The active pharmaceutical ingredients (API) manufacturing industry in the Nordics is an essential pillar of the healthcare sector, contributing to the development and supply of vital medications. Companies in this space include innovative biotech firms and specialized manufacturers focused on the production of high-quality APIs for various therapeutic areas. With a strong emphasis on research and development, the industry is set to grow, driven by increasing global demand for personalized medicine and sustainable production methods. Notably, the Nordics boast a robust regulatory framework, ensuring the integrity and safety of pharmaceutical products while fostering a collaborative environment among stakeholders.


In 2024, 14 key investors made their mark on the Nordic API manufacturing sector, showcasing a mix of venture capital, private equity, and corporate investment. Headquartered primarily in Sweden and Denmark, these investors vary significantly in size, from small firms to large corporations, and were established as early as 1916 through to more recent years. Notably, investor activity led to a total of 188 transactions across different growth stages, reflecting a proactive stance in enhancing healthcare solutions and responding to evolving industry needs.


Top 14 Active Pharmaceutical Ingredients Manufacturing 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 invests in life science companies at various stages of development, providing capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has made significant investments in the active pharmaceutical ingredients manufacturing sector, including the acquisition of Catalent Pharma Solutions for $16.5 billion, which includes the production of Novo Nordisk's GLP-1 drugs. Additionally, the acquisition of Xellia Pharmaceuticals for approximately $700 million allows for enhanced research and development and expanded global manufacturing capabilities. These transactions underscore Novo Holdings' commitment to advancing the pharmaceutical manufacturing landscape, particularly in the area of active pharmaceutical ingredients.


2. 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 investing in companies like PTC Therapeutics, which has raised significant funding across multiple rounds, indicating a commitment to supporting companies that are advancing pharmaceutical research and development. Their involvement in Dynavax Technologies further highlights their engagement in the pharmaceutical space. While their primary focus may not be solely on active pharmaceutical ingredients manufacturing, their investments in life sciences companies suggest a potential interest in the broader pharmaceutical ecosystem, which includes API manufacturing.


3. 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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the pharmaceutical sector, including the acquisition of Fertin Pharma, a Danish manufacturer of medicated chewing gum, and their involvement with PharmaZell, which focuses on active pharmaceutical ingredients. These transactions highlight EQT's strategic interest in the pharmaceutical industry, positioning them as a relevant player in the active pharmaceutical ingredients manufacturing space.


4. 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 investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. Industrifonden provides financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, they have invested in companies such as Calliditas Therapeutics, which focuses on developing treatments for serious diseases, and Gesynta Pharma, which is working on mPGES-1 inhibitors for systemic sclerosis. Their recent investment in Cellevate, aimed at accelerating global commercial launch, further emphasizes their active role in the life sciences sector. Through these investments, Industrifonden aims to create long-term value by partnering with passionate founders in the pharmaceutical and biotechnology industries.


5. 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. In 2024, Novo Nordisk made notable investments, including the acquisition of Alkermes' development and manufacturing facility in Athlone, Ireland, for approximately $91 million. This acquisition is part of a strategy to enhance their manufacturing capabilities, which is crucial for producing active pharmaceutical ingredients. Additionally, their acquisition of Emisphere Technologies for $1.8 billion further strengthens their position in the diabetes market and may involve the development of new APIs. Novo Nordisk also participated in a Series D funding round for ElevateBio, indicating their interest in innovative technologies that could complement their manufacturing processes. Overall, Novo Nordisk's strategic investments and acquisitions highlight their commitment to enhancing their manufacturing capabilities in the pharmaceutical sector.


6. Indutrade Life Science

  • Website: indutrade.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1978
  • Headcount: 1001-5000
  • Number of deals in 2024: 14
  • LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company is part of the larger Indutrade industrial group, which focuses on developing and acquiring companies with high technical expertise across various sectors, including technology and industrial products. In 2024, Indutrade Life Science has been particularly active, with 14 investments, including significant acquisitions in the life sciences sector. Notable transactions include the acquisition of Miclev Medical Products, which is aimed at enhancing their life science segment, and Labema, a company involved in laboratory products and diagnostic equipment. These transactions reflect Indutrade's strategy to strengthen its presence in the life sciences, which may encompass active pharmaceutical ingredients manufacturing.


7. 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 Stockholm-based venture capital firm founded in 2011, specializing in life sciences with a focus on biotech and pharmaceutical investments. The firm has a portfolio of over 30 companies and provides resources and expertise to help navigate drug development challenges. Flerie's investment strategy aims to create long-term value through strategic investments primarily in Europe, Israel, and the US. Notable transactions include leading a EUR 20 million Series A funding for EpiEndo Pharmaceuticals, which is developing a compound for COPD, and participating in multiple funding rounds for Prokarium, a biotech company focused on microbial immunotherapy and synthetic biology techniques for vaccines. These investments highlight Flerie's commitment to advancing pharmaceutical innovations, which often involve active pharmaceutical ingredients in their development processes.


8. 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, managing approximately EUR 230 million in assets. Hadean Ventures focuses on investing in healthcare startups that aim to develop innovative medical solutions to address unmet medical needs. Notable transactions include a $64 million Series D investment in Galecto, which is involved in drug development, and a $80 million Series C funding round for Pipeline Therapeutics, a biopharmaceutical company focusing on sensorineural hearing loss and multiple sclerosis. These investments highlight Hadean Ventures' commitment to supporting companies that may be engaged in the production and development of active pharmaceutical ingredients, making them a relevant player in this sector.


