PART II: SWEDEN
Market Overview

Sweden ranks as Europe's 4th largest biotech ecosystem with 1,000+ life science companies, including 200+ biologics/therapeutic developers and 300+ SwedenBIO member organisations. The Stockholm-Uppsala Life Science Cluster and Medicon Valley (Lund-Malmö) anchor the ecosystem, supported by Karolinska Institutet, Uppsala University, and Lund University. Over 50% of Swedish life science companies are located in the Stockholm-Uppsala region with 30,000+ employees across 500+ companies. Sweden has 80+ biotechs listed on Nasdaq Stockholm/First North and a pharmaceutical R&D pipeline of 351 drugs in development (5th in Europe).

Section A: Swedish Therapeutic Developers
Major Companies

ASTRAZENECA (Gothenburg/Södertälje/Mölndal)

Status: Public (Nasdaq: AZN) | Swedish Employees: ~12,000 | Market Cap: ~$210B

Global biopharmaceutical giant with Swedish R&D center in Mölndal (small molecules). Extensive oncology/immunology biologics portfolio including ADCs (Enhertu, Padcev), checkpoint inhibitors (Imfinzi, Tremelimumab), and bispecifics. Södertälje site designated "global launch facility" for biologics manufacturing with $135M expansion for 50% increased biologics prefilled syringe capacity (operational 2027). BioVentureHub(Gothenburg) nonprofit innovation hub hosts 40+ emerging companies. OligoNova platform partnership with University of Gothenburg for oligonucleotide therapeutics.

SWEDISH ORPHAN BIOVITRUM (SOBI) (Stockholm)

Status: Public (Nasdaq Stockholm: SOBI) | Employees: 1,800 | Revenue: SEK 26B ($2.7B, 2024) | Market Cap:~$10.5B

International rare disease biopharmaceutical specialist. Haematology products: Elocta/Eloctate (rFVIII-Fc hemophilia A), Alprolix (rFIX-Fc hemophilia B), Altuvoct (launched 2024). Immunology: Kineret (anakinra, IL-1R antagonist), Gamifant (emapalumab for primary HLH). Specialty: Synagis (palivizumab, RSV), Beyfortus royalties (25-35% US sales), Doptelet, Zynlonta, Vonjo. Pipeline: SEL-212 (chronic refractory gout, SEK 2-5B peak sales potential); Aspaveli (C3G/IC-MPGN, EC approved January 2026). December 2025 announced Arthrosi Therapeutics acquisition. 30+ CDMO partners globally.

Neuroscience/CNS

BIOARCTIC AB (Stockholm)

Status: Public (Nasdaq Stockholm: BIOA B) | Founded: 2003 | Stock: SEK 320+

Research-based biopharma focused on neurodegenerative disease-modifying treatments. Lecanemab (Leqembi®) humanized anti-Aβ protofibril IgG1 antibody for Alzheimer's disease - approved in 51 countries including US, Japan, China, UK. FDA-approved IV maintenance dosing (January 2025) and subcutaneous autoinjector LEQEMBI IQLIK (August 2025). Partnerships with Eisai (global development since 2007) and Biogen (co-commercialisation since 2014). Stock up 128% in 2022 following positive Clarity AD Phase 3.

ALZECURE PHARMA AB (Huddinge)

Status: Public (Nasdaq First North: ALZCUR) | Karolinska Institutet spinout focused on neurodegenerative/pain treatments using NeuroRestore and Painless platforms.

Oncology/Immuno-Oncology

ALLIGATOR BIOSCIENCE AB (Lund)

Status: Public (Nasdaq Stockholm: ATORX) | Founded: 2000 | Market Cap: ~$8.7M

Clinical-stage immuno-oncology antibody developer. Mitazalimab (CD40 agonist) Phase 3-ready following unprecedented 18-month survival data in OPTIMIZE-1 trial (metastatic pancreatic cancer). ALLIGATOR-GOLD human antibody library and RUBY bispecific format platforms. Partnerships with Aptevo, MacroGenics, Orion, Shanghai Henlius.

BIOINVENT INTERNATIONAL AB (Lund)

Status: Public (Nasdaq Stockholm: BINV) | Founded: 1997

Antibody-based immuno-oncology with proprietary n-CoDeR library (30+ billion human antibody genes). BI-1206(anti-FcγRIIB) Phase 1/2a; BI-1808 (anti-TNFR2) Phase 1/2a; BT-001 (CTLA-4 oncolytic virus with Transgene). MSD/Merck clinical collaboration (2024).

CANTARGIA AB (Lund)

Status: Public (Nasdaq Stockholm: CANTA) | Founded: 2010 | Stock: ~SEK 4.09

Antibody developer targeting IL1RAP for cancer and autoimmune diseases. Nadunolimab (CAN04) Phase 2a for pancreatic cancer, NSCLC - dual mechanism blocking tumour inflammation and stimulating immune-mediated elimination. CAN10 Phase 1 for autoimmune diseases.

