeNHaGeN


Diabetes and obesity are among the most rapidly growing global health problems of our time. about 330 million people worldwide have type 2 diabetes, which can lead to incapacitat-ing damage to such parts of the body as the eyes, kidneys, heart and brain, and this number is expected to rise to more than 500 million in 2030. Nearly 260,000 people in Denmark have been diagnosed with type 2 diabetes, and it is estimated that about the same number have the disease without knowing it.

The Novo Nordisk Foundation center for Basic Metabolic research aims to generate basic knowledge about hu-man metabolism as a basis for devel-oping new methods of diagnosing, preventing and treating type 2 dia-betes and obesity. The center primarily focuses on:

• developingmodelsforidentifyingindividuals at high risk of developing hyperglycaemia, obesity and cardio-vascular disease and to predict disease onset and progression;

• identifyinghowdiet,weightlossand physical activity can contribute to preventing and treating type 2 dia-betes; and

• characterizingthehormone system of the gastrointestinal tract (enteroendocrine system) to develop better treatment for type 2 diabetes and obesity.

research on metabolism and diabe t- o logy is one of Denmark’s strongest fields. Through its work, the center seeks to propel research and education related to metabolic diseases to new heights, with the aim of establishing itself as a leading global centre for basic metabolic research.

Torben klein, Managing Director of the center, says: “The center collaborates with other research groups within this field and has established research alliances with leading research groups at universities around the world with the aim of optimizing knowledge-sharing and generating synergy on an international scale to reinforce our research in the future.”

The Novo Nordisk Foundation center for Basic Metabolic research was established in collaboration with the university of copenhagen. in 2010, the Novo Nordisk Foundation awarded a 10-year grant of Dkk 885 million (€119 million) to establish and operate the center. it opened the same year and today has 163 employees.

mYsteRiOUs liFestYle-RelateD Diseases NOVO NORDisK FOUNDatiON ceNteR FOR basic metabOlic ReseaRcH, UNiVeRsitY OF cOPeNHaGeN



We are NoT here To Deliver The orDiNary or coNFirM The FaMiliar. We are here To Be iNNovaTive aND creaTe The uNexpecTeD – preFeraBly The kNoWleDGe ThaT caN revoluTioNize The BaTTle aGaiNsT GloBal ThreaTs such as oBesiTy aND DiaBeTes.

TORbEN klEIN, mANAGING dIRECTOR, NOVO NORdISk fOUNdATION CENTER fOR bASIC mETAbOlIC RESEARCH

NOVO NORDisK FOUNDatiON ceNteR FOR basic metabOlic ReseaRcH, UNiVeRsitY OF cOPeNHaGeN



Over the years, Denmark has built up unique nationwide registries with detailed information about all residents. At the same time, Den-mark’s health care system has routinely collected biological material from many individuals.

The Danish National biobank at Statens Serum Institut gives scientists a comprehensive overview of and access to about 15 million bio-logical samples in Denmark’s health care system for the first time. In addition, these can be linked with information from the nationwide registries. This will give researchers new opportunities for investigat-ing why disease occurs and how to prevent and treat it.

The Danish National biobank is a project with three strands: the Danish National biobank Registry, a large physical biobank and a co-ordinating centre.

The biobank Registry will contain detailed information on samples such as blood, tissue and DNA. For example, a researcher can find blood samples from people with multiple sclerosis – taken before they developed the disease – and can use the samples to study mark-ers for the later development of the disease.

The ultramodern 2400m² physical biobank is one of the world’s largest and includes a gigantic freezer room in which robots store, retrieve and deliver the biological samples. The coordinating centre staff are experts at managing and processing the biological material and will advise and assist researchers on issues arising from the use of the biobank Registry and the physical biobank.

mads melbye, professor and executive Vice president, Statens Serum Institut, says: “The Danish National biobank will strengthen Den-mark’s research infrastructure and create new perspectives for health science research and international research collaboration. Denmark’s system of committees on health research ethics and the Danish Data protection Agency will assess all research projects before they permit the biological material from an individual to be linked with informa-tion from the nationwide registries.”

The Danish National biobank was established in collaboration with Statens Serum Institut. In 2009–2010, the Foundation awarded a 10-year grant of DKK 118 million (€15.9 million) to establish and operate the biobank. It opened in 2012. Other contributors to estab-lishing the biobank include Denmark’s ministry of Science, Innovation and higher education and the lundbeck Foundation.

The DANISh NATIONAl bIObANK wIll beCOme The mOTheR OF All FReezeRS IN DeNmARK, wITh The CApACITy TO STORe 15 mIllION bIOlOGICAl SAmpleS SUCh AS blOOD, TISSUe AND DNA. ThIS wIll lAy The FOUNDATION FOR mANy ImpORTANT FUTURe ReSeARCh ReSUlTS RelATeD TO pReVeNTING AND TReATING DISeASe.

mAdS mElbyE, PROfESSOR ANd ExECUTIVE VICE PRESIdENT, STATENS SERUm INSTITUT ANd dIRECTOR Of THE dANISH NATIONAl bIObANk

HOme tO tHe eNtiRe DaNisH POPUlatiONtHe DaNisH NatiONal biObaNK, stateNs seRUm iNstitUt

Pluripotent stem cells can develop into almost any type of cells in the human body, such as brain, blood and skin cells. because many serious diseases result from conditions in which cells are absent or not functioning as they should, considerable therapeutic potential can be harvested if researchers can understand and mimic the development from stem cells into special-ized cells.

The Novo Nordisk foundation Section for basic Stem Cell biology is one of two sections of the danish Stem Cell Center (danStem). The Section focuses on basic research covering developmental, stem cell and cancer biology, and researchers investigate how to induce stem cells to differentiate into certain types of cells and the specific role of stem cells in developing cancer cells. The ambition is to generate knowledge that can be used to create new stem cell–based treatment methods for diseases such as diabetes and cancer.

The Section comprises seven internationally prominent research groups, including three recruited from Sweden, Switzerland and Scotland. All have well-established global networks and participate actively in numer-ous international research projects.

The danish Council for Strategic Research funds the other section of danStem, which focuses on translating promising new re-search results to actively incorporate them in developing new treatment methods.

Henrik Semb, Professor and director of danStem, says: “we have a unique op-portunity to improve basic research and to create synergy in research within develop-mental and cancer biology. The Center is also actively educating the next generation of clinicians and developmental and stem cell biologists, who we hope will challenge the current scientific dogmas and become the future leaders within the field.”

The foundation established the Section for basic Stem Cell biology in collaboration with the University of Copenhagen. In 2010, the foundation awarded a 10-year grant of dkk 350 million (€47 million) to establish and operate the Section. It opened in 2011 and today has 66 employees.

cells ReVealiNG tHeiR DestiNYNOVO NORDisK FOUNDatiON sectiON FOR basic stem cell biOlOGY, UNiVeRsitY OF cOPeNHaGeN


wHAT ATTRACTS mE IS THE ENORmOUS CHAllENGE INVOlVEd IN dEVElOPING A STEm CEll CENTRE THAT HAS A REAl POTENTIAl TO COmPETE wITH THE REST Of THE wORld.