9. Innovestor

  • Website: innovestorgroup.com
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2014
  • Headcount: 11-50
  • Number of deals in 2024: 12
  • LinkedIn: innovestor

Innovestor is an investment management company based in Helsinki, Uusimaa, Finland, founded in 2014. They specialize in venture capital, real estate, and energy storage, providing funding and support to early-stage startups and corporations. Innovestor focuses on technology and life sciences, offering services such as investment advice, corporate venturing, and participation in accelerator programs. Notably, they have made significant investments in the pharmaceutical sector, including Neumirna Therapeutics, which raised over $20 million in Series A funding, Gesynta Pharma with $27 million in Series B funding, and Tribune Therapeutics, which secured approximately $24 million in Series A funding. These transactions highlight Innovestor's commitment to supporting companies that are likely involved in the development and manufacturing of active pharmaceutical ingredients.


10. Karolinska Development


Karolinska Development is a venture capital firm based in Solna, Stockholm, Sweden, founded in 2003. The firm specializes in the life sciences sector, focusing on investing in innovative pharmaceutical and medtech companies. They provide portfolio management and research support to their investments, which include a range of healthcare organizations. In recent years, Karolinska Development has been involved in several transactions, particularly with Modus Therapeutics, where they provided bridge financing and post-IPO debt to support the clinical development of pharmaceutical assets. These transactions highlight their active role in financing companies that are likely involved in the development of active pharmaceutical ingredients, thus reinforcing their relevance in the pharmaceutical manufacturing landscape.


11. Investinor

  • Website: investinor.no
  • Type: Venture Capital
  • Headquarters: Trondheim, Trøndelag, Norway
  • Founded year: 2008
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: investinor

Investinor AS is a venture capital investment company based in Trondheim, Trøndelag, Norway, founded in 2008. The firm specializes in providing funding to promising startups and companies, helping them grow and achieve market leadership. Investinor manages state interests in seed and venture funds and collaborates with entrepreneurs and other investors. Notably, Investinor has participated in several transactions within the pharmaceutical sector, including a significant investment in Calluna Pharma, which raised €75M in Series A funding to expand its operations and develop its clinical pipeline. Additionally, they have invested in APIM Therapeutics, which focuses on drug development, further highlighting their involvement in the pharmaceutical industry.


12. 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 strong 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. Notably, Nordic Capital has made significant investments in the pharmaceutical sector, including a joint investment in Advanz Pharma, which focuses on developing innovative specialty pharmaceutical products. This investment, along with their acquisition of Advanz Pharma for $846 million, highlights their commitment to enhancing pharmaceutical pipelines, which often involves active pharmaceutical ingredients. Additionally, their involvement in other healthcare-related transactions, such as the acquisition of a stake in Equashield Medical, further underscores their active role in the healthcare industry.


13. Eir Ventures

  • Website: eirventures.eu
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2020
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: eir-ventures

Eir Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2020. The firm specializes in the life sciences sector, providing funding and support to innovative companies focused on developing new medical therapies. Eir Ventures aims to address unmet medical needs and enhance patient care through strategic investments in the life sciences industry. Notable transactions include a $64 million Series D investment in Galecto, which focuses on developing therapies for fibrotic diseases, and participation in a EUR 23 million Series A funding round for Hoba Therapeutics, a biotech company working on treatments for chemotherapy-induced peripheral neuropathy. Additionally, Eir Ventures was involved in a EUR 127 million Series B financing for IO Biotech, which is advancing immuno-oncology programs. These investments highlight Eir Ventures' commitment to supporting companies that are likely to engage in the development of active pharmaceutical ingredients as part of their therapeutic innovations.


14. Sound Bioventures


Sound Bioventures is a venture capital firm founded in 2021, based in Sweden, that specializes in investing in clinical-stage biotechnology companies across Europe and the USA. The firm aims to support the development of innovative medicines that address significant unmet medical needs by providing both financial backing and strategic guidance to its portfolio companies. Notable transactions include a seed financing round for Breye Therapeutics, which is advancing its lead compound to phase 1b, and a Series B2 financing for VarmX, which is preparing for pivotal clinical trials and seeking IND approval for its lead compound. Additionally, Sound Bioventures co-led a Series A financing for AbolerIS Pharma, further demonstrating their active role in supporting biotech firms that may be involved in the production of active pharmaceutical ingredients. These investments highlight their focus on companies that are integral to the pharmaceutical development process, making them a relevant player in the API manufacturing landscape.



Active Pharmaceutical Ingredients Manufacturing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
HealthCapStockholm, Stockholm, Sweden11-5019965
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
IndustrifondenStockholm, Stockholm, Sweden11-5019799
Novo NordiskDenmark10001+19234
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
FlerieStockholm, Stockholm, Sweden1-1020112
Hadean VenturesOslo, Oslo, Norway11-5020141
InnovestorHelsinki, Uusimaa, Finland11-50201412
Karolinska DevelopmentSolna, Stockholm, Sweden1-1020033
InvestinorTrondheim, Trøndelag, Norway11-5020084
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
Eir VenturesStockholm, Stockholm, Sweden1-1020202
Sound BioventuresSweden1-1020212


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