The pharmaceutical consulting industry in the Nordics focuses on advisory and operational support for life science companies. It includes firms that offer expertise in drug development, regulatory compliance, and market access strategies. Many of these companies collaborate with startups and established firms to drive innovation, particularly in areas like biotechnology and clinical trials. Recent trends suggest a growing emphasis on digital transformations and personalized medicine, further increasing the demand for strategic consulting services. This dynamic sector plays a pivotal role in enhancing healthcare solutions and addressing the region's unique health challenges.


In 2024, prominent investors in the Nordics' pharmaceutical consulting industry spanned venture capital and private equity. With headquarters primarily in Stockholm and Hellerup, these firms varied in size, from small teams to large corporations. Many have rich histories, having been founded from 1979 to 2018. Notably, they participated in 7 to 45 deals each, demonstrating a robust engagement in the market and commitment to advancing healthcare solutions.


Top 12 Pharmaceutical Consulting Investors in the Nordics


1. Novo Holdings

  • Website: novoholdings.dk
  • Type: Venture Capital
  • Headquarters: Hellerup, Denmark
  • Founded year: 1999
  • Headcount: 51-200
  • Number of deals in 2024: 45
  • LinkedIn: novo-a-s

Novo Holdings A/S is a not-for-profit investment firm based in Hellerup, Denmark, focused on managing the assets of the Novo Nordisk Foundation. Founded in 1999, it specializes in investing in life science companies at various stages of development, providing both capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has made significant investments in the pharmaceutical consulting context, including the acquisition of Catalent Pharma Solutions for $16.5 billion, which underscores their commitment to pharmaceutical manufacturing and consulting. They also invested €90.3 million in Evotec, a company that supports the expansion of outsourced services in the pharmaceutical sector. Furthermore, their acquisition of Medical Knowledge Group and Altasciences highlights their strategy to bolster capabilities in healthcare consulting and services, reinforcing their role as a key player in the pharmaceutical consulting industry.


2. Almi

  • Website: almi.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 201-500
  • Number of deals in 2024: 7
  • LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Notably, Almi has been involved in several transactions within the pharmaceutical sector, including investments in Captario, a company focused on improving the cycle time of new releases in the pharmaceutical industry, and Phenaros Pharmaceuticals, which is in the pre-seed stage. These investments highlight Almi's engagement with the pharmaceutical consulting space, showcasing its role in supporting innovative companies in this field.


3. HealthCap

  • Website: healthcap.eu
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1996
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: healthcap

HealthCap is a venture capital firm based in Stockholm, Sweden, founded in 1996. The firm specializes in the life sciences sector, focusing on innovative companies that are developing breakthrough therapies for diseases with high unmet medical needs. HealthCap has a history of significant investments in the pharmaceutical industry, including multiple funding rounds for PTC Therapeutics, where they participated in several Series E and private equity rounds totaling over $100 million. These investments demonstrate HealthCap's commitment to advancing pharmaceutical research and development, making them a valuable partner for companies in the pharmaceutical consulting space.


4. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a prominent investment firm founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. The firm has made significant strides in the pharmaceutical consulting industry, highlighted by its acquisition of PAREXEL in July 2021 for $8.5 billion, which positions EQT as a key player in biopharmaceutical services. Additionally, EQT's acquisition of Certara in July 2017 for $850 million underscores its commitment to supporting growth in the drug development sector. The recent acquisition of CluePoints in June 2024 further illustrates EQT's focus on enhancing data analytics capabilities in clinical trials, while its investment in PharmaZell and Fertin Pharma showcases its broader engagement in the pharmaceutical manufacturing and consulting landscape.


5. Industrifonden

  • Website: industrifonden.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1979
  • Headcount: 11-50
  • Number of deals in 2024: 9
  • LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The fund specializes in early-stage investments, particularly in Deep Tech, Life Science, and Transformative Tech. Industrifonden aims to create long-term value by partnering with passionate founders and providing both financial support and strategic guidance. Notably, Industrifonden has been involved in significant transactions within the pharmaceutical consulting context, such as its investments in Trialbee, a company that enhances patient matching and engagement in clinical trials, raising funds in multiple rounds to expand its operations. Additionally, Industrifonden has invested in InDex Pharmaceuticals, a biopharmaceutical firm focused on developing treatments for severe Ulcerative Colitis, showcasing its commitment to the life sciences sector.


6. Novo Nordisk

  • Website: novonordisk.com
  • Type: Corporate
  • Headquarters: Denmark
  • Founded year: 1923
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: novo-nordisk

Novo Nordisk A/S is a leading multinational pharmaceutical company based in Denmark, founded in 1923. The company specializes in diabetes care and treatments for other chronic diseases, developing a range of medications including semaglutide and various insulin products. Novo Nordisk has a strong focus on innovation and collaboration within the pharmaceutical industry. In 2023, they participated in a Series D funding round for ElevateBio, a technology company, which included a multi-target collaboration with ElevateBio’s subsidiary Life Edit Therapeutics. This partnership highlights Novo Nordisk's commitment to advancing biotechnological solutions in healthcare. Furthermore, in 2024, Novo Nordisk acquired Alkermes' development and manufacturing facility in Athlone, Ireland, for approximately $91 million, demonstrating their strategy to enhance manufacturing capabilities and streamline operations. These transactions reflect Novo Nordisk's active role in the pharmaceutical consulting landscape, as they seek to innovate and expand their operational footprint in the industry.