HENRIk SEmb, PROfESSOR ANd dIRECTOR, dANISH STEm CEll CENTER, UNIVERSITy Of COPENHAGEN


bIOSUSTAINAbIlITy RepReSeNTS A mAJOR SOCIOeCONOmIC DRIVeR IN The COmING DeCADeS. The DeSIGN, CONSTRUCTION AND OpTImIzATION OF Cell FACTORIeS ARe FUNDAmeNTAl ISSUeS. The CeNTeR wIll be Able TO RApIDly beCOme A GlObAl leADeR IN ThIS FIelD.

bERNHARd PAlSSON, PROfESSOR ANd CEO, NOVO NORdISk fOUNdATION CENTER fOR bIOSUSTAINAbIlITy

Novo Nordisk FouNdatioN CeNter For BiosustaiNaBility, teChNiCal uNiversity oF deNmark


bERNHARd PAlSSON, PROfESSOR ANd CEO, NOVO NORdISk fOUNdATION CENTER fOR bIOSUSTAINAbIlITy

plastic bags, toys, food ingredients and many other products are manufac-tured from chemical materials based on oil or extracted from plants. Never-theless, this depletes natural resources and is not sustainable.

The Novo Nordisk Foundation center for Biosustainability is the world’s first interdisciplinary research centre within biosustainability. The center’s ambition is to develop new knowledge and technology that can support the trans formation from a petrochemical industry to a more sustainable bio-based industry, in which chemicals are produ ced biotechnologically using microbial production hosts: cell factor-ies. The center also investigates how to develop robust cell factories for the efficient production of biopharma-ceuticals.

overall, the center aims to clarify the spectrum of chemicals that can be manufactured biologically and to accelerate the design, construction and optimization of cell factories to be used in the biotechnological production of chemical materials and biopharmaceuticals.

The center collaborates with the world’s leading researchers in this field and has established satellites and entered into strategic alliances with universities in the united states, sweden, south korea and Denmark. The center also collaborates with biotechnology companies and the chemical industry to promote knowl-edge exchange and application of the center’s results.

Further, the center emphasizes edu-cating a new generation of young scientists within this field. it has also initiated a new phD programme that

will train future researchers to become leaders and pioneers within sustainable industry.

Bernhard palsson, professor and ceo of the center, says: “humanity needs to find ways of living more sustainably to slow the depletion of natural resources. using cell facto-ries is a fundamental aspect of this pro cess. Denmark has a strong position in industrial biotechnology, and ulti - mately we want to strengthen this position in the biologically based society of the future.”

The Novo Nordisk Foundation center for Biosustainability was established in collaboration with the Technical university of Denmark. in 2010–2012, the Novo Nordisk Foundation awarded grants totalling Dkk 1.1 billion (€150 million) over 10 years. The center opened in 2011 and has 125 employees today.

a biO-baseD PeRsPectiVe ON tHe WORlD

Novo Nordisk FouNdatioN CeNter For BiosustaiNaBility, teChNiCal uNiversity oF deNmark



The Copenhagen bioscience Conferences are a series of scientific conferences within biomedicine and biotechnology. Over three days, they bring together top researchers and young talent from all over the world to discuss the latest scientific results and exciting ideas within a particular field. The purpose of the Conferences is to enable participants to build and expand their international network and to exchange knowledge and ideas in order to strengthen their future research.

The Conferences are open to researchers at all career levels. Atten-dance is by application, and the primary criteria are scientific accom-plishment and a willingness to participate actively in discussions and activities during the conference.

To promote a relaxed, trusting and open atmosphere, each confer-ence limits the number of participants, including the speakers, to 150–250. The Conferences are held less than 1 hour north of Copen-

hagen International Airport in surroundings specifically reserved for conference participants. No commercial activities or products and services are promoted.

The Novo Nordisk Foundation has initiated the Conferences and pays for all accommodation, transport and meals during the Conferences. participants cover their own travel expenses. Delegates from low- and middle-income countries may apply for a travel grant.

each of the centres in the Novo Nordisk Foundation’s cluster of re-search centres takes turns in arranging and hosting a conference together with the Foundation. The individual centre chooses the theme of the conference, puts the programme together and selects the participants.

The Foundation is planning two conferences annually; the first two took place in June 2012 and December 2012.

sPace FOR ScIeNTIFIc DebATe

Copenhagen bioscience Conferences


“i think the conference was at the top level. The talks were really amazing. The scientists were discussing their newest research in a very open way, and that allowed us to think in new directions that we had not thought about before.

sometimes when you go to conferences you feel somehow inhibited in talking to people, but here we had plenty of time and the right environment to discuss the

new ideas, new data and cutting-edge research.

Before the conference, i only had a very vague idea of the research going on in Denmark. This certainly has brought me up to speed, and it makes you realize that there is significant investment and drive towards having great research here. i will most definitely recommend the copen-hagen Bioscience conferences to others.”

Elly TANAkAProfessor, Technical University of dresden, GermanyParticipant and speaker, 1st Conference

“you really do feel that even if you are not too experienced you still have a place and that people are interested in what you have to say. here i have walked up to people who are big names in the field and i feel like i can ask them questions. They have come here to have an exchange of knowledge rather than just come to present their research. i think that is quite different from other conferences.

i take home new contacts and i take home ideas from principal investigators and their methods. and also now i feel very much that if i have a research ques-tion then i now have people to contact and i would not feel shy to do it.”

ElISAbETH m. STORCkPhd fellow, Imperial College london, United kingdomParticipant, 2nd Conference

“This conference has been outstanding for us. The first positive outcome is that it brought excellent science close to us. The second one is that it really put our centre on the map of the stem cell world. people – including very important players in the field – could see that there is a serious and substantial initiative going on here, and we had overwhelm-ingly positive feedback from the confer-ence participants and speakers.

in addition, the conference has been an excellent forum to recruit junior group leaders, some of whom have already contacted us. Finally, the con-ference allowed us to both stabilize collaborations and initiate numerous new ones to strengthen our future research.”

HENRIk SEmb managing director, Novo Nordisk foundation Section for basic Stem Cell biologyHost, 1st Conference

“all the scientists, questions and dis-cussions here are great and push me to continue in this field. My favourite part of the programme was the poster sessions. it was really dynamic. all the principal investigators and the students were there discussing face to face. i was able to meet the principal investi-gators, and they did not talk to you asif you were just a student. We were on the same page, sharing information.

i have been very inspired, and i can-not wait to go home and continue my research.”

“i want to come back to another confer-ence and maybe not just to present a poster but also to give a talk and to get feedback from all the great scientists that are there and maybe for a moment be the star.”

ANNA lISA ROmANOPhd fellow, Institute of biology Valrose, Nice, franceParticipant, 1st Conference


In addition to the Foundation’s regular annual grants decided by its committees, the board of the Foundation has given priority to award-ing grants to a wide range of large projects with a specific theme the Foundation considers important. These are called stand-alone grants.

