The pharmaceutical contract manufacturing industry in the Nordics is pivotal in providing outsourced production services for drugs and biologics. This sector features various companies, from nimble biotech startups to established contract manufacturers. Services range from large-scale biomanufacturing to specialized packaging solutions, all aimed at meeting regulatory standards. The industry is evolving, with an increasing focus on biologics and personalized medicine, aligning with global trends in healthcare innovation. Factors such as digitalization and sustainability are driving operational efficiency. With the rise of complex therapies, the demand for skilled manufacturers in the Nordics is set to grow significantly.


The list features prominent pharmaceutical contract manufacturing investors across the Nordics, including various venture capital and corporate entities. Headquartered mainly in Sweden, Denmark, and Finland, these investors range in size from small firms to massive corporations, reflecting the robust investment ecosystem. Established between 1923 and 2019, their 2024 investment activity shows engagement through financing or strategic acquisitions. With notable investment activities like those from Novo Nordisk and the EQT Group, the region's commitment to supporting innovative pharmaceutical advancements is evident.


Top 18 Pharmaceutical Contract 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, founded in 1999. It manages the assets of the Novo Nordisk Foundation and focuses on investing in life science companies at various stages of development. The firm provides capital and strategic support to enhance healthcare solutions. In recent years, Novo Holdings has made significant investments in the pharmaceutical contract manufacturing space, including the acquisition of Catalent Pharma Solutions for $16.5 billion, which includes a secondary sale of manufacturing sites to Novo Nordisk for producing GLP-1 drugs. Additionally, they acquired The Ritedose Corporation, a sterile pharmaceutical manufacturer, to bolster their capabilities in bringing life-saving drugs to market. These strategic moves highlight Novo Holdings' commitment to the pharmaceutical contract manufacturing industry and its role in advancing healthcare solutions.


2. 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 various sectors and geographies. In the pharmaceutical contract manufacturing context, EQT has made notable investments, including the acquisition of Fertin Pharma, a Danish manufacturer of medicated chewing gum, and a majority interest in Aldevron, a leading supplier of plasmid DNA for gene therapies. Additionally, EQT has engaged with SHL Medical, a Swiss drug delivery provider, by acquiring a minority stake and later transferring that stake to EQT Future. These transactions highlight EQT's strategic focus on companies that play a crucial role in pharmaceutical manufacturing and drug delivery, reinforcing their position as a relevant investor in this industry.


3. 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 an industrial group that specializes in developing and acquiring companies with high technical expertise across various sectors, including technology and industrial solutions. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. Notably, Indutrade has made significant acquisitions in the healthcare and medical device sectors, such as the acquisition of MeHow Medical, an Irish medical device and engineering company, which highlights its interest in the healthcare market. Other acquisitions, like Krämer AG and Italprotec Industries, further demonstrate Indutrade's strategy of expanding its portfolio in areas that may intersect with pharmaceutical contract manufacturing, particularly in medical technology and engineering.


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 several pharmaceutical companies, including Calliditas Therapeutics, which raised funds in both Series C and Venture rounds, and InDex Pharmaceuticals, which has received multiple rounds of funding. These investments highlight Industrifonden's commitment to fostering growth in the life sciences sector, making them a significant player in the pharmaceutical landscape.


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 and manufacturing a range of medications, including semaglutide and various insulin products. In 2024, Novo Nordisk made notable strides in the pharmaceutical contract manufacturing sector by acquiring Alkermes' development and manufacturing facility in Athlone, Ireland, for approximately $91 million. This acquisition is part of a broader strategy to enhance their manufacturing capabilities and includes subcontracting arrangements with Alkermes. Additionally, Novo Nordisk has initiated exclusive negotiations to acquire a controlling stake in Biocorp, a French diabetes device maker, further solidifying their position in the pharmaceutical landscape. Their collaboration with ElevateBio also highlights their commitment to advancing technology in the pharmaceutical industry. Overall, Novo Nordisk's activities reflect a strong presence in pharmaceutical contract manufacturing, making them a significant player in this field.


6. 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, a global pharmaceutical company, to support its development and growth potential. They initially invested in Advanz Pharma in 2021 and have continued to enhance its pipeline of innovative specialty pharmaceutical products through further investments. Additionally, Nordic Capital's acquisition of a majority stake in IntegriChain, a pharma tech firm, highlights their commitment to improving efficiencies in the pharmaceutical supply chain. These transactions underscore Nordic Capital's active role in the pharmaceutical industry, particularly in areas related to contract manufacturing and operational improvements.


