The Nordic region has consolidated its position as one of the most strategically important biologics hubs globally. Over the past 12 months, Nordic headquartered companies have executed multi-billion-dollar transactions, advanced first in class biologics to approval, and attracted disproportionate global capital relative to ecosystem size.
This ebook is designed for senior leaders across Business Development, R and D, Manufacturing, and Corporate Strategy who need signal, not noise. It is list driven, decision focused, and grounded in verifiable data. Every company, asset, and transaction included here reflects approved biologics, late-stage assets, or manufacturing critical capabilities.
The scope is strictly Nordic. The lens is biologics in the broadest sense, including monoclonal antibodies, bispecifics, ADCs, peptide therapeutics, radioligands, and advanced biologics manufacturing.
Transaction type: Acquisition Value: USD 8 billion Country: Denmark
Genmab announced the acquisition of Merus in late 2025, marking one of the largest European biotech transactions of the decade. The deal secures full ownership of petosemtamab, a Phase III bispecific antibody targeting EGFR and c MET for head and neck cancer.
This transaction represents a strategic pivot by Genmab towards a wholly owned late stage oncology portfolio, reducing long term dependency on partnered royalty models.
Strategic signal: Nordic biotechs are now buyers of global innovation, not just licensors.
Transaction type: Acquisition Value: USD 4.7 billion upfront plus milestones Country: Denmark
Novo Nordisk acquired Akero Therapeutics to secure efruxifermin, a Phase III FGF21 analogue for metabolic associated steatohepatitis. This move expands Novo Nordisk’s dominance beyond GLP 1 into adjacent metabolic diseases.
The acquisition follows Novo Nordisk’s strategic withdrawal from cell therapy and other non core areas, reinforcing a capital concentration strategy around obesity and cardiometabolic diseases.
Strategic signal: Platform focus is replacing portfolio breadth.
Transaction type: Global licensing and co development Value: Up to USD 5.3 billion Country: Denmark
Zealand Pharma entered a landmark obesity partnership with Roche for petrelintide, an amylin analogue currently in Phase II. Roche paid over USD 1.6 billion upfront, one of the largest upfront payments ever seen in obesity drug development.
The partnership includes co commercialisation and combination development with Roche’s GLP based assets.
Strategic signal: Nordic metabolic science is shaping global treatment standards.
Transaction type: Acquisition Value: USD 1.5 billion including milestones Country: Sweden
Swedish Orphan Biovitrum acquired Arthrosi Therapeutics to gain pozdeutinurad, a Phase III urate transporter inhibitor for severe gout.
The acquisition expands Sobi’s footprint beyond traditional rare diseases into high unmet specialty indications with biologic adjacency.
Strategic signal: Rare disease companies are selectively moving into adjacent chronic markets.
Transaction type: Asset acquisition Value: EUR 90 million upfront plus milestones Country: Denmark
LEO Pharma acquired global rights to spesolimab, an IL 36 receptor monoclonal antibody approved for generalised pustular psoriasis.
The deal strengthens LEO Pharma’s leadership in medical dermatology and transitions a first in class biologic into a company with deep commercial expertise in skin disease.
Strategic signal: Mature Nordic pharmas are consolidating around core therapeutic identity.
Indication: Alzheimer’s disease Company: BioArctic Status: Approved in EU 2025
BioArctic discovered lecanemab, the first disease modifying Alzheimer’s antibody approved in the European Union. EU approval triggered milestone payments and positioned BioArctic as one of Europe’s most successful CNS biologics innovators.
Why it matters: Proof that Nordic originated biologics can define global CNS markets.
Indication: Hypoparathyroidism Company: Ascendis Pharma Status: Approved US and EU
Ascendis Pharma achieved regulatory approval for the first long-acting parathyroid hormone replacement therapy, validating its TransCon technology platform.
Early commercial uptake has exceeded expectations, positioning Ascendis as a fully integrated commercial biotech.
Why it matters: Platform biologics can scale into sustainable commercial franchises.
Obesity is the gravity centre
Capital, talent, and partnerships are consolidating around obesity and metabolic disease. Nordic companies are not competing on incremental innovation but on platform dominance.
ADCs and bispecifics are no longer experimental
Late-stage success and regulatory approvals are normalising complex biologics as standard of care.
Manufacturing is a strategic differentiator
Nordic CDMOs such as NorthX Biologics are scaling advanced therapy manufacturing capacity, attracting international capital and clients.
Radiopharma is back
Targeted radiation combined with biologics is attracting both venture capital and pharma interest, signalling a coming wave of deal activity.
Nordic companies are global integrators
Partnerships increasingly span the US, Europe, and Asia, positioning Nordic firms as global system integrators rather than regional players.
The Nordic biologics ecosystem has entered a new phase. It is no longer defined by scientific promise alone, but by ownership of late-stage assets, manufacturing leverage, and global deal making power.
For senior leaders, the implication is clear. The Nordics are not optional. They are strategic.
References
- BioArctic AB (2025) Leqembi receives EU marketing authorisation. Stockholm: BioArctic Press Release.
- FierceBiotech (2025) Genmab to acquire Merus for USD 8bn. Available at: FierceBiotech.com.
- FiercePharma (2025) Novo Nordisk expands into NASH with Akero acquisition. Available at: FiercePharma.com.
- Reuters (2025) Roche signs landmark obesity deal with Zealand Pharma. London: Reuters.
- Swedish Orphan Biovitrum (2025) Sobi acquires Arthrosi Therapeutics. Stockholm: Sobi Investor Release.
- LEO Pharma (2025) LEO Pharma acquires global rights to spesolimab. Copenhagen: LEO Pharma Press Release.
- PR Newswire (2025) Actithera closes USD 75.5 million Series A financing. Oslo: PR Newswire.