The topics for the projects are extremely broad, including bioinformat-ics, diabetes research and rehabilitation of people with cancer. each project is funded for up to 5 years. These grants are often awarded together with partners in both the private and public sectors.

The Foundation’s largest stand-alone grant was DKK 201 million (€27 million) over 5 years for establishing the Danish Diabetes Academy at Odense University hospital in 2012. The Academy aims to generate new knowledge on diabetes and new ways of treating and prevent-ing it and thereby contribute to helping people with type 1 and type 2 diabetes to achieve a normal quality of life and life expectancy. The Academy offers phD, postdoctoral and professorial scholarships and is open to all diabetes researchers in Denmark and elsewhere. One of the Academy’s most important tasks is to create a collaborative plat-form across faculties and frontiers through such means as courses and conferences. The vision is that this collaboration will create syn-ergy that will strengthen research in Denmark and globally.

Although most of the Foundation’s grants are allocated directly to research, it also supports other activities that take place earlier in

the research chain. In this way, the Foundation helps inspire and en thuse young people and students at primary and lower-secondary schools, upper-secondary schools and at universities, and contributes to promoting interest in the natural sciences and research among the general public.

In collaboration with the Royal Danish Academy of Sciences and let-ters, the Foundation has launched an initiative to invite Nobel laur-eates twice a year to hold a celebratory lecture that is open to the public. This promotes science at the highest level to a broad cross-section of the population.

In 2012, the Foundation funded the Virtual laboratory initiative of the biotech Academy, which publishes teaching materials for upper-secondary schools in Denmark. The Virtual laboratory is a new e-learning tool targeting aspiring young researchers. This is available free of charge to upper-secondary students and provides them with the opportunity to carry out advanced laboratory experiments using computers that would otherwise not be possible in school.

Overall, the stand-alone grants the Foundation awards are ambitious and have promising perspectives. Grants are awarded based on the applications received and after peer review.

Stand-alone grants

iNsPiRatiON, INNOVATION AND eDUcATION

38 NOVO NORDISK FOUNDATION38 NOVO NORDISK FOUNDATION


Humanitarian and social causes

a betteR liFe

The Novo Nordisk Foundation awards most of its grants for health science research but also provides funds towards the operating costs of the Steno Diabetes Center and humanitarian and social causes.

The Novo Nordisk Foundation grants DKK 28 million (€3.8 million) a year towards co-funding the operating costs of Steno Diabetes Center, the research hospital of Novo Nordisk A/S. This is one of the Foundation’s responsibilities laid down in the Articles of Association and originating in the Foundation’s historical responsibility for Steno memorial hospital.

John Nolan, Director and CeO of the Steno Diabetes Center: “The Steno Diabetes Center aims to become a global leader within diabetes treatment and translational research focusing on prevention and the early stages of diabetes. we are organized in four centres that cover treatment, research, education and prevention, so we cov-er the entire spectrum of diabetes. This makes the Center a unique place with considerable international impact.”

In addition to funding the operation of this hospital, the Foundation also awards annual grants for research and education projects under the auspices of the Steno Diabetes Center: Steno health promotion Center and the STAR (Steno Training and Application of Resources) project. In 2012, the Foundation awarded DKK 10 million (€1.34 mil-lion) to each.

The Steno health promotion Center is an integrated part of the Steno Diabetes Center and works based on the motto “participation cre-

ates action competence”. The Center focuses on the greatest diabe-tes-related challenges: lifestyles and attitudes. Novo Nordisk A/S and the Novo Nordisk Foundation co-fund the Center, which is headed by professor bjarne bruun Jensen: “The goal of our work is to develop an international centre of excellence that, by focusing on lifestyle changes, creates new knowledge that both helps people with dia-betes to improve their lives and helps other people to avoid getting diabetes.”

The STAR project is an international education project that supports the education and training of health professionals in diabetes man-agement in low- and medium-income countries. According to Ulla bjerre-Christensen, head of education for the STAR courses, “Our mission for the STAR courses is to improve the treatment of peo-ple with diabetes in low- and medium-income countries. This is achieved by providing education in the team-based management of diabetes, by assessing the quality of treatment and by increasing knowledge about diabetes through the dissemination of knowledge on the latest research.”

In addition to supporting the activities connected with the Steno Diabetes Center, the Foundation awards smaller grants annually to support humanitarian and social causes. In this respect, the Foun-dation ensures that the organizations it supports focus on people’s health and welfare, are recognized and file publicly available audited accounts. The Foundation awards grants for social causes to projects that promote the welfare of people in Denmark. In 2012, the Foun-dation awarded grants of DKK 3 million (€400,000) to these causes.

médecins Sans frontières ............. dkk 350,000

dental Health without borders ...... dkk 50,000

Children’s welfare ........................... dkk 30,000

danish Refugee Council ................ dkk 350,000

ymCA Soldiers’ Home ................... dkk 250,000

IN 2012, THE NOVO NORdISk fOUNdATION AwARdEd GRANTS TO THE fOllOwING HUmANITARIAN ANd NOT-fOR-PROfIT ORGANIzATIONS ANd CAUSES:

Care danmark ...........................dkk 350,000

Save the Children denmark ....dkk 350,000

The Soldiers' Grant ..................dkk 270,000

mother’s Aid .................................................... dkk 150,000

dIGNITy, danish Institute against Torture .... dkk 100,000

Red Cross youth .............................................. dkk 200,000

Red Cross ......................................................... dkk 300,000

maternity worldwide ..................................... dkk 250,000

The positive trends in the financial results of the companies in the Novo Group will enable the Novo Nordisk Foundation to increase its total annual payout significantly in the coming years to benefit research and society.

in 2011, the Board decided that the Foundation will gradu-ally increase its total annual payout from Dkk 450 million (€60.3 million) to Dkk 850–900 million (€114–121 million) in 2014.

The Foundation will thus be able to influence the overall deve lopment of society and will take on this responsibility by striving over the long term to make Denmark an international research beacon within biomedicine and biotechnology.

The Foundation will continue to focus on the entire research chain – from educating and training researchers to innovation. successful, knowledge-based innovation requires pioneering basic research and robust application-oriented research that is closely linked to high-quality education. interest in research must be kindled, opportunities for developing promising re-search talent must be created and the most talented people must be inspired to pursue a research career.

The Foundation is convinced that this long-term perspective, combined with substantial funding, will provide the most tal-ented researchers with the appropriate conditions to deve lop their full potential. Giving researchers the freedom to test their ideas, no matter how risky these may be, creates the ide-al prerequisites for generating research results of the highest quality that can make a difference.

in 2011, the Board of the Foundation adopted five overall stra-tegic objectives for awarding research grants. sten scheibye, chair of the Board, elaborates:

“The Foundation will continue to mainly focus its grants on funding research in the public sector. Most of the grants will be linked to strengthening, expanding and further interna-tionalizing the research in selected fields within biomedicine and biotechnology. We will also be considering new initiatives emerging from the cluster of research centres the Foundation has already funded, to ensure that these centres become lead-ing global actors in their respective fields. The Foundation’s committees have also been allocated more funds for grants, and we have launched several new grant initiatives in 2012, which may continue if they are successful.”

