The pharmaceutical manufacturing industry in the Nordics revolves around developing, producing, and commercializing medications and biological products. This sector hosts a mix of companies from large multinational corporations to dynamic startups, focused on areas such as biotechnology, therapeutics, and innovative drug delivery systems. The industry is increasingly leaning towards personalized medicine, leveraging advanced technologies such as genomics and data analytics for drug development. Notably, the Nordics rank high in R&D investment per capita globally, pointing towards remarkable growth in pharmaceutical innovation. Furthermore, the region is known for its robust regulations ensuring high-quality manufacturing processes, actively driving international collaboration.


In this article, we explore 19 prominent investors shaping the pharmaceutical manufacturing scene in the Nordics. Predominantly venture capital firms and private equity players, these investors range from established enterprises like EQT Group, headquartered in Stockholm, to innovative startups in Hellerup and Oslo. Established between 1923 and 2014, these investors vary in staff sizes, funding capabilities, and investment approaches, with 2024 deal counts reflecting their active engagement. Notably, many have committed to supporting groundbreaking pharmaceutical innovations and enhancing the local healthcare ecosystems, indicating ongoing trends in investment growth.


Top 19 Pharmaceutical 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. Novo Holdings provides capital and strategic support to enhance healthcare solutions. Notably, in February 2024, Novo Holdings announced the acquisition of Catalent Pharma Solutions for $16.5 billion, which includes a significant sale of manufacturing sites to Novo Nordisk for the production of GLP-1 drugs, such as Wegovy and Ozempic. This acquisition highlights their active role in pharmaceutical manufacturing. Additionally, they have invested in Evotec, contributing to its expansion in outsourced services and pipeline growth, and have participated in funding rounds for PTC Therapeutics, supporting the clinical development of therapies for serious conditions. These transactions underscore Novo Holdings' strategic focus on enhancing pharmaceutical manufacturing capabilities and innovation.


2. Almi

  • Website: almi.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 201-500
  • Number of deals in 2024: 7
  • LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Among their notable transactions, Almi has invested in several pharmaceutical companies, including LipUm, which raised $297,874 in a seed round in 2016, and Amniotics, which secured $2,117,204 in a venture round in 2019. Other significant investments include Oblique Therapeutics, which raised $2,500,000 in 2015, and Umecrine Cognition, which received funding in 2016. These transactions highlight Almi's commitment to supporting innovation and development in the pharmaceutical sector, making them a relevant player in this field.


3. 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 that are pivotal in the pharmaceutical manufacturing landscape. Notably, they have made significant investments in PTC Therapeutics, contributing to multiple funding rounds, including a $40 million Series D round in 2001 and subsequent rounds totaling over $66 million in the following years. Additionally, they invested $65 million in Pharmion in a venture round in 2001. These transactions highlight HealthCap's active role in supporting pharmaceutical companies that are advancing research and bringing new products to market.


4. 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 various investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. In the pharmaceutical manufacturing context, EQT has made notable investments, including the acquisition of Galderma, which became the largest independent global dermatology company after being sold by Nestlé for CHF 10.2 billion. They also acquired PAREXEL for $8.5 billion, a key player in biopharmaceutical services. Furthermore, EQT has invested in SHL Medical, a Swiss drug delivery provider, indicating their commitment to the pharmaceutical manufacturing industry.


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 innovative insulin products and semaglutide. In 2024, Novo Nordisk made a significant acquisition of Alkermes' development and manufacturing facility in Athlone, Ireland, for approximately $91 million, which highlights their focus on enhancing their manufacturing capabilities. Additionally, their past acquisitions, such as ZymoGenetics in 1988 and Emisphere Technologies in 2020 for $1.8 billion, demonstrate their strategic approach to expanding their portfolio and capabilities in the pharmaceutical sector. Novo Nordisk's customers include healthcare providers and patients who rely on their advanced treatments for effective disease management.


6. Sunstone Life Science Ventures


Sunstone Life Science Ventures is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investments in early-stage life science companies, focusing on innovations in therapeutics, medical technology, and diagnostics. Sunstone provides funding and business development support to help its portfolio companies navigate the path from research to market. Notable transactions include investments in Egalet, which raised funds through Series B and Post-IPO Equity rounds, indicating a focus on pharmaceutical development. Additionally, their involvement with Galecto, which raised significant funding in Series C and D rounds, highlights their commitment to advancing pharmaceutical candidates, particularly in the area of respiratory diseases. These transactions underscore Sunstone's active role in the pharmaceutical manufacturing sector, making them a relevant investor in this field.


