FDI
Public-Private German Seed Fund Celebrates Major Exit
The High-Tech Gründerfonds (HTGF) will sell its shares in start-up Cardior Pharmaceuticals as part of a billion-euro acquisition by industry giant Novo Nordisk.
Apr 24, 2024
The HTGF, which has around EUR 1.4 billion under management, said it was delighted at the successful exit and acquisition of the promising young pharma company.
“Cardior’s success story shows that excellent research conducted in Germany is on an international level,” commented HTGF Principal Frank Hensel. “This gives further momentum and visibility to the German biotech environment. We are thrilled to have Novo Nordisk as an excellent partner for Cardior and congratulate the whole team at Cardior on this great success.”
Cardior currently has a compound, CDR132L, in phase 2 clinical trials. The potential medication targets RNA to prevent, repair and reverse cardiac diseases. Novo Nordisk will reportedly pay up to EUR 1.025 billion to seal the acquisition.
HTGF participated in Cardior’s first financing round in 2017. Created in 2005, the public-private seed investor has supported more than 700 start-ups and is one of the biggest and most active of its kind in Europe.