Strategy for grants going forward

lONG-teRm PeRsPectiVe AND cOmmITmeNT



lONG-teRm PeRsPectiVe AND cOmmITmeNT

The FouNDaTioN’s Five overall sTraTeGic oBJecTives For aWarDiNG research GraNTs:• strengthen biomedical and biotechnology research in selected fields;• fuel cross-disciplinarity;• advance individual scientific excellence;• spur imagination, inspiration and knowledge about science and technology; and• build bridges between scientific discoveries and commercial applications.

one strategic objective of the Novo Nordisk Foundation is to con tribute to building bridges between the exciting discover-ies researchers make in biomedicine and biotechnology and their commercial application. The purpose is to accelerate the use of new research-based knowledge and thus create added value by establishing new life-science and bioindustrial companies and associated jobs to benefit society as a whole.

Different stages of the innovation value chain require differ-ent types of support because the technical and commercial activities change and develop throughout the process. The Foundation therefore supports a range of initiatives – either directly or through its subsidiary Novo a/s – and thus covers the entire innovation value chain from research discovery to commercializing new diagnostic methods, therapies, assistive devices and technologies.

driving innovation

THE NOVO NORdISk fOUNdATION SUPPORTS RESEARCH

COllAbORATION bETwEEN NOVO NORdISk fOUNdATION ANd NOVO A/S

RESEARCH

GRANTS

ExPlORATORy PRE-SEEd

GRANTS

PRE-SEEd

GRANTS

SEEd

INVESTmENTS

VENTURE

INVESTmENTS

2 3 4 5

NOVO A/S INVESTS IN COmPANIES

1

DYNamO AND bRIDge-bUIlDeR


1. RESEARCHThe Novo Nordisk foundation

supports high-quality biomedical

and biotechnology research. The

foundation catalyses the creation

of strong research environments

that focus on creativity. This is

intended to create favourable

conditions for making application-

oriented discoveries with commer-

cial potential.

2. ExPlORATORy PRE-SEEd The earliest stage involves testing

whether the discovery will work

in practice and can be commercial-

ized. funding is required to both

test and develop a good idea

and to investigate the potential

for patenting and marketing.

Research ers based at a university

or hospital in a Nordic country

may apply to the foundation’s

Com mittee on Exploratory Pre-

seed Grants for funding for this

purpose.

3. PRE-SEEdResearchers may apply for a pre-

seed grant from the foundation

once the scientific and commercial

potential has been further inve st-

i gated.

for both pre-seed programmes,

the foundation, in partnership

with Novo A/S, supports the

innovation process on the same

terms as it supports research – by

awarding grants to the applicant.

Up to dkk 25 million (€3.4 million)

is awarded annually for pre-seed

activities, with dkk 10 million

(€1.34 million) allocated for ex-

ploratory pre-seed grants and dkk

15 million (€2 million) for pre-seed

grants.

4. SEEdIf an idea is sustainable and pro -

mising enough to advance to

the next stage, which involves

more extensive technical and

commer cial activities, Novo A/S

may decide to specifically invest

in a seed-stage company. At that

stage, Novo A/S will exercise

in fluence in the expanding com -

pany by appointing members of

the board.

5. VENTUREIf the expanding company turns

out to have promising commercial

potential, Novo A/S may make a

substantial venture capital invest-

ment to further develop the con-

cept and the company. Although

the pre-seed and seed stages focus

on the Nordic countries, venture

capital investments are also made

in other European countries and in

the United States.

The opportunities for investments

to pay off in the form of new

products and financial returns

especially increase at the later

stages of the innovation value

chain, but this is far from certain

and also requires a long-term

perspective.

However, neither excellence in

research nor the opportunities

to fund idea development inher-

ently lead to innovation. This

also requires an innovation

culture, with entrepreneurs and

researchers capable of moving

research discoveries and ideas

forward, thereby enabling the

innovative and commercial

potential to unfold. developing

and operating a small biotech-

nology company requires energy,

commitment and a belief in sus-

tainability.



Novo A/S is wholly owned by the Novo Nordisk Foundation and is the holding company for Novo Nordisk A/S and Novozymes A/S. Novo A/S was established in 1999 to manage the Foundation’s endow-ment optimally. In addition to exercising ownership and providing a stable basis for the commercial activities of Novo Nordisk A/S and Novozymes A/S, Novo A/S is charged with consolidating the Founda-tion’s endowment and obtaining an adequate return to provide for the grants the Foundation awards for research, operating a research hospital and humanitarian and social causes.

when Novo A/S was established, the combined assets of the Founda-tion and Novo A/S not linked to Novo Nordisk A/S and Novozymes A/S comprised about DKK 600 million (€80 million). As of the end of 2012, these assets have increased to about DKK 33 billion (€4.4 billion) comprising:

• long-term investments in life-science and bioindustrial compa-nies, with about DKK 11.5 billion (€1.55 billion) invested at the end of 2012 in: Companies in the seed phase Companies in the venture phase well-managed and profitable biomedical and bioindustrial companies

NOVO a/s A STAble bASIS

• Financial investments that are primarily placed in equities and bonds (about DKK 19 billion (€2.55 billion)) and that can be sold quickly if necessary. most of the money is reserved for situations that may require intervention to support any Novo Group company that needs to raise capital or pursue new investment opportunities. In addition, some of the financial investments are realized continually to pay for grants awarded by the Foundation but not paid (DKK 2.9 billion (€390 million) at the end of 2012).

The substantial growth in both the current dividends from Novo Nordisk A/S and Novozymes A/S and the return on the investments made by Novo A/S has opened new perspectives for the Novo Nord-isk Foundation in awarding grants.

The holding and investment company


HENRIk GÜRTlER,CEO, NOVO A/S

InsIghtTrusT

ProfessionalismCommitment

we INVeST IN COmpANIeS ThAT DeVelOp ATTRACTIVe, mARKeTAble pRODUCTS bASeD ON UNIqUe SCIeNCe AND ThAT hAVe INSIGhTFUl mANAGemeNT. OUR ACTIVe OwNeRShIp eNAbleS US TO USe OUR FINANCIAl CApACITy AND lONG-TeRm FOCUS TO lAy A STAble bASIS FOR CReATING lASTING VAlUe.


Novo A/S is obligated to maintain a controlling interest in Novo Nord isk A/S and Novozymes A/S, the Novo Group’s two large publicly listed companies. The A (multiple voting rights) shares in the two companies are unlisted and are not traded. In both Novo Nordisk A/S and Novozymes A/S, the A shares have voting rights that are 10 times greater than those of the b (ordinary) shares.

At the end of 2012, Novo A/S owned A and b shares in Novo Nordisk A/S and Novozymes A/S equivalent to 25.5% of the share capital of both companies and 72.7% and 70.1% of the votes respectively.

