Private equity firm Nordic Capital invests in imaging research outfit
Private equity investors in recent years have poured capital into radiology practices, device-repair firms, and now medical imaging research, too.
Stockholm, Sweden-headquartered Nordic Capital is investing an undisclosed sum in Minerva Imaging, the two disclosed recently. Founded in 2011 and based in Denmark, the contracted research and development organization specializes in molecular imaging, oncology and cardiovascular disease.
Terms of the transaction were not disclosed, with Nordic hoping to close the deal by the end of September, subject to regulatory approval. The private equity firm noted that the radiopharmaceutical market is poised for “significant growth” over the next decade, driven by increasing incidence of cancer and growing demand for precision medicines.
“Minerva is a frontrunner in its field, and we are deeply impressed by the team and what they have built over the past 15 years,” Jonas Agnblad, partner and co-head of Nordic Capital Evolution, said in a statement June 10. “Its rigorous scientific approach and well-established platform positions the company strongly to capture future growth in the radiopharmaceuticals sector.”
Together, the two companies said they plan to accelerate Minerva Imaging’s growth, pursue international expansion and further strengthen its platform and service offerings. Their ambition is to eventually build a “global market-leading radiopharmaceutical platform.” Minerva typically partners with pharmaceutical and biotechnology companies, helping them bring new drugs to market. It employs a team of over 150 “highly skilled” professionals, including several PhD-level scientists. Minerva has experienced “rapid growth” in recent years, generating 2024 revenue of nearly $35 million (USD).
Nordic Capital—which has previously invested in the healthcare industry—said it plans to leverage its own in-house expertise and external networks to facilitate Minerva Imaging’s continued growth. Its Evolution investment platform targets middle-market companies across northern Europe, with a pool of nearly $3.7 billion in capital.
Minerva Imaging recently touted the results from a study conducted in partnership with Blue Earth Therapeutics, investigating the efficacy of a novel PSMA (prostate-specific membrane antigen)-targeting radiopharmaceutical.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.