Corporate Venture Capital in Pharma: Novo Holdings Leads the Pack

In the dynamic landscape of pharmaceutical investment, corporate venture capital (CVC) arms are playing an increasingly significant role. A recent analysis of the industry's most active CVC firms reveals a sector dominated by established players, with Novo Holdings emerging as the clear frontrunner.

Novo Holdings: A Powerhouse in Pharma Investment

Novo Holdings, the investment subsidiary of the Novo Nordisk Foundation, stands out as the titan among pharma CVCs. With an impressive $160.61 billion in assets under management and a portfolio of 98 active companies, Novo Holdings has conducted 382 investments since its inception in 1999. The firm's influence was particularly evident in 2024, when it executed the industry's largest acquisition, purchasing CDMO Catalent for $16.5 billion to support production of Novo Nordisk's popular GLP-1 weight loss drug, Wegovy.

In 2024 alone, Novo Holdings participated in 49 deals with a median size of $88.4 million. While 2025 has seen a slight deceleration, the firm has already been involved in 15 venture capital rounds. Recent notable investments include a $115 million Series C for rare disease biotech Glycomine in April 2025.

Asian Influence and Global Reach

Lilly Asia Ventures, headquartered in Hong Kong, represents another major player in the CVC arena. With $4.05 billion in assets under management and an active portfolio of 88 companies, this Eli Lilly offshoot has made 220 total investments since its founding in 2008. Despite its geographical focus, the firm has a global reach, with 20% of its deals in the past five years occurring in the U.S.

Lilly Asia Ventures has been particularly active in the public markets, playing a role in two significant biotech IPOs in 2024. Both Alumis and DualityBio, early investments for the firm, successfully went public, each raising over $200 million. Additionally, the firm saw a notable exit when antibody-drug conjugate biotech ProfoundBio was acquired by Genmab for $1.8 billion in May 2024.

U.S. Giants: Pfizer and Johnson & Johnson

American pharmaceutical behemoths Pfizer and Johnson & Johnson round out the top five most active CVCs through their respective venture arms. Pfizer Ventures, with $1.30 billion in assets under management, has made 166 total investments and maintains an active portfolio of 43 companies. Despite a quieter 2025, with only two investments to date, the firm saw significant activity during the pandemic years.

Johnson & Johnson Innovation – JJDC, the oldest CVC on the list, boasts a diverse investment strategy spanning pharmaceuticals, medical devices, consumer healthcare, and medtech. Founded in 1973, JJDC has made 263 total investments and currently manages an active portfolio of 69 companies. Recent investments include an $85 million Series A for gene editing company Stylus Medicine and a $20 million Series B for Prazer Therapeutics.

As the pharmaceutical landscape continues to evolve, these corporate venture capital firms are poised to play a crucial role in shaping the industry's future, driving innovation, and bringing new therapies to market.