This special ownership structure defends the companies in practice against any hostile takeover and ensures that the companies can plan their activities on a long-term basis and remain in Danish ownership. The role of Novo A/S is to manage its controlling ownership in the

best interests of the companies and with due respect for the interests of the minority shareholders.

henrik Gürtler, CeO of Novo A/S, explains: “It is worth noting that Novo A/S, despite having a controlling interest in both Novo Nordisk A/S and Novozymes A/S, invites influence by minority shareholders. This is reflected in us being a minority on the boards of both compa-nies, and naturally the board as a whole makes the decisions. This is a very intentional choice.”

most of the assets of Novo A/S comprise its portfolio of shares in Novo Nordisk A/S and Novozymes A/S. Novo A/S derives income from its ownership of Novo Nordisk A/S and Novozymes A/S, from the annual dividends and from participating in the companies’ share buybacks.

novo nordisk

cONtROlliNGOwNeRShIp

The Novo companies


NOVO NORdISk A/S

Novo Nordisk A/S is a global health care company with 90 years of inno vation and leadership in diabetes care. The company also has leading positions within haemophilia care, growth hormone therapy and hormone replacement therapy.

headquartered in Denmark, Novo Nordisk A/S employs about 34,000 employees in 75 countries and markets its products in 190 countries. In 2012, Novo Nordisk A/S had revenue of DKK 78 billion (€10.5 billion).

Of the 11 members of the board, seven are elected at the annual general meeting, with four independent external members and three Novo A/S representatives. The employees elect the remaining four members.

NOVOzymES A/S

Novozymes A/S is the world leader in bioinnovation. Together with customers across a broad array of industries, Novozymes creates to-morrow’s industrial biosolutions that enhance customers’ businesses and safeguard the world’s resources. Novozymes develops and pro-

duces industrial enzymes, microorganisms and biopharmaceutical ingredients. Other companies use these products to manufacture such products as biofuels, detergents, foodstuffs and feedstocks. Generally speaking, Novozymes solutions simplify and optimize its customers’ production processes. Sustainability is an integral part of Novozymes’ business, and the company’s products enable customers to save energy and raw materials and to reduce the waste produced. Novozymes is continually exploring the potential of nature, as evid-enced by more than 7000 patents registered by the company.

In 2012, Novozymes A/S had revenue of DKK 11.2 billion (€1.5 bil-lion). headquartered in Denmark, Novozymes has more than 6000 employees worldwide. The company markets more than 700 prod-ucts in more than 40 unique end-user markets worldwide.

Of the nine members of the board, six are elected at the annual general meeting, with five independent external members and one Novo A/S representative. The employees elect the remaining three members.

novozymes

NOVO SEEdS

Novo Seeds was established in 2007 with the purpose of contribut-ing to developing a dynamic and successful biotechnology environ-ment in Denmark and Scandinavia by providing opportunities to uni-versities and early-phase companies to test the commercial potential of the most promising life-science research discoveries.

Novo Seeds focuses on three important areas: funding exploratory pre-seed and pre-seed grants and making seed investments. The two pre-seed programmes aim at the earliest stage on the way to establishing a biotechnology company. This stage involves testing and developing the commercial potential of an application-oriented research discovery. Grants are awarded on the same terms as Novo Nordisk Foundation research grants – a grant to the recipient. Apart

from providing financial backing, Novo Seeds also advises and sup-ports companies with the practical and commercial development of their projects.

Once sufficient positive commercial potential has been shown, Novo Seeds may consider a seed investment. The seed programme invests in projects on commercial terms and is used for starting up or for developing a new biotechnology start-up company. In addition to the capital Novo A/S provides, Novo Seeds also contributes manage-ment, strategic and operational inspiration and exchange of ideas to biotechnology companies. Novo Seeds invests up to DKK 100 million (€13.5 million) annually.

GAlECTO bIOTECH

Galectins (galactoside-binding lectins) are a

group of proteins that are involved in many

disease processes such as fibrosis, cancer and in-

flammation. based on extensive research in this

field, Galecto biotech has developed a series of

galectin modulators that have shown promising

effects in several disease models. The company's

main project focuses on an inhibitor of galectin-3

being developed for treating fibrosis, with idi-

opathic lung fibrosis as the primary indication.

The Novo Nordisk foundation awarded Galecto

a pre-seed grant of dkk 625,000 (€83,775) in

2010, and the company subsequently received

a seed investment from Novo Seeds as its first

investor, which enabled Galecto biotech Ab to

be established in 2011. The founder group com-

prises leading researchers and biotech entrepre-

neurs from Sweden, the United kingdom and

denmark. The investor base has since expanded

to include three venture capital funds: merck

Serono Ventures, Seed Capital and Sunstone

Capital. The company builds on more than 10

years of research into galectins and galectin

modulators which, combined with a strong pat-

ent estate, gives Galecto biotech a unique plat-

form.

Novo Seeds has invested dkk 12.4 million (€1.7

million) in Galecto biotech.

Investment in the life sciences

catalYsiNG cOmmeRcIAlIzATION



NOVO VENTURES

Novo A/S created Novo Ventures in 2000 with the aim of investing in life-science companies that have substantial commercial potential based on original product development. Novo Ventures has partners in Copenhagen, london and San Francisco. Since 2000, Novo Ven-tures has invested DKK 4.4 billion (€590 million) in 83 companies with pioneering new products and technologies that can potentially improve the lives of thousands of people worldwide. After a devel-opment stage, some companies have been sold to pharmaceutical and medical technology companies and have provided a significant return on investment, such that Novo Ventures is one of the most successful and respected venture teams in this field.

Søren Carlsen, managing partner in Novo Ventures, explains: “we aim to generate returns based on research and product development. we achieve this by developing ideas and projects in individual life-science companies that both have commercial potential and provide impor-tant new knowledge. we want to catalyse the commercialization of discoveries and innovation. Our concept has proved to be especially successful thanks to our talented staff, the strong financial support of Novo A/S and a flexible time frame that allows us to be present and support the company until the time is right to sell. During the time when we help to develop the companies, the partners of Novo

Ventures can provide strategic support through our participation on the boards and share our extensive network. A new departure is that we will also invest in smaller listed companies in the future.”

henrik Gürtler, CeO of Novo A/S, adds: “In reality, we have had the privilege of being able to structure our venture activities as an ever-green fund. we have been able to maintain our investments and cultivate them with the long term firmly in mind, in contrast with other investment funds that have had to exit early because of their financing structure. This is particularly useful when we operate in a field in which developing a drug from start to finish often requires 10–15 years.”

