The pharmaceutical manufacturing industry in Benelux involves companies engaged in the development, production, and distribution of medications and medical devices. This vibrant sector ranges from established multinational corporations to nimble startups specializing in innovative therapies. With a focus on biotechnology, generics, and specialty pharmaceuticals, firms here are driving significant advancements in healthcare. They also emphasize research and development, addressing challenges like antibiotic resistance and rare diseases. Emerging trends include an emphasis on personalized medicine, and many companies are harnessing technology to streamline production processes. It’s an exciting time for the industry, rife with opportunities for growth and collaboration.


The list of investors represents a mix of corporate and venture capital entities based in Luxembourg, the Netherlands, and Belgium. These firms range considerably in size, from small teams managing early-stage investments to larger entities with thousands of employees. Founded between 1980 and 2020, these investors have shown strong activity in 2024, collectively making over 400 investments. Each investor focuses on various aspects of pharmaceuticals—from venture funding for biotech startups to corporate investments in established firms. Their commitment to the sector underlines a robust investment climate fostering innovation and growth in pharmaceutical manufacturing.


Top 17 Pharmaceutical 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 in multiple sectors. Notably, the EIC has been involved in funding rounds for pharmaceutical companies, such as Antabio, which raised €25 million in a Series B financing round to advance its antibacterial combination therapy, and EpiEndo Pharmaceuticals, which secured €20 million in Series A funding for its COPD treatment. These transactions highlight the EIC's active role in supporting the pharmaceutical manufacturing industry, making it a significant player in this field.


2. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, established in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services. EIB focuses on supporting sustainable projects across various sectors, including healthcare and pharmaceuticals. In recent years, EIB has been involved in several notable transactions within the pharmaceutical manufacturing context. For instance, in 2020, EIB collaborated with the European Commission to provide €75 million in funding to CureVac for its vaccine programs, including its Covid-19 candidate. Additionally, EIB has supported Evotec with substantial debt financing in 2023 and 2017, and has also financed Emzor Pharmaceutical Industries and Antibiotice, further demonstrating its commitment to the pharmaceutical sector. These investments highlight EIB's role in promoting growth and innovation in pharmaceutical manufacturing.


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 founded in 2006, located in Naarden, North Holland, Netherlands. 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 investments in Insmed, a biopharmaceutical company focused on rare diseases, and Acorda Therapeutics, which develops therapies for neurological disorders. In 2023, Forbion participated in a $245 million Series A funding round for Aiolos Bio, a clinical-stage biopharmaceutical company, aimed at developing treatments for asthma. Additionally, Forbion led a Series A financing round for Prilenia, which is focused on late-stage trials for Huntington’s disease and ALS. These transactions highlight Forbion's active role in the pharmaceutical manufacturing landscape, particularly in supporting the development of innovative therapies.


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 a venture capital firm based in Amsterdam, Netherlands, founded in 1987. The firm specializes in private equity investments within the healthcare sector, connecting investors with innovative healthcare companies. LSP focuses on drug development and medical technology, aiming to foster advancements that address unmet medical needs. Notable transactions include their involvement in Amolyt Pharma, where they participated in multiple funding rounds (Series A, B, and C) aimed at advancing therapeutics for rare endocrine disorders. Additionally, LSP participated in a €39M Series B2 financing round for eTheRNA, a company involved in immunotherapies, showcasing their engagement in the pharmaceutical manufacturing space. Through these investments, LSP demonstrates a commitment to supporting companies that are likely involved in the development and manufacturing of pharmaceutical products.


5. M Ventures

  • Website: m-ventures.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 18
  • LinkedIn: merck-ventures

M Ventures is a venture capital fund based in Amsterdam, Netherlands, founded in 2009. The firm focuses on transformative ideas within the biotechnology and technology sectors, providing funding and strategic guidance to startups in healthcare, life sciences, and advanced technology. Notably, M Ventures has participated in significant funding rounds for companies like Calypso Biotech, which raised €20M to develop an anti-Interleukin-15 antibody for autoimmune conditions, and Galecto, which secured €79 million to advance clinical studies for treatments in idiopathic pulmonary fibrosis. These transactions highlight M Ventures' commitment to supporting innovative pharmaceutical developments and driving growth in the biotech sector.


