- Creates a global leader with first in class molecules for fibrotic disease
- Galecto was first incubated by Novo Seeds and funded through the pre-seed grant program of the Novo Nordisk Foundation
Copenhagen, Denmark, 09 January 2020 – Novo Seeds, the early-stage investment and company creation team of Novo Holdings, today announced that its portfolio company Galecto Inc. (Galecto), the leading developer of galectin modulators for the treatment of severe diseases, including fibrosis and cancer will merge with PharmAkea, Inc. (PharmAkea), a privately held San Diego-based pharmaceutical company developing novel small molecules against protein targets involved in fibroproliferative disease.
Financial terms have not been disclosed. Following completion, the joint company will retain the Galecto name and current senior management team, including Hans Schambye as CEO. Galecto will be incorporated in the US and will retain its operating headquarters in Copenhagen, Denmark.