Novo Ventures invests up to DKK 800 million (€107 million) annually.

kARUS THERAPEUTICS

karus develops innovative, orally active drugs

for treating cancer and inflammatory diseases.

developing such orally active anti-inflammatory

drugs, which have efficacy and side-effect pro-

files equivalent to the best injectable biological

drugs, represents a substantial untapped medi-

cal need but has proved to be a major challenge

for the pharmaceutical industry.

karus’ hopes of being able to make a difference

in this field are based on the company's scien-

tific expertise within epigenetics (the study of

heritable changes in gene expression that occur

without changing the dNA sequence) and lipid

kinase signalling (signalling pathways that influ-

ence several cellular functions) and the manage-

ment’s in-depth experience with the underlying

biology and considerable experience in develop-

ing new drugs.

karus is a semi-virtual company that carries out

the most important pharmaceutical chemistry

and biological studies in-house but also collabo-

rates with an international network of academic

groups and contract research organizations. In

2012, the company tapped series b funding with

the participation of Novo Ventures and other

leading biotechnology investors.

Novo Ventures has invested dkk 12.4 million

(€1.7 million) in karus Therapeutics.

we hAVe beeN Able TO mAINTAIN OUR INVeSTmeNTS AND CUlTIVATe Them wITh The lONG TeRm FIRmly IN mIND, IN CONTRAST wITh OTheR INVeSTmeNT FUNDS ThAT hAVe hAD TO eXIT eARly beCAUSe OF TheIR FINANCING STRUCTURe. ThIS IS pARTICUlARly USeFUl wheN we OpeRATe IN A FIelD IN whICh DeVelOpING A DRUG FROm START TO FINISh OFTeN ReqUIReS 10–15 yeARS.

HENRIk GÜRTlER, CEO, NOVO A/S

maJORINVeSTmeNTS

Veloxis Pharmaceuticals A/SVeloxis Pharmaceuticals A/S is a speciality pharmaceutical company focusing on developing a tacrolimus product, lCb- Tacro, for preventing organ rejection among people who have received trans-plants. lCb-Tacro is produced in a tablet form and has the benefit of once-daily dosage.

As of the end of 2012, Novo A/S had

invested dkk 613 million (€82 million) in Veloxis, which has 30 employees in Copenhagen, denmark and in New Jersey, USA.

www.veloxis.com

Symphogen A/SSymphogen A/S develops recombinant human polyclonal antibodies. Symphogen is one of the first companies to use a development method that can simul ta-neously generate a broad range variety of antibodies that are all specific to the same target, which is the cause of a particular disease or infection, such as a bacterium, virus or cancer cell.

As of the end of 2012, Novo A/S had in -

vest ed dkk 304 million (€40.8 million) in Symphogen, which has 90 employees in Copenhagen, denmark.

www.symphogen.com

Chr. Hansen A/S.Chr. Hansen A/S is a global bioscience com-pany that has developed natural ingredient solutions for the food, pharma ceutical, nutritional and agricultural indu - stries. All solutions are based on strong research, development competencies and significant technological investments. The company enjoys market leadership in all its divisions: Cultures & Enzymes, Health & Nutrition and Natural Colors. The revenue for the 2011/2012 fiscal year was dkk 5.2

billion (€699 million). Chr. Hansen A/S has more than 2450 committed employees in 30 countries.

The dkk 4.2 billion (€570 million) invest-ment in Chr. Hansen A/S is by far the largest investment made by Novo A/S. As of the end of 2012, Novo A/S owned a 26.1% equity stake in Chr. Hansen A/S.

www.chr-hansen.com

INVeSTmeNT CANDIDATeS wIll pRImARIly be IDeNTIFIeD wIThIN The lIFe SCIeNCeS AND bIOINDUSTRy, beCAUSe NOVO A/S hAS The OppORTUNITy TO ADD VAlUe AS AN ACTIVe OwNeR IN TheSe FIelDS.

UlRIk SPORk, mANAGING PARTNER, NOVO A/S

ExAmPlES Of INVESTmENTS IN dENmARk

In the future, in addition to seed and venture-phase investments, Novo A/S also intends to make long-term investments in large, ma-ture and well-managed listed and unlisted companies. This will diver-sify its investment portfolio and ensure an attractive financial return in the long term.

Ulrik Spork, managing partner, Novo A/S, explains: “Investment can-didates will primarily be identified within the life sciences and bioin-

dustry, because Novo A/S has the opportunity to add value as an active owner in these fields. The candidate companies must be profit-able and have long-term growth potential. This means that the invest-ment activity will focus on a later stage in the companies’ business development than previously. It is also important that the companies’ values and activities are not in conflict with the Charter for companies in the Novo Group.”

Investment in the life sciences

50 NOVO NORDISK FONDeN


Novo FinanceNovo A/S invests the money not invested in companies and the grant money not yet paid out by the Novo Nordisk Foundation in a port-folio of well-diversified assets in shares and bonds. This ensures suf-ficient liquid funds to service any new requirements from the com-panies owned by Novo A/S and to support the grants awarded by the Foundation. The return from these investments thus contributes significantly to funding the Foundation’s grants. Thorkil Kastberg Christensen, Chief Financial Officer of Novo A/S, says: “We invest long term and adhere to the value principle. This means that we prefer to purchase inexpensively but only if the com-pany has growth potential and will provide a good return. Our in-vestment philosophy tends to be conservative, but we are ready to act when a good opportunity arises.”

Novo A/S manages some financial investments itself, but also ap-points carefully selected international investment managers to invest on its behalf.

According to Thorkil Kastberg Christensen: “We work hard to find the best investment managers in the world to help us build and maintain a global portfolio of shares. We make sure that our invest-ment managers can demonstrate consistent results year on year and that they are totally dedicated in relation to our investments. So far this strategy has provided a better return than the market as a whole can deliver.”

Financial investments

GROWTH AND CAPITAL

WE INVEST LONG TERM AND ADHERE TO THE VALUE PRINCIPLE. THIS MEANS THAT WE PREFER TO PURCHASE INEXPENSIVELY BUT ONLY IF THE COMPANY HAS GROWTH POTENTIAL AND WILL PROVIDE A GOOD RETURN.

THoRKIL KASTBERG CHRISTENSEN, CHIEF FINANCIAL oFFICER, NoVo A/S



In 1922, August Krogh, a professor at the

University of Copenhagen who had received

the Nobel Prize in Physiology or Medicine

in 1920, went on a lecture tour of universities

on the east coast of the United States.

During this visit, the recognized Danish

scientist took a detour to Toronto in

Canada. This not only changed the

lives of himself and his wife Marie

but also became the startingpoint for

a unique scientific odyssey.

IT beGan WITH A jourNey

History of the Novo Nordisk Foundation

GROWTH AND CAPITAL

1920 22 2522 23August Krogh receives the Nobel Prize in Physiology or Medicine.

August and Marie Krogh return from North America with permission to manufacture insulin in Scandinavia.

Frederick Banting, a young Canadian surgeon, assisted by Charles Best, a medical student, successfully extract active insulin from a dog’s pancreasat the University of Toronto.

August Krogh, Hans Christian Hagedorn and August Kongsted agree to form a “nonprofit institution”, Nordisk Insulinlaboratorium. The first Danish insulin is manufactured in the basement of Hagedorn’s house north of Copenhagen, Villa Rødsten.

Harald and Thorvald Pedersen found Novo Terapeutisk Laboratorium and start selling Insulin Novo and Novo syringes.

