Nordic Life Science 1
68 ”INTERNATIONAL PLAYERS, PARTICULARLY FROM ASIA
AND THE US ARE GOING TO SHOW MORE STRATEGIC INTEREST IN ENTERING THE EUROPEAN MARKET THROUGH TARGETED ACQUISITIONS, DRAWN BY THE REGION'S STRONG INNOVATION BASE.” W hat do you predict when it comes to M&A activity in the Nordic life science industry this year? “I would say that we could expect a moderate upturn in M&A activity. Exits via IPOs will remain challenging, so M&A will likely become the preferred exit strategy for many Nordic life science startups and scale-ups. Companies with platform technologies (e.g., AI-driven drug discovery, therapy-enabling technologies such as biomarker platforms, companion diagnostics) are likely to be high-priority M&A targets. Continued challenges in the public markets (especially for smaller life science firms) will prompt distressed or undervalued companies to consider acquisition.” What advice do you have for small and mid-sized Nordic life science companies looking to raise capital? “Create a compelling investment narrative with a strong TPP, clear value proposition, and competitive advantage. Highlight the capabilities and experience of your team to build investor confidence. Also, consider smaller, realistic valuations with milestone-driven funding rounds and exploit the Nordic investment ecosystem through syndication and partnerships. Don’t forget to make a clear development plan with achievable, near-term milestones, and approach strategic investors and apply for non-dilutive funding. Last but not least, be transparent about risks and show how you are reducing economic and geopolitical uncertainties.” Anything you would like to add when it comes to predicting the life science financial landscape in 2025? “I think in 2025 continued valuation contraction and ongoing funding scarcity are going to push many companies to consider acquisition as a viable path forward. International players, particularly from Asia and the US are going to show more strategic interest in entering the European market through targeted acquisitions, drawn by the region's strong innovation base. The broader shift toward healthcare digitization, coupled with big pharma’s increasing reliance on specialized, external innovation, are going to further drive demand for Nordic technologies and platforms.” NLS 4 X CRITERIA FOR INVESTMENT IN 2025 What factors do you consider particularly important in order to invest in a company right now? 1. World-class science translating into technology platforms giving showcase TPPs. 2. Potential for MoC >20x. 3. Dedicated team with scientific knowledge and execution skills to achieve milestones. 4. Compelling value offerings to support strategic dedecision making and fundraising. INVESTMENT OUTLOOK // Q&A