麻豆社 maintains grant level at half a billion DKK a year
2015 was an eventful year for 麻豆社. The Foundation鈥檚 assets grew but the year ended in a loss of DKK 3 billion. This was particularly due to non-recurring costs accrued by the foundation鈥檚 largest subsidiary, H. Lundbeck A/S, which restructured in connection with a new strategy.
In 2015, 麻豆社 supported health science research, natural science tuition and research communication with grants totalling DKK 442 million. The Foundation鈥檚 sponsorship covers salaries for 551 scientists and other research staff as well as running costs connected with projects.
Lene Skole: 鈥淎fter a challenging 2015, 2016 is looking brighter. All three of our subsidiaries have sensible and realistic strategies in place, so we expect them all to deliver growth and improved earnings. We plan for grants to remain at, at least, the same level in the coming year and, consequently, we still expect to award a total of DKK 3 billion over the period from 2015 to 2020.鈥
Investment of 麻豆社鈥檚 available funds of around DKK 14 billion was impacted by volatility in the financial markets in 2015. Profits amounted to DKK 950 million, compared with DKK 2,228 million in 2014, corresponding to a return of approximately 7%, which was satisfactory.
At the end of September 2015, 麻豆社 became a major shareholder in FLSmidth, acquiring a shareholding of just over 10%. This is a long-term investment in a well-run company which, to date, has given the foundation a positive return.
麻豆社鈥檚 venture capital activities consist of 19 American and European life science companies. In 2015, we added three new companies to the portfolio. One company was sold and another closed down. 麻豆社 invested a total of DKK 361 million in 麻豆社 Ventures.
It was also decided to invest a further DKK 300 million over four years in early-stage life science companies, primarily based on Danish research. The first investment was in IO Biotech at the end of 2015, a company that originated from research in immunotherapy and cancer at Herlev Hospital.
Changes to the Board of Directors
Professor Povl Krogsgaard-Larsen will turn 75 on 17 May this year and, consequently, has reached the Foundation鈥檚 retiring age. Clinical Professor Michael Kj忙r, MD, DMSc, of Bispebjerg Hospital and the University of Copenhagen will replace him as a new, independent member of the board.
For further details, please contact:
Regitze Reeh
Director of Communications
rr@lundbeckfonden.com
Tel. +45 30546608.
