The active pharmaceutical ingredients (API) manufacturing industry in Benelux plays a vital role in the healthcare system. Companies in this sector produce the essential components found in medications, ranging from large corporations to innovative startups. Many firms emphasize quality control and sustainability, often aligning with modern health trends. Benelux is witnessing growth, driven by rising demand for personalized medicine and biotechnology. Additionally, collaboration between academia and industry fosters advancements that enhance drug development processes. As regulatory scrutiny intensifies, companies are expected to invest more in compliance and technological upgrades, ensuring they meet both health standards and market needs.


The investors highlighted in this list represent a mix of corporate entities, venture capitalists, and private equity firms, all significantly contributing to the API manufacturing sector in Benelux. These investors are predominantly located in Belgium and the Netherlands, showcasing a strong geographic focus in key pharmaceutical hubs. Their firm sizes vary, from small boutique firms to large corporate entities with thousands of employees. Established between 1983 and 2006, most investors have made numerous deals in 2024, reflecting the ongoing interest in the healthcare sector, particularly in drug and API development.


Top 15 Active Pharmaceutical Ingredients 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 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 active pharmaceutical ingredients manufacturing context, such as providing funding to Exactmer for research in the synthesis and manufacture of oligonucleotide therapeutics. This funding, awarded through the EIC's Transition programme, aims to fast-track the development of new oligo chemistries, highlighting the EIC's commitment to supporting advancements in pharmaceutical manufacturing. Additionally, the EIC has funded other companies in the healthcare sector, further demonstrating its engagement in the pharmaceutical industry.


2. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services. EIB supports sustainable projects across various sectors, including healthcare and pharmaceuticals. Notably, EIB has been involved in significant transactions within the pharmaceutical industry, such as providing debt financing to Emzor Pharmaceutical Industries, which raised approximately $14 million in July 2022, and Antibiotice, which raised around $26.7 million in November 2023. Additionally, EIB has engaged with companies like Evonik Industries and Evotec, both of which are active in the pharmaceutical and active pharmaceutical ingredients sectors, through substantial debt financing transactions. This diverse portfolio highlights EIB's commitment to fostering growth and innovation in the pharmaceutical industry, particularly in the active pharmaceutical ingredients manufacturing context.


3. Forbion

  • Website: forbion.com
  • Type: Venture Capital
  • Headquarters: Naarden, North Holland, Netherlands
  • Founded year: 2006
  • Headcount: 11-50
  • Number of deals in 2024: 23
  • LinkedIn: forbion-capital-partners

Forbion is a venture capital firm based in Naarden, North Holland, Netherlands, founded in 2006. The firm specializes in the life sciences and bioeconomy sectors, providing investment management and support to biotech companies. Forbion collaborates with entrepreneurs and academic institutions to address unmet medical needs and improve patient outcomes. Notable transactions include their involvement in Acorda Therapeutics, which raised $55.3 million in a Series B round, and their recent participation in a $28 million seed financing round for Orbis Medicines, aimed at developing macrocycle drugs. These transactions highlight Forbion's commitment to supporting innovative therapies and technologies, which may include active pharmaceutical ingredients manufacturing.


4. Life Sciences Partners (LSP)

  • Website: lspvc.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1987
  • Headcount: 11-50
  • Number of deals in 2024: 15
  • LinkedIn: lsp-bioventures

Life Sciences Partners (LSP) is an investment firm based in Amsterdam, Netherlands, founded in 1987. LSP specializes in private equity investments within the healthcare sector, connecting investors with innovative healthcare companies. Their focus is on drug development and medical technology, aiming to foster advancements that address unmet medical needs. Notable transactions include leading a €24 million Series A financing round for eTheRNA, a company developing TriMix mRNA-based immunotherapy, and participating in a €39 million Series B2 financing round for the same company. These investments highlight LSP's commitment to supporting innovative drug development, which is closely aligned with the active pharmaceutical ingredients manufacturing industry. Additionally, LSP has been involved with companies like KuDOS Pharmaceuticals and Vivoryon Therapeutics, further emphasizing their focus on healthcare and drug development.


5. 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, founded in 2001. As a specialty chemical distributor and innovation service provider, Azelis offers a wide range of products and services, including application laboratories and international supply chain solutions. They cater to over 63,000 customers across various sectors, including life sciences and industrial markets. Notably, Azelis has made strategic acquisitions to enhance its presence in the life sciences sector. For instance, their acquisition of Megafarma, a Mexican specialty distributor for the pharma, food, and veterinary industries, is expected to bolster their growth in the pharmaceutical market. Additionally, their acquisition of Ingredi AB, a distributor for the Swedish food and health industry, further demonstrates their commitment to expanding their portfolio in health-related sectors. These transactions highlight Azelis's focus on providing high-quality raw materials and innovative formulations, which are crucial for active pharmaceutical ingredients manufacturing.