7. Nordic Capital

  • Website: nordiccapital.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1989
  • Headcount: 201-500
  • Number of deals in 2024: 10
  • LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, with a notable focus on healthcare and technology. Nordic Capital partners with management teams to drive growth and operational improvements in its portfolio companies, aiming to create long-term value and sustainability. Among its significant transactions, Nordic Capital acquired a majority stake in Cytel, a company that enhances pharmaceutical R&D efficiency, and ERT Clinical, which provides patient data collection solutions for clinical drug development. Additionally, the firm has invested in IntegriChain, a pharma tech firm, and ArisGlobal, a healthcare software company, further demonstrating its commitment to the healthcare sector and its relevance to pharmaceutical consulting.


8. Sunstone Life Science Ventures


Sunstone Life Science Ventures is a Copenhagen-based venture capital firm founded in 2007, specializing in investments in early-stage life science companies. The firm focuses on developing and expanding innovations in therapeutics, medical technology, and diagnostics. By providing funding and business development support, Sunstone helps its portfolio companies navigate the path from research to market, primarily targeting businesses in the life sciences sector. Notable transactions include a CHF 7.8 million investment in Vaximm, a Swiss biotech firm, to advance its clinical programs; a €79 million Series C financing for Galecto to support clinical studies in idiopathic pulmonary fibrosis; and a €57 million Series A financing in Kynexis, which focuses on precision therapeutics for brain diseases. Additionally, Sunstone participated in a €127 million Series B round for IO Biotech, aimed at funding clinical trials for immuno-oncology programs. These transactions highlight Sunstone's active role in supporting pharmaceutical innovations and their commitment to advancing the life sciences industry.


9. Business Finland

  • Website: businessfinland.fi
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2018
  • Headcount: 501-1000
  • Number of deals in 2024: 26
  • LinkedIn: business-finland

Business Finland is a public entity based in Helsinki, Uusimaa, Finland, founded in 2018. It plays a crucial role in supporting Finnish companies in their growth and internationalization efforts by offering funding, consulting services, and market opportunities. Business Finland has been involved in several significant transactions within the pharmaceutical sector, including a €2,100,000 low-interest loan to Faron Pharmaceuticals for the manufacturing of interferon beta-1a, and grants to TILT Biotherapeutics and Faron Pharmaceuticals. Additionally, they provided debt financing to Valo Therapeutics and Rokote Laboratories, which are focused on advancing clinical trials and drug development. These activities highlight Business Finland's commitment to promoting innovation and success in the pharmaceutical industry.


10. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. The firm specializes in supporting researchers and entrepreneurs in commercializing deep tech innovations through various programs that provide business guidance, financing, and community networking. With a focus on active ownership, Chalmers Ventures has made significant investments in startups, including notable transactions in the pharmaceutical consulting context. For instance, they have invested in Vitroprobe Analytics AB, which has raised funds in multiple pre-seed rounds, indicating a commitment to advancing analytics in the pharmaceutical space. Additionally, their investment in Alpha Therapy Solution, which raised substantial funds in a seed round, highlights their engagement in therapeutic solutions relevant to the pharmaceutical industry. This combination of investments showcases Chalmers Ventures' role in fostering innovation within the pharmaceutical sector.


11. Hadean Ventures

  • Website: hadeanventures.com
  • Type: Venture Capital
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2014
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: hadean-ventures

Hadean Ventures is a venture capital firm based in Oslo, Norway, founded in 2014. The firm specializes in the life sciences sector, focusing on healthcare startups that aim to develop innovative medical solutions. With approximately EUR 230 million in assets under management, Hadean Ventures has made notable investments in various biopharmaceutical companies. For instance, they participated in a $64 million Series D funding round for Galecto, which is involved in drug development for fibrotic diseases. They also invested in Pipeline Therapeutics, contributing to both a $32 million Series B and an $80 million Series C funding round, supporting advancements in treatments for sensorineural hearing loss and multiple sclerosis. Additionally, Hadean Ventures led a funding round for Gesynta Pharma, which is working on a treatment for systemic sclerosis. These transactions highlight Hadean Ventures' commitment to supporting the pharmaceutical industry and addressing unmet medical needs.


12. Flerie

  • Website: flerie.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2011
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: flerie

Flerie is a venture capital firm based in Stockholm, Sweden, founded in 2011. The firm specializes in life sciences, focusing on biotech and pharmaceutical investments. With a portfolio of over 30 companies, Flerie provides resources and expertise to help navigate the challenges of drug development. They have been active in Europe, Israel, and the US, aiming to create long-term value through strategic investments. Notable transactions include leading funding rounds for Prokarium, a biotech company developing microbial immunotherapy and vaccines, and supporting Strike Pharma in their clinical trial preparations. These investments highlight Flerie's commitment to advancing pharmaceutical innovations and their role in the consulting aspect of the industry.



Pharmaceutical Consulting Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
AlmiStockholm, Stockholm, Sweden201-50019947
HealthCapStockholm, Stockholm, Sweden11-5019965
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
IndustrifondenStockholm, Stockholm, Sweden11-5019799
Novo NordiskDenmark10001+19234
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
Sunstone Life Science VenturesCopenhagen, Denmark1-1020071
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
Chalmers VenturesSweden11-50201526
Hadean VenturesOslo, Oslo, Norway11-5020141
FlerieStockholm, Stockholm, Sweden1-1020112


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