The pharmaceutical contract manufacturing industry in Benelux plays a crucial role in the healthcare supply chain, providing outsourced services to drug developers and biotech firms. Companies in this sector handle everything from the production of active pharmaceutical ingredients (APIs) to the packaging and distribution of finished medications. Notable firms include large-scale contract manufacturers and specialized service providers, all aiming to deliver high-quality products efficiently. The rising demand for personalized medicine and generics is shaping the industry’s future, while technological innovations, such as automation and data analytics, are enhancing productivity and compliance, allowing for higher flexibility and responsiveness to market needs.


This article highlights an interesting group of investors in the Benelux region, comprising corporations, private equity, and venture capital firms. Hailing from prominent locations like Luxembourg and Belgium, these investors range in size from small teams of 11 to over 5,000 employees. Established between 1980 and 2005, they participated in a notable number of transactions in 2024, with some, like the European Investment Bank, recording as many as 99 deals. Their investments are geared toward shaping the future of the pharmaceutical contract manufacturing industry.


Top 12 Pharmaceutical Contract Manufacturing Investors in Benelux


1. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, the EIC offers various funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC also provides business acceleration services, networking opportunities, and prizes to foster innovation across different sectors. Notably, the EIC has been involved in several transactions relevant to the pharmaceutical contract manufacturing industry, such as providing £2M to Exactmer through its Transition programme to fund research in the synthesis and manufacture of oligonucleotide therapeutics. This funding is intended to fast-track the development of new oligo chemistries, showcasing the EIC's commitment to advancing pharmaceutical manufacturing technologies. Additionally, the EIC has supported other companies like Cellevate, which raised funds for their global commercial launch, further indicating its active role in the pharmaceutical sector.


2. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides financial services including loans, equity investments, guarantees, and advisory services to support sustainable projects across various sectors. In the pharmaceutical context, EIB has been involved in several notable transactions, such as providing €75 million in funding to CureVac for its infectious disease vaccine programs, including its Covid-19 vaccine candidate. Additionally, EIB has financed Emzor Pharmaceutical Industries with $14,084,722 in debt financing, further emphasizing its commitment to supporting pharmaceutical manufacturing. EIB's diverse portfolio includes 99 investments in 2024, showcasing its active role in promoting growth and job creation across various industries, including pharmaceuticals.


3. Gilde Healthcare


Gilde Healthcare is a venture capital firm based in Utrecht, Netherlands, specializing in healthcare investments. Founded in 1982, the firm manages over €2.6 billion across two fund strategies: Venture & Growth and Private Equity. Gilde Healthcare invests in innovative healthtech and therapeutics companies, as well as profitable lower mid-market healthcare providers in Europe. Notably, they have been involved in significant transactions such as the acquisition of a majority stake in KLIFO A/S, a Danish drug development consultancy, which enhances their service offerings in the pharmaceutical sector. Additionally, their investments in companies like Ablynx, which focuses on therapeutic development, further demonstrate their commitment to the pharmaceutical industry. Their diverse portfolio and strategic support for healthcare businesses position them as a relevant player in the pharmaceutical contract manufacturing landscape.


4. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across multiple sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. Notably, Gimv acquired a 20.87% stake in BioConnection B.V. in May 2022, which indicates their involvement in the pharmaceutical contract manufacturing space. Additionally, Gimv has a history of supporting companies like Ablynx, which operates in the life sciences sector, further demonstrating their commitment to healthcare and pharmaceutical innovations.


5. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent investment firm founded in 2005, specializing in private equity, credit, secondaries, and infrastructure. With approximately €193 billion in assets under management for over 1000 clients, including pension funds and institutional investors, CVC focuses on delivering sustainable value and growth through strategic investments. Among their notable transactions in the pharmaceutical sector, CVC acquired DFE Pharma, a leading global excipients manufacturer, in a joint venture that underscores their commitment to the pharmaceutical industry. Additionally, their acquisitions of Genetic SpA and Sajjan India further demonstrate their active engagement in pharmaceutical-related businesses, positioning them as a significant player in the pharmaceutical contract manufacturing landscape.


