With small cap public biotechs living in a challenging financial environment, Novo A/S's Novo Ventures group sees an opportunity to put its money to work. The group thinks depressed valuations mark an attractive entry point to ramp up its portfolio with public biotechs.

Novo Ventures plans to invest about $150 million annually across public and private companies, a 50% increase from the $100 million the group had been putting to work in private companies each year. There is no predefined split of the $150 million between public and private opportunities.