August and Marie Krogh’s journey to North America led to the development of world-class insulin and the subsequent Danish business and export venture. It also led to the establishment of several foundations that, many years later, merged into today’s Novo Nordisk Foundation, which has donated several billion Danish kroner to medical and biotechnology research and to social causes.


August Krogh’s journey to Toronto led to

the development of world-class insulin and

the subsequent Danish business and export

venture. It also led to the establishment of

several foundations that, many years later,

merged into today’s Novo Nordisk Founda-

tion, which has donated several billion Danish

kroner to medical and biotechnology research

and to social causes.

In December 1922, on returning to Copen-

hagen with permission to manufacture in su-

lin based on the method developed and

patented by Canadian researchers, August

Krogh instinctively knew that he had a his -

toric opportunity and responsibility to change

the lives of thousands of incurably sick people

with diabetes in Denmark and the other

Nordic countries. In a commemorative pub -

lication from 1924, Krogh gave a compre-

hensive account of his role in securing the

permission and his own journey to Canada:

“I was soon convinced that it would be invaluable to bring the benefits of insulin to Denmark ...”

From the very beginning, the primary con-

siderations focused on the special scientific

and societal responsibilities associated with

producing life-saving medicine and how

this could best be ensured in a foun dation

structure. To put it another way, science and

public spirit were integral to the Group’s

history and raison d’être and have been ever

since. Today, this spirit is extremely important

for the Group and its activities: contributing

significantly to research and development

that improves the health and welfare of

people.

Nordisk Insulinlaboratorium and the Nor d isk

Insulin Foundation were created as a result

of an agreement to develop, manufacture

and sell insulin that August Krogh and

Hans Christian Hagedorn made with August

Kongsted, the owner of Løve Apoteket

(pharmacy) and Løvens kemiske Fabrik (now

LEO Pharma).

From the start, the founders placed the com -

pany and its responsibilities in a foundation

structure. Hagedorn, August Krogh and Kong-

sted comprised the formal Nordisk leadership

in both the company and the foundation

and, although all three were very diverse and

charismatic men, they agreed on one thing:

the profit from the sale of diabetes medicine

would be used for scientific and humanitarian

purposes. This was fully in accordance with the

agreement that August Krogh made with the

Insulin Committee of the University of Toronto.

In 1924, an event took place with far-reaching

consequences for the history of the Group.

As a result of a disagreement, Hans Christian

Hagedorn fired one of his most trusted em-

ployees, Thorvald Pedersen, a pharmacist and

chemist. His brother, Harald Petersen, a highly

valued employee working for August Krogh,

resigned out of loyalty to Thorvald.

21

2726

35 38 51 5526

38 42 5732

63

The Nordisk Insulin Foundation is established to support physiological and endocrinological research.

Novo builds its first factory building on Fuglebakken in Frederiksberg. Danish architect Arne Jacobsen designs the building.

Novo opens Hvidøre Hospital.

The Novo Foundation is established, with Thorvald Pedersen as Chair and with both he and Harald Pedersen as life members of the Board.

The Novo Foundation awards its first grants and solicits applications for grants for medical research through advertisements.

The first Novo Prize is awarded to Erik Warburg.

Novo chooses the ancient Egyptian Apis bull for its logo.

Nordisk Insulinlaboratorium builds its first factory in Gentofte. The Nordisk Insulin Foundation awards its first grants.

Steno Memorial Hospital (Niels Steensens Hospital) opens. People with diabetes with low incomes receive treatment free of charge.

Nordisk Insulinlaboratorium awards its first scientific and humanitarian grants.

The Jacobæus Prize is established.

Steno Memorial Hospital Research Laboratory opens.

August and Marie Krogh’s journey to North America led to the development of world-class insulin and the subsequent Danish business and export venture. It also led to the establishment of several foundations that, many years later, merged into today’s Novo Nordisk Foundation, which has donated several billion Danish kroner to medical and biotechnology research and to social causes.

According to the people involved, the follow-

ing exchange took place:

The brothers went solo and established their

own insulin company: Novo Terapeutisk

Laboratorium (later Novo Industri A/S), the

start of another important branch of the Novo

Nordisk Foundation’s family tree.

The die was now cast for decades of rivalry

between two companies, two images and

two cultures, but both with the same overall

objective: to develop and manufacture world-

class diabetes medicine.

Hagedorn, August Krogh and Kongsted

belonged to the established social and intel-

lectual elite with deep roots in the world of

science and its way of thinking and pathos;

the Pedersen brothers could not display the

same impressive achievements or network.

They therefore described themselves as

manufacturers and virtually boasted about

having a totally different background than

their previous employers.

The differences could not have been greater.

Nevertheless, although the Pedersen brothers

starting the Novo branch did not have the

same thorough understanding of diabetes,

the same scientific background or even the

same knowledge about manufacturing and

selling pharmaceutical products as the Nordisk

branch, their entrepreneurial spirit, inventive-

ness and perseverance compensated for these

disadvantages. August Krogh had to eat his

slightly condescending words. Harald and

Thorvald Pedersen managed – and then some.

But they did it in their way, and their approach

to the task differed decisively.

The Pedersen brothers did not initially estab-

lish a foundation equivalent to the Nordisk

Insulin Foundation, the main task of which

was to award grants for scientific research.

The Novo Foundation was not established

until 1951, nearly three decades after the

Nordisk Insulin Foundation was created, with

Thorvald Pedersen as Chair and with both he

and Harald Pedersen as life members of the

Board.

The Novo Foundation was mainly a founda-

tion with corporate interests with the clear

mission of ensuring the survival of Novo

Terapeutisk Laboratorium and developing the

business optimally. The Foundation began to

award grants regularly in the early 1960s in

medicine, veterinary sciences, natural sciences,

business, the humanities and humanitarian

causes.

In 1973, Novo Terapeutisk Laboratorium and

Novo Industri merged and became Novo

Industri A/S, the internationally known name.

In 1974, Novo Industri A/S was listed on the

August Krogh: “What are you going to do?”Harald Pedersen: “We want to make insulin.”August Krogh: “Well, you’ll never manage that.”Harald Pedersen: “We will show you!”

NoRDISKINSULIN FoUNDATIoN

NoRDISKGENToFTE

NoRDISKINSULINLABoRAToRIUM

HAGEDoRNRESEARCH LABoRAToRy

STENo MEMoRIAL HoSPITAL

74 8580

65 6690

NoVo FoUNDATIoN

NoVo INDUSTRI

84

69

92The Nordisk Insulin Foundation advertises for grant applications for the first time.

The Hagedorn Prize is awarded for the first time.

Nordisk Insulinlaboratorium is reorganized as a foundation with three divisions: Nordisk Gentofte A/S, Hagedorn Research Laboratory and Steno Memorial Hospital.

The Novo Nordisk Foundation is established with the merger of Nordisk Insulinlaboratorium, the Nordisk Insulin Foundation and the Novo Foundation. The Novo Nordisk Foundation provides the stable basis for Novo Nordisk and awards grants.