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 strong focus on biotech and pharmaceutical investments. The firm has built a portfolio of over 30 companies, providing them with resources and expertise to navigate the complexities of drug development. Flerie's investment strategy is primarily focused on Europe, Israel, and the US, aiming to create long-term value through strategic investments. Notable transactions include leading a Series A financing round for Synerkine Pharma, which is developing a cytokine fusion protein for clinical studies in complex regional pain syndrome, and participating in funding rounds for Prokarium, a biotech company working on microbial immunotherapy and vaccine development. These investments highlight Flerie's commitment to supporting innovative companies in the pharmaceutical sector, making them a relevant player in the pharmaceutical contract manufacturing landscape.


8. 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, specializing in venture capital, real estate, and energy storage. Founded in 2014, Innovestor provides funding and support to early-stage startups and corporations, with a particular focus on technology and life sciences. In 2024, they have made 12 investments, including significant funding rounds for companies like Neumirna Therapeutics, which raised over $20 million in Series A funding, and Gesynta Pharma, which secured nearly $27 million in Series B funding. Other notable investments include Aranda Pharma and Tribune Therapeutics, further emphasizing their commitment to the pharmaceutical sector. Innovestor's services encompass investment advice, corporate venturing, and participation in accelerator programs, positioning them as a key player in supporting innovation within the life sciences and pharmaceutical industries.


9. 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. It 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, Investinor has invested in APIM Therapeutics, which raised $3,011,750 in a venture round. These investments highlight Investinor's active role in supporting companies that may require contract manufacturing services as they advance their pharmaceutical products.


10. 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. Notable transactions include a seed financing round for Breye Therapeutics, which raised €4 million to advance its lead compound, and a Series A financing for AbolerIS Pharma, which secured €27.3 million to further its drug development. Additionally, Sound Bioventures led a €30 million Series B2 financing for VarmX, aimed at obtaining investigational new drug (IND) approval for its lead compound. These investments indicate a strong focus on companies that are likely to require pharmaceutical contract manufacturing services as they progress through clinical trials and regulatory approvals.


11. Cellink


Cellink is a Swedish biotechnology company founded in 2016, specializing in 3D bioprinting and biomaterials. They provide innovative bioprinters and bioinks to researchers and organizations in the life sciences sector, facilitating advancements in drug discovery, personalized medicine, and regenerative medicine. In recent years, Cellink has made several strategic acquisitions to enhance its capabilities in the pharmaceutical industry. Notably, they acquired MatTek Corporation for $68 million, which specializes in in-vitro technology aimed at improving drug testing models. Additionally, their acquisition of Cytena GmbH for approximately 30.25 million euros is expected to expand their presence in the pharmaceutical sector. These transactions reflect Cellink's commitment to advancing technologies that support pharmaceutical development and manufacturing processes.


12. Linc AB

  • Website: linc.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1991
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: linc-ab

Linc AB is an investment firm based in Stockholm, Sweden, founded in 1991. The firm specializes in the life science sector, focusing on investing in and developing small to medium-sized product-oriented life science companies in the Nordic region, primarily in pharmaceuticals and medical technology. Linc provides capital, expertise, and networking opportunities to help these companies grow and succeed. In 2024, Linc AB participated in a post-IPO debt transaction with Medivir, raising approximately $2.8 million. They also invested in OncoZenge, which secured around SEK 70 million in financing through a directed issue and rights issue. Additionally, Linc was involved in Gesynta Pharma's Series B funding round, which raised approximately $27 million, and they participated in a capital injection for Oncorena, which is focused on developing treatments for kidney cancer. These transactions demonstrate Linc AB's active role in supporting pharmaceutical companies, further solidifying their relevance in the pharmaceutical contract manufacturing space.


13. Investor AB

  • Website: investorab.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1916
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: investor-ab

Investor AB is an investment holding company based in Stockholm, Sweden, founded in 1916. It manages a diverse portfolio of high-quality global companies, focusing on long-term investments and providing strategic support primarily in the pharmaceuticals, telecommunications, and industrial sectors. Notably, Investor AB has made significant investments in the pharmaceutical industry, including the acquisition of Active Biotech for approximately $42 million in 2013 and Molnlycke Health Care in 2007. These transactions highlight their commitment to enhancing the performance and sustainability of their portfolio companies within the pharmaceutical sector, which may encompass contract manufacturing activities.


14. ADDvise

  • Website: addvisegroup.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1989
  • Headcount: 501-1000
  • LinkedIn: addvisegroup

ADDvise Group AB is a corporate investor based in Stockholm, Sweden, specializing in advanced medical technology and laboratory solutions. Founded in 1989, the company serves healthcare facilities and research institutions with a diverse range of products, including medical equipment and laboratory furniture. ADDvise operates with a decentralized business model, allowing its subsidiaries to maintain entrepreneurial spirit while benefiting from corporate support. Notably, ADDvise has made significant acquisitions relevant to the pharmaceutical contract manufacturing industry, including MRC Systems, a cleanroom manufacturer focused on pharmaceutical solutions, and Labplan Ltd., a distributor of advanced instruments and consumables for the life science and biopharmaceutical sectors. These transactions highlight ADDvise's strategic interest in enhancing its capabilities within the pharmaceutical manufacturing landscape.