MENDUS AB (Stockholm/Gothenburg)

Status: Public (Nasdaq Stockholm: IMMU) | Immuno-oncology cell therapy company. DCP-001 allogeneic dendritic cell vaccine in Phase 2 ADVANCE-II for AML maintenance, Phase 1 ALISON for ovarian cancer. Manufacturing capabilities from lab to commercial scale.

Transplantation/Autoimmune

HANSA BIOPHARMA AB (Lund)

Status: Public (Nasdaq Stockholm: HNSA) | Stock: ~SEK 31.24

Commercial-stage developing IgG-cleaving enzyme therapies. Imlifidase (IDEFIRIX®) first-in-class enzyme conditionally approved in Europe for kidney transplant desensitization. US BLA submitted December 2025 following positive Phase 3 ConfIdeS results (eGFR 51.5 vs 19.3, p<0.0001). 5-year follow-up: 90% patient survival. Gene therapy enabling collaborations with Genethon and Sarepta for pre-treatment in gene therapies. Next-gen HNSA-5487 with redosing potential in Phase 1.

CALLIDITAS THERAPEUTICS AB (Stockholm)

Status: Public (Nasdaq: CALT, Stockholm: CALTX) | TARPEYO®/Kinpeygo® first FDA-approved treatment for IgA nephropathy. Full approval December 2023 based on NefIgArd Phase 3 demonstrating eGFR benefit 5.05 mL/min/1.73m² vs placebo. STADA partnership for EU commercialization.

Cell & Gene Therapy

ANOCCA AB (Södertälje)

Status: Private | Founded: 2014 | Clinical-stage TCR-T cell therapy developer targeting KRAS mutations in pancreatic cancer. Nordic's largest GMP-certified cell therapy manufacturing facility licensed 2024. €25M EIB venture debt (2024), partnerships with EmendoBio and MaxCyte.

NEXTCELL PHARMA AB (Huddinge)

Status: Public (Nasdaq First North: NXTCL) | ProTrans allogeneic MSC therapy for Type 1 diabetes - 6-year follow-up shows sustained C-peptide preservation. Cellaviva Scandinavia's largest private stem cell bank.

Additional Swedish Therapeutic Developers
Company
Location
Focus
Stage
Elicera Therapeutics
Gothenburg
CAR-T, oncolytic viruses (iTANK)
Clinical
Ilya Pharma
Uppsala
Cell & gene therapy for wound healing
Clinical
Lokon Pharma
Uppsala
Oncolytic viruses
Preclinical
Egetis Therapeutics
Stockholm
Emcitate for MCT8 deficiency
Clinical
Infant Bacterial Therapeutics
Stockholm
Premature infant treatments
Clinical
Diamyd Medical
Stockholm
GAD65 vaccine for Type 1 diabetes, FDA Fast Track
Phase 3
Affibody
Solna
Antibody mimetics
Clinical
Lipum
Umeå
Anti-BSSL mAb for autoimmune diseases
Clinical
Annexin Pharmaceuticals
Stockholm
Biologic for cardiovascular
Clinical
2A Pharma
Malmö
AAVLP vaccines
Preclinical
Abera Bioscience
Uppsala
Multi-antigen vaccine platform
Platform
Ziccum
Lund
Dry powder biologics technology
Platform
Camurus
Lund
FluidCrystal drug delivery
Commercial
Klaria Pharma
Uppsala
Alginate film oral delivery
Platform
Nanexa
Uppsala
PharmaShell drug delivery
Platform
Aprea Therapeutics
Sweden
ATR inhibitors, WEE1 inhibitors
Phase 1
Asgard Therapeutics
Lund
Direct cell reprogramming
€30M Series A
Modus Therapeutics
Stockholm
Sevuparin for sepsis
Phase 1b positive
Spago Nanomedical
Lund
Tumour-selective MRI, radionuclide
Clinical
Sprint Bioscience
Huddinge
Cancer/metabolism therapies
Clinical
SynAct Pharma
Lund
Inflammation targeting
Clinical
Tribune Therapeutics
Stockholm
CCN protein fibrosis therapies
Preclinical
Vicore Pharma
Stockholm
IPF small molecules
Clinical
Section B: Swedish Vendors & Service Providers
CDMOs

NORTHX BIOLOGICS AB (Matfors/Stockholm)

Status: Private (Flerie Invest-led) | Website: nxbio.com

GMP manufacturing for advanced biologics: pDNA, mRNA, recombinant proteins, viral vectors, cell therapies, outer membrane vesicles. 7,000m² facility, 30+ years GMP experience. Designated Swedish national innovation hub for advanced therapeutics (Vinnova-supported). Clients include Mendus, Abera Bioscience, Amarna Therapeutics.

