Novo Nordisk Foundation gives $850M to nonprofit to advance research in Europe 

Andrew Joseph covers well being, drugs, and the biopharma business in Europe. You may attain Andrew on Sign at drewqjoseph.71.

5 years in the past, the Novo Nordisk Basis spun out a nonprofit known as the BioInnovation Institute with the purpose of figuring out promising analysis and constructing firms round it, whereas on the similar time creating Denmark’s startup ecosystem.

On Thursday, the muse introduced it was giving an extra $850 million to the institute over the subsequent 10 years, permitting it to begin extra firms and probably broaden its mannequin into different elements of Europe.

The initiative goals to deal with a long-standing concern in Europe: Regardless of the famend discoveries made by researchers there, the area has much less of a tradition of making firms to advance applied sciences in the identical means that’s widespread within the U.S. There’s additionally been much less cash to assist aspiring founders, and fewer veterans who’ve helped develop firms from the bottom as much as function advisers to the subsequent era of founders.