6. 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. Notable transactions include their investment in Evotec, a company that plays a significant role in drug development and manufacturing, and Ablynx, which focuses on developing Nanobody therapeutics. These investments highlight Gilde's commitment to supporting companies that are pivotal in the pharmaceutical manufacturing landscape, making them a strategic partner for healthcare businesses seeking capital and strategic support.


7. 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 has been involved in several significant transactions in the pharmaceutical manufacturing context, including multiple funding rounds for Ablynx, a biopharmaceutical company specializing in Nanobody technology. They participated in Series A, B, and C funding rounds for Ablynx, totaling over $50 million. Additionally, Gimv invested $40 million in Kinaset Therapeutics, further emphasizing their active role in the healthcare and pharmaceutical sectors. Their clientele primarily consists of entrepreneurial companies seeking capital and expertise to navigate market challenges, particularly in the life sciences and healthcare industries.


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 specializes in providing financial solutions and strategic support to small and medium-sized enterprises (SMEs) in the province of Liege. Noshaq focuses on funding, project structuring, and business development, particularly in sectors such as biotech and sustainable development. The firm aims to foster growth and innovation by actively engaging with its clients and offering tailored financial assistance. Notably, Noshaq has been involved in significant transactions within the pharmaceutical sector, including a €15 million funding round for Hyloris Pharmaceuticals in 2020 and participation in a €35 million Series B financing round for Imcyse in 2019. Additionally, they supported Brenus Pharma in a $25 million Series A round in 2024, further demonstrating their commitment to investing in pharmaceutical manufacturing and biotech companies.


9. BGV (BioGeneration Ventures)


BioGeneration Ventures (BGV) is a venture capital firm based in Naarden, North Holland, Netherlands, founded in 2006. The firm specializes in seed investments in innovative early-stage biotech companies, providing both funding and support to help these companies develop disruptive solutions for unmet medical needs. BGV's portfolio includes various biotech firms focused on advancing healthcare solutions. Notably, BGV has participated in significant funding rounds for companies such as CatalYm, which is a clinical-stage biopharmaceutical company developing novel immunotherapies for cancer. In a recent Series C financing round, BGV was involved in a €50 million investment aimed at expanding CatalYm's clinical development program. Additionally, BGV has a history of supporting companies like argenx, which has raised substantial funds in Series A rounds, indicating their commitment to fostering growth in the pharmaceutical manufacturing sector.


10. 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 significant investments in the pharmaceutical manufacturing industry, notably leading a capital raise for Brains Bioceutical Corp., a company recognized for its EU-GMP-certified production of naturally sourced APIs for both pharmaceutical and nutraceutical applications. Additionally, dsm-firmenich has invested in Arecor, which focuses on biopharmaceuticals, and Interface Biologics, indicating a strategic interest in innovative health solutions. With a strong emphasis on sustainability and innovation, dsm-firmenich serves various industries, enhancing product offerings and addressing challenges within the pharmaceutical sector.


11. 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 investment firm based in Luxembourg, founded in 2005. It 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 focuses on delivering sustainable value and growth through strategic investments. In the pharmaceutical manufacturing sector, CVC has made significant acquisitions, including Genetic SpA in July 2020, which enhances its portfolio in the pharmaceutical space. Additionally, CVC acquired a controlling stake in Recordati S.p.A. in June 2018, further solidifying its presence in the industry. Another notable transaction was the acquisition of Theramex, a company formed from the international women's health assets of Teva Pharmaceutical Industries, which was finalized in early 2018. These transactions highlight CVC's strategic focus on the pharmaceutical manufacturing sector, making it a key player in this industry.


12. 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. They provide funding and strategic guidance to companies in the biotech and medtech sectors. Notable transactions include co-leading a €12M Seed investment in Artica Therapeutics in November 2023, which is focused on developing novel therapies. Additionally, they participated in the Series A funding of argenx, which raised $4.5 million in February 2010, and have been involved in other healthcare-related investments such as Bioceros and Enanta Pharmaceuticals. Their portfolio reflects a commitment to advancing healthcare solutions, making them a significant player in the pharmaceutical manufacturing landscape.


