Iceland's biotech sector, while small in absolute numbers with ~25-30 companies, punches well above its weight due to unique population genetics advantages (deCODE ecosystem leveraging 376,000 homogeneous population with 1,000+ years genealogical records), sustainable manufacturing (100% renewable geothermal/hydro energy), and innovative use of marine resources. Notable exits include Kerecis ($1.2B acquisition by Coloplast, 2023) and deCODE ($415M acquisition by Amgen, 2012).
ALVOTECH (Reykjavik)
Status: Public (NASDAQ: ALVO) | Employees: ~900 | Website: alvotech.com
Iceland's largest biopharmaceutical company and global biosimilar leader. Founded by Róbert Wessman (former Actavis CEO). Vertically integrated 13,000m² manufacturing facility (41,000 ft² expansion 2021) leverages Iceland's renewable energy. 5+ approved products: AVT02 (Hadlima, adalimumab), AVT04 (ustekinumab), AVT05 (aflibercept), AVT06 (golimumab), AVT03 (denosumab). Partners: Teva (US), Fuji Pharma (Japan), ADVANZ PHARMA (Europe), Cipla. Acquired Xbrane's Swedish R&D operations (March 2025). €100M senior term loan (2026).
deCODE GENETICS (Reykjavik)
Status: Amgen subsidiary (acquired 2012, $415M) | Employees: ~130 | Website: decode.com
Global leader in human genetics research founded by Dr. Kári Stefánsson. Pioneered population-scale genomics with 200,000+ Icelandic participants - one of world's largest WGS collections. Provides target discovery and validation for Amgen pipeline, population genetics insights for clinical trial design. Model replicated globally (Regeneron/Geisinger, FinnGen).
ARCTIC THERAPEUTICS (Reykjavik/Akureyri)
Status: Private (Series A) | Founded: 2015 | Website: arctictherapeutics.com
Clinical-stage company founded by Dr. Hákon Hákonarson (former deCODE CSO, h-index 171). AT-001 Phase IIa for Alzheimer's and ultra-rare Icelandic dementia HCCAA (EMA Orphan Drug Designation). Leverages Iceland's unique genealogical database. €26.5M Series A (January 2025) from EIC Fund, Kaldbakur, Sanos Group.
EPIENDO PHARMACEUTICALS (Reykjavik)
Status: Private | Website: epiendo.com
Clinical-stage developing non-antibiotic macrolides ("Barriolides™") for COPD. Glasmacinal (EP395) Phase 2A completed (2024) - first-in-class oral barrier-enhancing treatment. €20M Series A (August 2021) from Flerie Invest, Iðunn Venture Fund.
KERECIS (Ísafjörður/Reykjavik)
Status: Coloplast subsidiary (acquired July 2023, $1.2B) | Website: kerecis.com
Iceland's most successful medtech unicorn exit. Fish-skin medical devices for wound healing from Atlantic cod (Pandalus borealis). Kerecis Omega3 Wound FDA-cleared 2013 for DFUs, burns, surgical wounds. 90+ peer-reviewed studies. Collaborates with US Department of Defense for military wound treatment.