Novo Holdings, the controlling shareholder of Danish obesity drugmaker Novo Nordisk, said on Wednesday it plans to invest around $200 million in quantum computing startups.

The company, the investment arm of the Novo Nordisk Foundation, has 77% of voting shares in Novo Nordisk, which is known for producing blockbuster obesity drug Wegovy and diabetes treatment Ozempic.

CONTEXT

Experts believe quantum computing may prove to be among the most transformational technological developments of the 21st century.

Tech companies and governments alike have been working to create machines that take advantage of quantum mechanics, capable of making scientific calculations that would otherwise take most computers millions of years.

WHY IT'S IMPORTANT

Announcing the news on Wednesday, Novo Holdings said it wanted to help build an ecosystem of quantum computing startups, with a particular focus on life sciences companies based in Nordic countries.

By applying the technology to the development of pharmaceuticals and other life sciences, quantum computing companies could significantly speed up the drug discovery process.

KEY QUOTE

Soren Moller, managing partner of seed investments at Novo Holdings, said: “Quantum technology is a disruptive and transformative field that can revolutionise various sectors and address global challenges."

He added: "Our ultimate goal is to create, grow and develop strong quantum technology companies in the Nordics.”

(Reporting by Martin Coulter in London; Editing by Matthew Lewis)