Clinical research scholarships are awarded for the first time.

The Novo Nordisk Foundation gets an independent administration and director, Ulrik V. Lassen. Hvidøre Hospital and Steno Memorial Hospital merge to become Steno Diabetes Center.

The August Krogh Prize is established (renamed the Marie and August Krogh Prize in 2008).

Novo Industri A/S is listed on the Copenhagen Stock Exchange.

The Novo Foundation establishes a committee to award grants within the humanities and for humanitarian causes.

The HallasMøller Scholarship is awarded for the first time.

Copenhagen Stock Exchange, with the Novo

Foundation retaining a controlling interest in

accordance with the Articles of Association

and the owners’ wishes.

The competitors, Nordisk Insulinlaboratorium,

followed a different path. Despite massively

investing during that period in new sites and

factory buildings, the company was initially

self-financing.

On the Nordisk branch, the management

reorganized into three divisions: 1) the com-

mercial part called Nordisk Gentofte A/S;

2) Steno Memorial Hospital Research Lab-

oratory, which was renamed the Hagedorn

Research Laboratory; and 3) Steno Memorial

Hospital. The Nordisk Insulin Foundation

continued to award grants.

More than a decade after Novo Industri A/S

was listed on the Copenhagen Stock Ex change,

Nordisk Gentofte followed suit.

How was the stage set in the mid-1980s?

Two pharmaceutical companies, large by

Danish standards but small in global terms,

were operating within a few kilometres of each

other, both manufacturing insulin as their core

business. Both companies were pursuing the

same markets, the same researchers and the

same scientific personnel, which were vital to

the future development of the companies.

There was talk of a possible merger in the

circles around the two companies and their

respective foundations.

The discreet feelers came to nothing, at least

at first. The historical, cultural and personal

barriers were too great. August Krogh’s

words to Harald Pedersen in 1924, “You’ll

never manage that”, and Pedersen’s reply,

“We will show you”, were perhaps no longer

prominently displayed in the corridors of the

respective companies, but the voices of the

past and the fierce competition between them

had not been forgotten.

Nevertheless, in January 1989 the boards of

the two foundations with corporate interests,

Novo Foundation and Nordisk Insulinlabora-

torium, issued a press release that unleashed

tremendous external attention on the two

companies and was the equivalent of a palace

revolution internally.

The press release was short and sweet: “The

Boards of the Novo Foundation and Nordisk

Insulinlaboratorium have agreed to merge

the two foundations into the Novo Nordisk

Foundation.” The press release did not merely

culminate one of the largest mergers in

Denmark’s corporate history; it was also an

event that all employees of Nordisk and Novo,

from the directors’ offices to the warehouses,

will never forget.

But what led to this situation? How did

events lead to the merger? The short answer

can be summarized using some of the same

terms that characterized August Krogh, Hans

Christian Hagedorn, August Kongsted and

NoVo NoRDISK FoUNDATIoN

NoVo NoRDISK

89

million

99 07 1096The Novo Nordisk Foundation establishes Novo A/S as a wholly owned subsidiary to manage the Foundation’s endowment and ownership of Novo Nordisk A/S and Novozymes A/S.

The Committee on Clinical Nursing Research is established. The Novo Nordisk Foundation moves to a house in Gentofte near Copenhagen.

The Committee on General Practice and Family Medicine Research is established, with Niels Bentzen as the Chair.

The Foundation donates DKK 600 million (€80.7 million) to establish the first research centre in a cluster of centres.

The Foundation’s two purposes – commercial and societal – are combined under one roof at offices in Hellerup north of Copenhagen.

The Foundation sets new strategic goals for awarding grants and decides to increase its total annual grants from DKK 450 million (€60.6 million) in 2011 to DKK 875 million (€118 million) in 2014.

The Foundation awards its first two Laureate Research Grants. The grants amount to DKK 40 million (€5.36 million) over 7 years.

1920, 1922, 1969 and pages 36 and 41: Royal Library1942: Swedish Society of Medicine1996: Colourbox2002: Willi Hansen2007: Thomas Willads2010: Miklos SzaboOther photos: Novo Nordisk History and Art Collection and the Foundation’s archives

PHoToS:


the Pedersen brothers when they started out

in the 1920s: considerable foresight, vision,

courage, business sense and a strong desire

to safeguard the future of the companies and

thus the awarding of grants for scientific and

humanitarian purposes.

Common sense was also an ingredient,

because a merger had obvious advantages.

Most importantly, the merger would bring a

totally different force behind the Foundation’s

mandate “... to provide a stable basis for the

commercial and research activities ... ”.

A merged company was also clearly expected

to be able to generate greater profit and

thus be able to increase the grants for health

research, and this assumption turned out to

be very true.

The Novo Nordisk Foundation thus came into

being. Merging the predecessor foundations

allowed one foundation to exercise the con-

trolling interest in Novo and Nordisk, which

thereby enabled the two companies to merge

into Novo Nordisk A/S.

However, almost three years elapsed before

the Novo Nordisk Foundation became an

independent actor with its own management

and administration instead of existing in a

drawer in the offices of Novo Nordisk’s CEO.

Not until 1999–2000 did the Foundation step

into the limelight in its own right, a result of

major changes in the Novo Group. The deci-

sion was made to split the company into two

– one for health care, which retained the name

Novo Nordisk A/S, and one for the enzyme

business, which became Novozymes A/S.

Since the Foundation is the majority share-

holder of Novo Nordisk A/S and Novozymes

A/S, the demerger had a major effect on the

Foundation. The personal overlap between

the Foundation and the companies was

reduced by establishing separate boards with

new members for the two companies. In

addition, the Foundation also took the bold

new initiative of establishing a wholly owned

subsidiary, Novo A/S, the main tasks of which

are to manage the Foundation’s interests in

the two operating companies, to implement

the stable basis for the companies and to

ensure sufficient income for the Foundation’s

grant activities.

Thus, what started as a promising journey to

Toronto 91 years ago has developed today

into a great Danish business venture. The Novo

Nordisk Foundation has awarded thou sands

of grants, primarily for health research, with

the funding increasing significantly in recent

years.

From 2005 until the end of 2012 alone, the

Novo Nordisk Foundation has awarded grants

exceeding DKK 4.4 billion (€590 million)

and Novo A/S has invested DKK 11.5 billion

(€1.54 billion) in biotechnology companies.

The Foundation’s journey continues…

121102


“ Our vision is to contribute

significantlytoresearchand

development that improves the

health and welfare of people.”

Sten ScheibyeChair of the BoardNovo Nordisk Foundation

NOVO NORDISK FOUNDATION: WHY AND HOW?

concept and design: maria elskær graphic Designenglish:David breuer and Robin A.p. Worrall

concept photos: Henrik Sørensen

photos:ernst Tobisch, pages 4 and 9private photo, pages 12 and 35 (2)Henrik Sørensen, pages 15, 16, 22–23 and 35 (3)christian Als, pages 34 and 35 (1,4)jon Norddahl, pages 47, 50, 51 and 52–53

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