6. Azelis

  • Website: azelis.com
  • Type: Corporate
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 5
  • LinkedIn: azelis

Azelis is a corporate investor based in Antwerp, Flanders, Belgium, specializing in the distribution of specialty chemicals and providing innovation services. Founded in 2001, Azelis serves over 63,000 customers across various sectors, including life sciences and industrial markets. The company has made several strategic acquisitions to bolster its capabilities in the pharmaceutical sector. Notably, in January 2020, Azelis acquired Megafarma, a Mexican specialty distributor focused on the pharma, food, and veterinary industries, which significantly enhanced their presence in the life sciences market. Additionally, their ongoing activities in acquiring companies like YDS Chemicals NV and Solchem Nature further demonstrate their commitment to expanding their portfolio in sectors that include pharmaceuticals. Through these transactions, Azelis aims to deliver high-quality raw materials and innovative formulations tailored to the specific needs of the pharmaceutical industry.


7. Eurofins

  • Website: eurofins.com
  • Type: Corporate
  • Headquarters: Luxembourg
  • Founded year: 1987
  • Headcount: 10001+
  • Number of deals in 2024: 8
  • LinkedIn: eurofins

Eurofins Scientific SE is a prominent laboratory testing company based in Luxembourg, founded in 1987. It provides a comprehensive range of analytical and testing services across various industries, including pharmaceuticals, food, and environmental sectors. With a global presence, Eurofins operates over 900 laboratories in 62 countries, offering extensive expertise in testing and diagnostics. In the pharmaceutical contract manufacturing context, Eurofins has made significant acquisitions, including Eurofins CDMO Alphora in 2017, which enhances its capabilities in contract development and manufacturing. Additionally, the acquisition of Tata's Advinus Therapeutics in the same year marked a strategic move to strengthen its position in the pharmaceutical sector. More recently, Eurofins expanded its footprint in Latin America by acquiring Quasfar, further emphasizing its commitment to the pharmaceutical industry. These transactions highlight Eurofins' active role in the pharmaceutical contract manufacturing landscape.


8. Noshaq

  • Website: noshaq.be
  • Type: Venture Capital
  • Headquarters: Belgium
  • Founded year: 1985
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: noshaq-be

Noshaq is a venture capital investment fund based in Belgium, founded in 1985. The firm focuses on providing financial solutions and strategic support to small and medium-sized enterprises (SMEs) in the province of Liege, particularly in sectors such as biotech and sustainable development. Noshaq aims to foster growth and innovation by actively engaging with its clients and offering tailored financial assistance. Notably, Noshaq has participated in several significant transactions in the pharmaceutical and biotech sectors, including a recent Series-A financing round for Samabriva, which is transitioning into a Contract Development and Manufacturing Organization (CDMO). This investment highlights Noshaq's commitment to supporting companies that are integral to the pharmaceutical contract manufacturing industry. Other investments include participation in funding rounds for Hyloris Pharmaceuticals and Brenus Pharma, further demonstrating their active role in the pharmaceutical landscape.


9. dsm-firmenich

  • Website: dsm-firmenich.com
  • Type: Venture Capital
  • Headquarters: Maastricht, Limburg, Netherlands
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: dsmfirmenich

dsm-firmenich is a for-profit company based in Maastricht, Limburg, Netherlands, operating primarily in the nutrition, health, and beauty sectors. The company offers a diverse range of products, including fragrances, nutritional supplements, and active pharmaceutical ingredients (APIs). As a venture capital investor, dsm-firmenich has made several notable investments in the pharmaceutical sector. For instance, they led a capital raise for Brains Bioceutical Corp., a company recognized for its EU-GMP-certified production of naturally sourced APIs for the pharmaceutical and nutraceutical industries. This investment underscores dsm-firmenich's strategic interest in the pharmaceutical contract manufacturing space. Additionally, they have participated in funding rounds for companies like Arecor and Interface Biologics, further demonstrating their engagement in the pharmaceutical sector. Overall, dsm-firmenich provides innovative solutions that enhance product offerings and address sustainability challenges across various industries, including pharmaceuticals.