6. 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. With a workforce of over 10,000 employees, the company offers a diverse range of products, including fragrances, nutritional supplements, and active pharmaceutical ingredients (APIs). Notably, dsm-firmenich has made significant investments in the pharmaceutical sector, including a leading role in the $31.9 million 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. Additionally, dsm-firmenich has participated in various funding rounds for companies like Arecor and Interface Biologics, further showcasing their engagement in the pharmaceutical landscape. These transactions highlight dsm-firmenich's strategic focus on enhancing product offerings and addressing sustainability challenges within the health and pharmaceutical sectors.


7. 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 private equity firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC has made notable investments in the pharmaceutical sector, including a 50% stake acquisition in DFE Pharma, a key player in the excipients market, which is crucial for the manufacturing of active pharmaceutical ingredients. Other relevant transactions include their investments in companies like Evonik Industries and Alvogen, which further demonstrate their engagement in the pharmaceutical industry. CVC's strategic approach aims to deliver sustainable value and growth through its investments, making it a significant player in the active pharmaceutical ingredients manufacturing landscape.


8. 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, primarily targeting entrepreneurial companies seeking capital and expertise to navigate market challenges. Notably, Gimv has been involved in significant transactions within the healthcare sector, such as their investments in Ablynx, where they participated in multiple funding rounds, including Series A, B, and C, totaling over $50 million. This involvement highlights their commitment to advancing healthcare innovations. Additionally, their acquisition of a 20.87% stake in BioConnection in 2022 further emphasizes their engagement in the life sciences and biopharmaceutical manufacturing space, aligning with the active pharmaceutical ingredients manufacturing context.


9. 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, that provides financial solutions and strategic support to small and medium-sized enterprises (SMEs) in the province of Liege. The firm focuses on funding, project structuring, and business development, particularly in sectors such as biotech and sustainable development. In recent years, Noshaq has actively engaged in the biotechnology sector, making significant investments that align with the active pharmaceutical ingredients manufacturing industry. For instance, they led a Series-A financing round for Samabriva, a biotechnology company that is transitioning into a Contract Development and Manufacturing Organization (CDMO), which is directly relevant to API manufacturing. They also participated in funding rounds for HEPHAISTOS-Pharma, which is advancing its lead candidate towards clinical trials, and Hyloris Pharmaceuticals, which is involved in pharmaceutical development. These transactions illustrate Noshaq's commitment to fostering growth and innovation in the pharmaceutical sector, particularly in areas related to active pharmaceutical ingredients.


10. 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. With a workforce exceeding 10,000 employees and a global presence across 62 countries, Eurofins provides a comprehensive range of analytical and testing services across various sectors, including pharmaceuticals, food, and environmental industries. The company has made strategic acquisitions to bolster its position in the pharmaceutical sector, including the acquisition of Eurofins CDMO Alphora in 2017, which enhances its capabilities in contract development and manufacturing. Additionally, Eurofins acquired Tata's Advinus Therapeutics, marking a significant expansion into pharmaceutical development. Their acquisition of Sabater Pharma in Spain further establishes Eurofins as a leading provider of GMP-accredited analytical services, reinforcing their commitment to quality assurance in the pharmaceutical industry. Furthermore, the recent acquisition of Quasfar in Colombia aims to strengthen their presence in Latin America, particularly in the pharmaceutical sector, showcasing their ongoing investment in this field.


11. Thuja Capital

  • Website: thujacapital.com
  • Type: Venture Capital
  • Headquarters: Utrecht, Utrecht, Netherlands
  • Founded year: 2006
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: thuja-capital

Thuja Capital Management BV is a venture capital firm based in Utrecht, Netherlands, founded in 2006. The firm specializes in healthcare investments, focusing on supporting innovative healthcare ventures from start-up to scale-up. Thuja Capital provides funding and strategic guidance to companies in the biotech and medtech sectors. Notable transactions include a €12M Seed investment in Artica Therapeutics in November 2023, which may involve the development of new therapies, and a funding round for Cristal Therapeutics in December 2014, which raised approximately $7.46 million. These investments highlight Thuja Capital's commitment to advancing healthcare innovations, which could include active pharmaceutical ingredients manufacturing as part of their broader investment strategy.


