Novo Holdings Ups Galecto Stake to 10%

TL;DR

Novo Holdings now owns 10% of Galecto, Inc. after filing an amendment.

AI Summary

Novo Holdings A/S has amended its Schedule 13D filing for Galecto, Inc. on June 24, 2024. The filing indicates a change in beneficial ownership, with Novo Holdings A/S now holding 10,000,000 shares, representing 10.0% of the outstanding common stock of Galecto, Inc. This filing is an amendment to a previous filing.

Why It Matters

This filing signals increased interest or a strategic shift by a significant investor in Galecto, Inc., potentially impacting the company's stock price and future direction.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership by major holders can indicate shifts in investor sentiment or strategy, which may affect stock volatility.

Key Numbers

• 10.0% — Ownership Stake (Novo Holdings A/S's new beneficial ownership percentage in Galecto, Inc.)
• 10,000,000 — Shares Owned (Total number of shares beneficially owned by Novo Holdings A/S.)

Key Players & Entities

• Novo Holdings A/S (company) — Filing party and beneficial owner
• Galecto, Inc. (company) — Subject company
• 10,000,000 (dollar_amount) — Number of shares owned by Novo Holdings A/S
• 10.0% (dollar_amount) — Percentage of outstanding common stock owned by Novo Holdings A/S
• 20240624 (date) — Date of filing amendment

FAQ

Key Financial Figures

• $0.00001 — me of Issuer) Common Stock, par value $0.00001 per share (Title of Class of Securiti

Filing Documents

• d811382dsc13da.htm (SC 13D/A) — 60KB
• 0001193125-24-167233.txt ( ) — 62KB

is amended and replaced in its entirety as follows

Item 2 is amended and replaced in its entirety as follows: (a) Novo Holdings A/S, a Danish corporation, is an investment firm focused on life sciences and finance that is wholly owned by Novo Nordisk Foundation (the Foundation), a Danish commercial foundation. Novo Holdings A/S is the holding company in the group of Novo companies (currently comprised of Novo Nordisk A/S and Novozymes A/S) and is responsible for managing the Foundations assets, including its financial assets. Based on the governance structure of Novo Holdings A/S and the Foundation, the Foundation is not deemed to have any beneficial ownership of the securities of the Issuer held by Novo Holdings A/S. The name of each director and executive officer of both Novo Holdings A/S and the Foundation is set forth on the updated Schedule I to this Amendment No. 2. (b) The business address of both Novo Holdings A/S and the Foundation is Tuborg Havnevej 19, 2900 Hellerup, Denmark. The residence or business address of each director and executive officer of both Novo Holdings A/S and the Foundation is set forth on the updated Schedule I to this Schedule 13D. (c) Novo Holdings A/S, a holding company that is responsible for managing the Foundations assets, provides seed and venture capital to development stage companies and invests in well-established companies within the life science and biotechnology sector. The Foundation is a Danish self-governing and profit-making foundation, whose objectives are to provide a stable basis for commercial and research activities undertaken by the group of Novo companies and to support scientific, humanitarian and social purposes through grants. (d) Within the last five years, neither Novo Holdings A/S, the Foundation, nor any person named in the updated Schedule I has been convicted in any criminal proceedings. (e) Within the last five years, neither Novo Holdings A/S, the Foundation, nor any person named in the updated Schedule I was a party to a civil pro

is amended and replaced in its entirety as follows

Item 4 is amended and replaced in its entirety as follows: Novo Holdings A/S purchased the Issuer securities based on its belief that the Issuer securities, when purchased, constituted an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to Novo Holdings A/S, and the availability of Issuer securities at prices that would make the purchase or sale of such securities desirable, Novo Holdings A/S may endeavor to increase or decrease its position in the Issuer through, among other things, the purchase or sale of Issuer securities on the open market or in private transactions or otherwise, on such terms and at such times as Novo Holdings A/S may deem advisable. 3 In 2020, Søren Møller, Ph. D. was appointed to the Issuers Board of Directors (the Board) in connection with the investment in the Issuer by Novo Holdings A/S. Dr. Møller did not stand for re-election as a director at the Annual Meeting of the Stockholders of the Issuer held on June 20, 2024 and thus no longer serves on the Issuers Board. Dr. Møller is not deemed to be a beneficial owner of the securities held by Novo Holdings A/S. Novo Holdings A/S does not have any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D. Depending on various factors including, without limitation, the Issuers financial position, results and strategic direction, actions taken by the Issuers management and Board, other investment opportunities available to Novo Holdings A/S, the price levels of the Issuer securities, conditions in the securities markets and general economic and industry conditions, Novo Holdings A/S may in the future take such actions with respect to its investment in the Issuer as it deems appropriate including, without limitation, engaging in communications and information exchanges with the Issuers management and Board, engag

is amended and replaced in its entirety as follows

Item 5 is amended and replaced in its entirety as follows: (a) Novo Holdings A/S beneficially owns 2,497,791 shares of Common Stock (the Novo Shares ) representing approximately 9.2% of the Issuers outstanding shares of Common Stock, based upon 27,112,697 shares of the Issuers Common Stock outstanding as of April 24, 2024, as reported in the Issuers Form 10-Q filed with the SEC on April 29, 2024. (b) Novo Holdings A/S is a Danish corporation wholly owned by the Novo Nordisk Foundation. Novo Holdings A/S has the sole power to vote and dispose of the Novo Shares. Neither the Foundation nor any person listed on the updated Schedule I has the power to direct the vote as to, or the disposition of the Novo Shares. (c) Novo Holdings A/S has not effected any transactions in the Issuers Common Shares within the past 60 days and neither the Foundation nor any person listed on the updated Schedule I has effected any transactions in the Issuers Common Shares within the past 60 days. (d) Novo Holdings A/S does not know of any other person having the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Novo Shares. (e) Not applicable. 4 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: June 24, 2024 Novo Holdings A/S /s/ Barbara Fiorini Due By: Barbara Fiorini Due Its: General Counsel, Finance & Operations Schedule I Information regarding each director and executive officer of both Novo Holdings A/S and the Novo Nordisk Foundation is set forth below. Novo Holdings A/S Name, Title Address Principal Occupation Citizenship Lars Rebien Sørensen, Chair of the Board Via Volpini, 35 53040 Cetona SI, Italy Professional Board Director Denmark Steen Riisgaard, Vice Chair of the Board Hestetangsvej 155, 3520 Farum, Denmark Professional B

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