10. Astorg

  • Website: astorg.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 1998
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: astorg

Astorg is a private equity firm based in Luxembourg, founded in 1998, specializing in investments in global B2B companies across various sectors, including healthcare, technology, and business services. With €22 billion in assets under management, Astorg focuses on creating long-term value through a disciplined investment process and strong partnerships with entrepreneurs. Notable transactions in the pharmaceutical contract manufacturing context include the acquisition of CordenPharma, a leading contract drug development and manufacturing company, for $2.6 billion in 2022. They also acquired a 60% stake in Groupe Ethypharm, a leader in oral drug delivery systems, in 2007. Additionally, Astorg's investment in Nemera, a manufacturer of drug-delivery systems, and their majority stake in Avania, a global MedTech contract research organization, further illustrate their active involvement in the pharmaceutical and healthcare sectors.


11. Pmv

  • Website: pmv.eu
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 2001
  • Headcount: 51-200
  • Number of deals in 2024: 11
  • LinkedIn: pmv-eu

Participatiemaatschappij Vlaanderen (PMV) is a public entity based in Brussels, Belgium, that acts as an investment company for the Flemish government. Founded in 2001, PMV provides a range of financing solutions, including loans and co-financing, to startups, scale-ups, and established businesses across various sectors, including life sciences. PMV has been involved in several significant transactions in the pharmaceutical sector, such as its participation in funding rounds for eTheRNA, which raised €39M and €34M in Series B financing for the development of mRNA technologies, and RheaVita, which raised €2.5M to build a GMP compliant biopharmaceutical production line. Additionally, PMV was part of the funding round for PharmaFluidics, a research diagnostics spinout, further showcasing its commitment to supporting innovative companies in the pharmaceutical and biopharmaceutical industries.


12. Droia Ventures

  • Website: droiaventures.com
  • Type: Venture Capital
  • Headquarters: Zaventem, Flanders, Belgium
  • Founded year: 2011
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: droiaventures

Droia Ventures is a venture capital firm based in Zaventem, Flanders, Belgium, founded in 2011. The firm specializes in the life sciences sector, focusing on investments in drug development companies. They provide support for clinical proof of concept and scientific validation of innovative therapies, primarily targeting oncology and genetic diseases. Droia Ventures has been involved in several significant transactions, including a Series A investment in OCTIMET Oncology, which raised EUR 11.3 million to develop a MET kinase inhibitor for solid cancers. They also participated in a Series A funding round for AmbAgon Therapeutics, which raised $85 million, and a Seed Round for Hyku, which raised $56 million. Additionally, they were part of a financing round for Cristal Therapeutics, which is developing innovative nanotech platforms for drug delivery. These transactions highlight Droia Ventures' commitment to advancing therapeutic innovations, which may involve partnerships with pharmaceutical contract manufacturers as these companies progress towards clinical trials and commercialization.



Pharmaceutical Contract Manufacturing Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
European Investment Bank (EIB)Luxembourg1001-5000195899
Gilde HealthcareUtrecht, Utrecht, Netherlands51-200198212
GimvAntwerp, Flanders, Belgium51-20019808
CvcLuxembourg1001-5000200516
AzelisAntwerp, Flanders, Belgium1001-500020015
EurofinsLuxembourg10001+19878
NoshaqBelgium11-50198511
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
AstorgLuxembourg51-20019988
PmvBrussels, Brussels, Belgium51-200200111
Droia VenturesZaventem, Flanders, Belgium11-5020115


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