13. Brabantse Ontwikkelings Maatschappij (BOM)


The Brabantse Ontwikkelings Maatschappij (BOM) is a venture capital development agency based in Tilburg, North Brabant, Netherlands, founded in 1983. BOM supports startups and scale-ups in the Brabant region by offering various programs aimed at enhancing business growth, including readiness programs for venture capital and innovation in sustainable food and energy sectors. In recent years, BOM has been involved in significant funding transactions within the pharmaceutical and medtech industries. For instance, they participated in a Series A funding round for Citryll, which raised €15M to develop therapeutic antibodies targeting autoimmune diseases. Additionally, BOM was involved in Citryll's subsequent Series B funding rounds, raising over $89 million in December 2024 and $20 million in July 2020. They also invested in AcertaPharma, which raised $60 million in a Series A round in 2013. These investments highlight BOM's commitment to fostering innovation in the pharmaceutical manufacturing sector, making them a relevant player in this field.


14. 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 investment company based in Brussels, Belgium, founded in 2001. It provides a variety of financing solutions, including loans and co-financing, to startups, scale-ups, and established businesses across various sectors, including life sciences and pharmaceuticals. PMV has been involved in significant transactions in the pharmaceutical manufacturing context, such as its participation in multiple funding rounds for eTheRNA immunotherapies, which raised substantial amounts in Series A and Series B financing to develop proprietary mRNA technologies and therapeutic products. Additionally, PMV has invested in argenx, a company known for its innovative therapies, further solidifying its role in the pharmaceutical sector. With a focus on supporting sustainable growth in life sciences, PMV also offers consulting services to help businesses navigate investment challenges.


15. V-Bio Ventures

  • Website: v-bio.ventures
  • Type: Venture Capital
  • Headquarters: Ghent, Flanders, Belgium
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 6
  • LinkedIn: v-bio-ventures

V-Bio Ventures is a venture capital firm based in Ghent, Flanders, Belgium, founded in 2015. The firm specializes in life sciences investments, focusing on innovative companies in therapeutics, diagnostics, and sustainable agriculture. By providing capital and expertise, V-Bio Ventures helps these businesses transform scientific innovations into impactful products, addressing unmet needs in healthcare and agriculture. Notably, V-Bio Ventures has participated in significant funding rounds for companies such as Biodol Therapeutics, which raised over $7.5 million in 2024 and $5.4 million in 2020, and OCTIMET Oncology, which secured EUR 11.3 million for developing a MET kinase inhibitor for solid cancers. These transactions underscore V-Bio Ventures' commitment to advancing pharmaceutical innovations and their relevance in the pharmaceutical manufacturing sector.


16. 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 applications. In recent years, Azelis has made strategic acquisitions to strengthen its position in the pharmaceutical manufacturing industry. Notably, they acquired Megafarma, a Mexican specialty distributor for the pharma, food, and veterinary industries, which is expected to enhance their presence in the life sciences sector. Additionally, their acquisition of other companies like YDS Chemicals NV and Viet Chemicals further supports their commitment to providing high-quality raw materials and innovative solutions for pharmaceutical applications. These transactions highlight Azelis's focus on expanding its capabilities and market reach within the pharmaceutical sector.


17. 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. FundPlus primarily engages in Series A and B financing rounds, aiming to create sustainable shareholder value while contributing positively to societal impact. In 2022, FundPlus participated in a €39M Series B2 financing round for eTheRNA Immunotherapies, which focuses on mRNA technology for therapeutic applications. Additionally, they were involved in a €34 million Series B equity financing round for the same company, further emphasizing their commitment to pharmaceutical innovation. In 2024, FundPlus also invested in Tubulis, which raised over $139 million in a Series B round, focusing on oncology treatments. These transactions highlight FundPlus's active role in the pharmaceutical manufacturing landscape.



Pharmaceutical 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
M VenturesAmsterdam, North Holland, Netherlands11-50200918
Gilde HealthcareUtrecht, Utrecht, Netherlands51-200198212
GimvAntwerp, Flanders, Belgium51-20019808
NoshaqBelgium11-50198511
BGV (BioGeneration Ventures)Naarden, North Holland, Netherlands1-1020066
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
CvcLuxembourg1001-5000200516
Thuja CapitalUtrecht, Utrecht, Netherlands1-1020063
Brabantse Ontwikkelings Maatschappij (BOM)Tilburg, North Brabant, Netherlands51-200198310
PmvBrussels, Brussels, Belgium51-200200111
V-Bio VenturesGhent, Flanders, Belgium1-1020156
AzelisAntwerp, Flanders, Belgium1001-500020015
FundPlusLeuven, Flanders, Belgium1-1020152


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