RECIPHARM AB (Stockholm)

Status: Private (EQT IX since 2021) | Employees: ~9,000 | Revenue: SEK 14.7B ($1.4B)

4th largest global CDMO with end-to-end services. ReciBioPharm division for nucleic acids, microbiome, viruses. 2022 acquisitions: Vibalogics (CGT), GenIbet (biologics), Arranta Bio (microbiome, mRNA). Swedish facilities in Höganäs, Karlskoga, Solna, Uppsala.

CYTIVA (Uppsala/Umeå)

Status: Danaher Corporation subsidiary (acquired 2020 for $21.4B) | Swedish Employees: 1,200-1,300 (Uppsala), ~450 (Umeå)

World leader in bioprocessing technologies rooted in Pharmacia heritage (Nobel Prize research). Products include Sephadex, Sepharose, MabSelect, Capto resins; ÄKTA purification; single-use FlexFactory; HyClone media; Biacore SPR; Sefia/Sepax/Xuri cell therapy; KUBio modular facilities. Uppsala hosts one of world's largest chromatography resin manufacturing facilities, 75%+ of FDA-approved biologics (2019) used Cytiva technologies. Uppsala University strategic partnership (2024).

TESTA CENTER (Uppsala)

Founded: 2018 | National testbed for biomanufacturing on Cytiva premises. 2,500m² non-GMP pilot-scale facility with four bioprocessing labs. ~EUR 10M Vinnova funding, ~EUR 4.5M Cytiva investment.

CROs
Clinical CROs
Company
Location
Services
Scandinavian CRO/Aurevia
Uppsala
Full-service Phase I-IV, Nordic coverage
Clinical Trial Consultants
Uppsala
Early phase FIH through Phase II
LINK Medical
Sweden
Phase I-IV, regulatory, early oncology
TFS HealthScience
Lund
Full-service global CRO, ~800 employees
A+ Science
Sweden
Phase I-IV, medical devices
Optimapharm
Stockholm
Global CRO, 2x NA/EU reach
Preclinical CROs
Company
Location
Services
Scantox Sweden
Lund, Solna, Gothenburg
GLP toxicology, Göttingen Minipig
Truly Labs
Lund
Customized in vitro/in vivo, biomarkers
Cellectricon
Mölndal
Neuroscience drug discovery
HepaPredict
Stockholm
3D spheroid drug metabolism/toxicity
Admescope
Södertälje
ADME-Tox, metabolite profiling
Pronexus Analytical
Bromma
CNS pharmacology, microdialysis
Analytical Service Providers
Company
Location
Services
Nordic BioAnalysis (NBAB)
Södertälje
115+ methods, protein characterisation, QC
Lablytica
Uppsala
GLP bioanalytical, method validation
Thermo Fisher/PPD Bioanalytical
Gothenburg
29,000 sq ft new lab Q4 2025, 140 jobs
ALS Scandinavia GMP Labs
Luleå, Sollentuna, Landskrona
Elemental impurities, microbiology, stability
Pelago Bioscience
Solna
CETSA target engagement assays
SARomics Biostructures
Lund
X-ray crystallography, fragment screening
Research Tools Companies

ATLAS ANTIBODIES AB (Stockholm)

Ownership: Patricia Industries (Investor AB) | Products: 22,000+ validated antibodies from Human Protein Atlas project, PrecisA Monoclonals, MolBoolean technology. Global distribution including Sigma-Aldrich.

GENOVIS AB (Kävlinge)

Status: Public (Nasdaq First North) | SmartEnzymes for biologics characterization: FabRICATOR, GlycINATOR, GlyCLICK. Applications across mAb, ADC, biosimilar QC. Waters Corporation partnership. SwedenBIO Award 2023.

Additional Research Tools
Location
Products
TATAA Biocenter
Gothenburg
Molecular analysis training, qPCR services
Mabtech
Nacka Strand
ELISpot/FluoroSpot assays, antibodies
BioNordika Sweden
Sweden
Reagents, endotoxin testing, Lonza distribution
Agrisera
Sweden
Plant/algal cell biology antibodies
SenzaGen
Lund
GARDskin genomic assays (animal-free testing)
Qlucore
Lund
Bioinformatics visualization software
Innovation Hubs & Infrastructure
  • AstraZeneca BioVentureHub (Mölndal): 30+ resident companies, Thermo Fisher partnership 2024
  • Karolinska Institutet Science Park (Stockholm): Nobel Prize awarding institution ecosystem
  • SmiLe Venture Hub (Lund): Southern Sweden accelerator
  • Sahlgrenska Science Park (Gothenburg): Health tech accelerator
  • CCRM Nordic (Gothenburg): ATMP development acceleration, GMP facility under construction