15. Voima Ventures

  • Website: voimaventures.com
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2019
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: voima-ventures

Voima Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2019. The firm specializes in funding early-stage science-based innovations and deep tech ventures, providing capital and expertise to help startups scale their solutions for global challenges. Voima Ventures operates primarily in the Nordic and Baltic regions and has been involved in various sectors, including life sciences and advanced manufacturing. Notably, they participated in funding rounds for Avenue Biosciences, which raised $2.5 million in a seed round, and Finnadvance, a Finnish biotechnology startup that raised €1.2 million in seed financing. Additionally, they led a funding round for ArgusEye, which focuses on a sensor system platform designed to accelerate biotherapeutic development and manufacture. These transactions highlight Voima Ventures' active role in supporting innovations that are relevant to pharmaceutical contract manufacturing.


16. Addtech AB

  • Website: addtech.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1906
  • Headcount: 1001-5000
  • Number of deals in 2024: 9
  • LinkedIn: addtech-ab

Addtech AB is a corporate investor based in Stockholm, Sweden, founded in 1906. The company specializes in providing high-tech products and services across various sectors, including automation, electrification, energy, industrial solutions, and process technology. In recent years, Addtech has made significant acquisitions that enhance its presence in the pharmaceutical industry. For instance, in July 2022, Addtech Process Technology acquired Gotapack International AB, a company focused on equipment and services for the pharmaceutical sector. Additionally, in August 2020, Addtech Automation acquired Kaptas Oy, which specializes in automation systems for pharmaceuticals and food industries. Furthermore, in March 2019, Addtech Industrial Process acquired Thurne Teknik AB, a supplier of components and systems for the chemical and pharmaceutical industries. These strategic acquisitions reflect Addtech's commitment to improving operational efficiency and sustainability in the pharmaceutical sector, aligning with their overall mission to serve OEM manufacturers and end-users.


17. Handelsbanken i Sverige


Svenska Handelsbanken AB, founded in 1871 and based in Stockholm, Sweden, is a prominent bank that offers a comprehensive range of financial services, including loans, savings accounts, investment funds, and financial advice. The bank serves both individual consumers and businesses, emphasizing personal service and customer relationships. In recent years, Handelsbanken has been involved in several significant transactions within the pharmaceutical sector, including a $209.7 million debt raise for Recipharm, a leading contract manufacturer in the pharmaceutical industry, and equity raises for Egetis Therapeutics AB and Ascelia Pharma, both of which are engaged in pharmaceutical development. These transactions highlight Handelsbanken's active role in financing and supporting companies within the pharmaceutical contract manufacturing space, reinforcing its relevance in this sector.


18. Birk Venture

  • Website: birkventure.no
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2010
  • Headcount: 1-10
  • LinkedIn:

Birk Venture is an investment company based in Oslo, Norway, founded in 2010. It specializes in the life sciences sector, providing capital and strategic support to early-stage companies with innovative healthcare technologies. Birk Venture primarily serves entrepreneurs and businesses in the life sciences industry seeking investment to develop and commercialize their products. Notable transactions include investments in companies like APIM Therapeutics, which is advancing anti-cancer compounds, and Circio, which raised funds for its development. Their involvement in these companies highlights their focus on supporting pharmaceutical innovations, making them a relevant player in the pharmaceutical contract manufacturing landscape.



Pharmaceutical Contract Manufacturing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
IndustrifondenStockholm, Stockholm, Sweden11-5019799
Novo NordiskDenmark10001+19234
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
FlerieStockholm, Stockholm, Sweden1-1020112
InnovestorHelsinki, Uusimaa, Finland11-50201412
InvestinorTrondheim, Trøndelag, Norway11-5020084
Sound BioventuresSweden1-1020212
CellinkSweden201-50020160
Linc ABStockholm, Stockholm, Sweden1-1019911
Investor ABStockholm, Stockholm, Sweden51-20019164
ADDviseStockholm, Stockholm, Sweden501-100019890
Voima VenturesHelsinki, Uusimaa, Finland11-50201911
Addtech ABStockholm, Stockholm, Sweden1001-500019069
Handelsbanken i SverigeStockholm, Stockholm, Sweden10001+18714
Birk VentureOslo, Oslo, Norway1-1020100


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