7. 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 Round to support its drug development efforts. They also participated in the Series A financing of Oncopeptides, which is focused on developing treatments for multiple myeloma. More recently, Industrifonden was involved in a significant financing round for Minervax, a biotech company advancing a vaccine candidate for Group B Streptococcus, highlighting their active role in supporting pharmaceutical innovations. Their focus on creating long-term value through partnerships with passionate founders aligns well with the goals of the pharmaceutical manufacturing industry.


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 supporting 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, a company working on treatments for fibrotic diseases, and a $68 million Series A investment in SciRhom, which is involved in developing therapies for cancer. Additionally, Hadean Ventures co-led a $41.3 million Series B round for Step Pharma, which is advancing its lead compound into clinical trials, and participated in a $80 million Series C funding for Pipeline Therapeutics, focusing on sensorineural hearing loss and multiple sclerosis. These investments highlight Hadean Ventures' commitment to advancing pharmaceutical innovations and their relevance in the pharmaceutical manufacturing sector.


9. 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 supports a portfolio of over 30 companies by providing resources and expertise to navigate the challenges of drug development. Flerie's investment strategy aims to create long-term value through strategic investments primarily in Europe, Israel, and the US. Notable transactions include a $3.5 million investment in LipUm for post-IPO equity, and significant funding rounds for Prokarium, which is developing microbial immunotherapy and vaccines for various cancers and infectious diseases. Additionally, Flerie led a €20 million Series A funding for EpiEndo Pharmaceuticals, aimed at developing treatments for COPD. These transactions highlight Flerie's commitment to advancing pharmaceutical manufacturing and innovation.


10. Business Finland

  • Website: businessfinland.fi
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2018
  • Headcount: 501-1000
  • Number of deals in 2024: 26
  • LinkedIn: business-finland

Business Finland is a public entity established in 2018 that supports Finnish companies in their growth and internationalization efforts. It offers funding, consulting services, and market opportunities to help businesses innovate and succeed in global markets. Business Finland plays a crucial role in promoting trade, tourism, and foreign investment in Finland. In the pharmaceutical manufacturing context, they have been involved in several relevant transactions, including a €2,100,000 low-interest loan to Faron Pharmaceuticals for the manufacturing of interferon (IFN) beta-1a, which is a critical component in the pharmaceutical industry. They have also provided grants to companies like ReBio Technologies and TILT Biotherapeutics, further demonstrating their commitment to fostering innovation in the pharmaceutical sector.


11. 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 pharmaceutical companies such as Neumirna Therapeutics, which raised over $20 million in Series A funding, and Gesynta Pharma, which secured approximately $27 million in Series B funding. Other notable investments include Tribune Therapeutics and Aplagon, further demonstrating their active role in the pharmaceutical manufacturing sector.


12. 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 collaborates with entrepreneurs and other investors, managing state interests in seed and venture funds. Notably, Investinor has participated in several key transactions in the pharmaceutical sector, including a Series A funding round for Calluna Pharma, which raised €75M to expand operations and develop its clinical pipeline. Additionally, Investinor has invested in BerGenBio, a company focused on developing first-in-class drugs for aggressive cancers, participating in both Series C and Series D funding rounds. These transactions highlight Investinor's active role in supporting pharmaceutical innovation and development.


13. 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. Karolinska Development provides portfolio management and research support to its investments, catering to investors and organizations in the healthcare industry. Notably, they have been involved in several transactions with Modus Therapeutics, a company developing pharmaceutical products. These transactions include multiple rounds of post-IPO debt funding, with amounts raised such as $1,132,256 in May 2022 and $497,916 in March 2025, as well as bridge financing to enhance clinical development. This active participation in funding pharmaceutical companies underscores their commitment to advancing the pharmaceutical manufacturing sector.


14. 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 a larger industrial group that focuses on developing and acquiring companies with high technical expertise across various sectors, including technology and industrial solutions. In 2024, Indutrade has already made 14 investments, showcasing its active role in the market. Notably, Indutrade has acquired MeHow Medical, an Irish company specializing in medical devices and engineering, which enhances its portfolio in the healthcare sector. Additionally, the acquisition of Labema, a provider of laboratory products and diagnostic equipment, further strengthens its position in the pharmaceutical manufacturing context. These transactions highlight Indutrade's commitment to investing in companies that contribute to the pharmaceutical and medical industries, while still maintaining a diversified investment strategy.


15. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They specialize in supporting researchers and entrepreneurs in commercializing deep tech innovations through various programs that provide business guidance, financing, and community networking. With a focus on active ownership, they help startups scale and succeed in the market. Notably, Chalmers Ventures has invested in companies like Stayble Therapeutics, which raised over $3.4 million in a Post-IPO equity round in April 2023, indicating their engagement in the pharmaceutical sector. Additionally, their investments in Alpha Therapy Solution and Nyctea Technologies further demonstrate their involvement in healthcare-related technologies, making them a relevant player in the pharmaceutical manufacturing landscape.


16. Seed Capital Denmark

  • Website: seedcapital.dk
  • Type: Venture Capital
  • Headquarters: Frederiksberg, Frederiksberg, Denmark
  • Founded year: 2004
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: seed-capital-denmark

Seed Capital Denmark is a venture capital firm based in Copenhagen, specializing in providing seed funding and advisory services to technology startups in Denmark. Founded in 2004, the firm has a strong track record of successful investments, supporting its portfolio companies from seed stage to exit. Notably, Seed Capital has invested in several companies within the pharmaceutical sector, including Galecto, which raised over $6 million in a Series B round for its drug development efforts, and Acesion Pharma, which focuses on innovative cancer therapies. Additionally, they have supported Minervax, a company working on vaccine development, and Oncology Venture, which is involved in anticancer drug development. These transactions highlight Seed Capital's engagement in the pharmaceutical manufacturing industry, despite their broader focus on technology sectors like SaaS and Fintech.


17. 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 notable 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. In the pharmaceutical sector, Nordic Capital has made significant investments, including a joint investment in Advanz Pharma to support its growth and development, as well as a previous acquisition of Advanz Pharma for $846 million to enhance its innovative specialty pharmaceutical products. Additionally, Nordic Capital's involvement in Braeburn Pharmaceuticals highlights its interest in advancing treatments for opioid use disorder, further solidifying its position in the pharmaceutical manufacturing landscape.


18. 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 127 million Series B financing round for IO Biotech, which is advancing immuno-oncology programs. Additionally, Eir Ventures invested in Hoba Therapeutics, which is developing treatments for chemotherapy-induced peripheral neuropathy, and Strike Pharma, which is working on clinical trials for its drug candidates. These investments highlight Eir Ventures' commitment to supporting pharmaceutical development and manufacturing processes.


19. 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 is dedicated to supporting the development of innovative medicines that address significant unmet medical needs, providing both financial backing and strategic guidance to its portfolio companies. Notable transactions include a €27.3 million Series A financing for AbolerIS Pharma, which aims to advance its drug development, and a €30 million Series B2 financing for VarmX, which is focused on obtaining investigational new drug (IND) approval for its lead compound. Additionally, Sound Bioventures co-led a seed financing round for Breye Therapeutics, which is advancing its lead compound to phase 1b trials. These investments highlight Sound Bioventures' commitment to the pharmaceutical manufacturing sector and its role in fostering the growth of companies that are developing critical therapies.



Pharmaceutical Manufacturing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Novo HoldingsHellerup, Denmark51-200199945
AlmiStockholm, Stockholm, Sweden201-50019947
HealthCapStockholm, Stockholm, Sweden11-5019965
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Novo NordiskDenmark10001+19234
Sunstone Life Science VenturesCopenhagen, Denmark1-1020071
IndustrifondenStockholm, Stockholm, Sweden11-5019799
Hadean VenturesOslo, Oslo, Norway11-5020141
FlerieStockholm, Stockholm, Sweden1-1020112
Business FinlandHelsinki, Uusimaa, Finland501-1000201826
InnovestorHelsinki, Uusimaa, Finland11-50201412
InvestinorTrondheim, Trøndelag, Norway11-5020084
Karolinska DevelopmentSolna, Stockholm, Sweden1-1020033
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
Chalmers VenturesSweden11-50201526
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
Eir VenturesStockholm, Stockholm, Sweden1-1020202
Sound BioventuresSweden1-1020212


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