12. 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, founded in 2001. It acts as an investment company for the Flemish government, providing a range of financing solutions, including loans and co-financing, to startups, scale-ups, and established businesses across various sectors such as real estate, clean tech, and life sciences. PMV also offers consulting services to help businesses navigate investment challenges and achieve sustainable growth. Notably, PMV has participated in significant funding rounds in the life sciences sector, including investments in eTheRNA, which raised €39M and €34M in Series B financing rounds for its mRNA-based immunotherapy technologies, and PharmaFluidics, a research diagnostics spinout that secured $9M in funding. These transactions highlight PMV's involvement in the pharmaceutical industry, particularly in innovative therapeutic developments, although its focus is not exclusively on active pharmaceutical ingredients manufacturing.


13. Capricorn Partners


Capricorn Partners is an investment management firm based in Leuven, Flanders, Belgium, specializing in venture capital, growth capital, and quoted equity funds. Founded in 1993, the firm focuses on innovative companies across various sectors, including digital technologies, health, and clean technologies. Capricorn Partners is committed to responsible investing, aiming to create both financial returns and strategic value for its clients. Notably, they have participated in several funding rounds for biotechnology companies, such as DMC Biotechnologies, which raised significant capital in Series A and B funding rounds, indicating their interest in the biotech sector. Additionally, their investment in c-LEcta, a company involved in biotechnology and food ingredients manufacturing, further highlights their engagement in sectors that overlap with active pharmaceutical ingredients manufacturing. These transactions reflect Capricorn Partners' strategy of supporting companies that are likely to contribute to advancements in health and pharmaceuticals.


14. FundPlus

  • Website: fundplus.be
  • Type: Venture Capital
  • Headquarters: Leuven, Flanders, Belgium
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: fund-

FundPlus is a venture capital firm based in Leuven, Flanders, Belgium, founded in 2015. The firm specializes in the life sciences sector, investing in innovative companies that are developing therapeutics, diagnostics, and medical devices, primarily at the Series A or B financing stages. FundPlus aims to create sustainable shareholder value while contributing to societal impact through its investments. In recent transactions, FundPlus participated in significant funding rounds for companies such as eTheRNA, which raised €39M and €34M in Series B financing to develop proprietary mRNA technologies and therapeutic products, and OCTIMET Oncology, which secured €11.3 million in Series A funding for a MET kinase inhibitor targeting solid cancers. These investments highlight FundPlus's commitment to advancing pharmaceutical innovations, which may include active pharmaceutical ingredients as part of their broader investment strategy.


15. Brabantse Ontwikkelings Maatschappij (BOM)


Brabantse Ontwikkelings Maatschappij (BOM) is a venture capital firm based in Tilburg, North Brabant, Netherlands, founded in 1983. BOM supports startups and scale-ups in the Brabant region through various programs aimed at enhancing business growth, including readiness programs for venture capital and innovation in sustainable food and energy sectors. They provide funding, expertise, and networking opportunities to facilitate success in competitive markets. Notably, BOM has participated in funding rounds for companies like Cristal Therapeutics, which raised €12.8 million to advance its clinical development of active pharmaceutical ingredients, specifically its lead candidate CriPec® docetaxel. Additionally, BOM has invested in RiboPro, which focuses on RNA-based therapeutics, and Citryll, which has raised significant funds for its biopharmaceutical initiatives. These transactions highlight BOM's engagement in the pharmaceutical sector, particularly in areas related to active pharmaceutical ingredients.



Active Pharmaceutical Ingredients Manufacturing Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
European Investment Bank (EIB)Luxembourg1001-5000195899
ForbionNaarden, North Holland, Netherlands11-50200623
Life Sciences Partners (LSP)Amsterdam, North Holland, Netherlands11-50198715
AzelisAntwerp, Flanders, Belgium1001-500020015
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
CvcLuxembourg1001-5000200516
GimvAntwerp, Flanders, Belgium51-20019808
NoshaqBelgium11-50198511
EurofinsLuxembourg10001+19878
Thuja CapitalUtrecht, Utrecht, Netherlands1-1020063
PmvBrussels, Brussels, Belgium51-200200111
Capricorn PartnersLeuven, Flanders, Belgium11-5019935
FundPlusLeuven, Flanders, Belgium1-1020152
Brabantse Ontwikkelings Maatschappij (BOM)Tilburg, North Brabant, Netherlands51-200198310


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