LUNDBECKFONDEN VENTURES
LUNDBECKFONDEN ANNUAL REPORT 2021
21
LUNDBECKFONDEN VENTURES Ventures is the Foundation’s evergreen venture fund, investing in international life science with a focus on the development of innovative new medicines in areas of high unmet medical need.
Lexeo Therapeutics and Reneo Pharmaceuticals.
Pfizer. The company’s lead compound, fosmanogepix, is a
(IPOs). While COVID-19 impacted some companies, the
Lexeo Therapeutics followed its 2020 series A round, with a
the treatment of invasive fungal infections, which is an
portfolio continued to perform well, as demonstrated by the
successful series B round in 2021, raising USD 100m with
indication with a large unmet need and mortality rates as high
very tangible results that also included the filing of New Drug
participation from existing and new investors. Lexeo is
as 30-80%. If approved, fosmanogepix would be the first
Applications (NDA), the initiation of new clinical studies, and
focused on developing novel gene therapies for rare and non-
novel therapeutic class of antifungal therapies to be approved
the closing of significant financing rounds.
rare monogenic diseases and has a comprehensive pipeline,
by the US Food and Drug Administration (FDA) in nearly 20
including three clinical-stage, gene therapy programmes.
years. In November, Sanifit was acquired by Vifor Pharma for
During the year, Spero Therapeutics completed the filing of a
During 2021, Lexeo expanded its cardiology pipeline through
a EUR 205m upfront payment, plus substantial pre-
NDA in the USA for its lead programme, tebipenem HBr for
the acquisition of Stelios Therapeutics, which added three
commercial and commercial milestones. Vifor Pharma will
the treatment of complicated urinary tract infections (cUTIs).
investigational adeno-associated virus (AAV) mediated gene
continue its development of SNF472, a novel, first-in-class
If approved, tebipenem HBr would be the only oral
therapy programmes to the Lexeo pipeline.
inhibitor of vascular calcification, for the treatment of calcific
2021 was, in many ways, an exciting and remarkable year for
first-in-class, anti-fungal compound, under development for
Ventures, with two exits and two initial public offerings
uremic arteriolopathy (CUA) and peripheral artery disease
carbapenem antibiotic available for use in cUTIs, which are
(PAD) in patients with end-stage kidney disease.
considered a significant, unmet medical need. The NDA
Aura Biosciences and Reneo Pharmaceuticals both completed
followed the successful completion of the Phase III ADAPT-
IPOs on Nasdaq, raising USD 76m and USD 94m, respec-
PO trial in 2020. During an eventful year, Spero also
tively. Aura’s IPO followed the closing of an oversubscribed
FINANCIAL RESULTS
partnered with Pfizer on SPR206 - a clinical-stage,
USD 80m private financing round earlier in the year, and the
Ventures’ investments in new and existing companies,
intravenously-administered, next generation polymyxin - in a
company will use the combined proceeds to fund the clinical
amounted to DKK 281m. The net return for the year was
combined equity investment and licensing agreement.
development of its laser-activated, virus-like drug conjugate
DKK 34m versus DKK -7m in 2020. The negative result
(VDC) platform, including the pivotal Phase III programme
reflected the substantial negative share price development
Significant progress was also made elsewhere in the portfolio,
for the company’s lead candidate, AU-011, for use in first-line
during the year in the US public biotech market.
as several companies managed to keep their clinical trials on
choroidal melanoma - a malignant intraocular tumour.
track despite the challenges of COVID-19, including late-stage
Reneo’s IPO will allow the company to complete the clinical
The fair market value of the portfolio was DKK 1,876m at
trials at Sanifit, Enterome, Reneo Pharmaceuticals, Lexeo
development of its lead molecule in primary mitochondrial
31 December 2021, compared to DKK 1,733m at the end
Therapeutics and Imara. In addition, VarmX moved into the
myopathies, a group of related mitochondrial diseases
of 2020.
clinic and dosed its first patients.
predominantly, but not exclusively, affecting skeletal muscle.
Ventures supported several portfolio companies participating
Last but not least, Ventures made two successful exits during
of which seven were listed. The complete portfolio is listed on
in their follow-on financing, including Aura Biosciences,
2021. In April, Amplyx accepted an offer to be acquired by
the following page.
At year-end, the Ventures portfolio comprised 14 companies,
