Cheryl Barton is director of PharmaVision, 

Cheryl Barton

Copenhagen city skyline in Denmark at famous old Nyhavn port | Image Credit: ©f11photo -stock.adobe.com


The Nordic region is among the world's leading biotechnology hubs, combining world-class academic research, robust public healthcare, experienced venture capitalists (VCs), and competitive pharmaceutical companies. Since January 2026, several large pharma companies have made strategic acquisitions or licensed Nordic assets. These include Eli Lilly’s US$1 billion licensing deal with neurology leader AlzeCure and Sobi’s US$950 million acquisition of autoimmune/inflammatory specialist Asthrosi Therapeutics.

 Meanwhile, institutional investors such as Novo Holdings, EQT, and specialized life-science funds have focused on companies with clinical-stage assets, artificial intelligence (AI)-powered drug-discovery platforms, precision medicines, and advanced biologics.

Denmark's Strategy for Life Science Towards 2030: Driving Innovation

Whilst Denmark might seem an unlikely hub for pharmaceutical production, it has a thriving life sciences ecosystem that few other countries can match. In 2024, the country unveiled its “Strategy for Life Science Towards 2030”, bringing together recommendations from a Life Science Council composed of representatives from industry, academia, patient groups, healthcare providers, and employee organizations to drive economic growth and innovation.

 The strategy's implementation seeks to improve the framework for the sector, enhance the industry as a Danish competitive edge, and provide a cohesive healthcare system for patients.

To achieve this, the government plans to support viable new companies through increased backing for innovative life science startups and to improve research and health data utilization by expanding AI and innovation for enhanced patient care. It aims to promote innovative healthcare solutions by improving access to effective, efficient, and labor-saving health services and new medicines. The strategy also involves creating competitive production and investment conditions to make Denmark more attractive for life science manufacturing and attract foreign investments. Additionally, Denmark wants to assume a more active international role by engaging in global health issues and advocating for Danish health solutions worldwide. Supporting Europe as a competitive life science region and establishing a favorable regulatory environment are also key objectives.

What Are Some Danish Biotechs to Watch Out for?

Denmark is known for its extensive manufacturing industry, including companies such as Fujifilm Biotechnologies and AGC Biologics, as well as significant pharmaceutical exports from firms such as ALK, Leo Pharma, Lundbeck, and Novo Nordisk. The country also boasts a dynamic biotech community, featuring leaders such as GenMab, a leading antibody engineering firm, and Zealand Pharma, recognized for obesity treatments. Moreover, Denmark nurtures innovative biotech start-ups, which are increasingly attracting VC and pharmaceutical interest (

Danish Biotech Companies that Have Recently Attracted Venture Capital and Pharmaceutical Investment

According to the Export and Investment Fund of Denmark (EIFO), from 2018 to 2024, 106 unique Danish life science companies attracted VC funding. More than half were biotech firms, while medtech and healthtech each accounted for about 25%.

VC investments in Danish life sciences have nearly tripled since 2018, representing over a third of the market in 2024.

The following are some Danish biotech companies to keep an eye on include.

 is a clinical-stage biotech developing next-generation antibody-drug conjugates (ADCs) to target cancer. The company is advancing three ADCs: ADCE-T02 (solid tumors), ADCE-D01 targeting uPARAP (soft tissue sarcoma), and ADCE-B05 (undisclosed target). In April 2026, the company closed an oversubscribed US$75 million Series C financing round led by Jeito Capital, with participation from numerous investors, including Novo Holdings. To date, the company has raised US$323 million in funding. In May 2026, it entered into a collaboration with MSD to evaluate ADCE-T02 in combination with Keytruda in patients with advanced solid tumors.

 In 2024, Adcendo signed a licensing agreement with Multitude Therapeutics for the worldwide development and commercialization of ADCE-T02.

is a private biotech company supported by the BioInnovation Institute and the Technical University of Denmark (DTU). It focuses on discovering highly tumor-specific antibodies that target cancer-related glycan–protein epitopes, known as combotopes. This innovative technology was developed at DTU. In June 2026, Combotrope formed a partnership with Boehringer Ingelheim to leverage Boehringer Ingelheim’s SMART-Phage platform to develop tumor-selective antibody therapies for cancer.

 is a clinical-stage techbio firm leveraging its proprietary AI-Immunology platform to develop personalized vaccines for cancer and infectious diseases. Evaxion's AI-immunology platform uses machine learning models, trained on immunological data, to predict antigens likely to trigger T-cell or antibody responses. In September 2025, it licensed its vaccine candidate EVX-B3 to MSD in a deal valued at up to US$592 million. The company also retains an option for a second vaccine candidate, EVX-B2, with the evaluation period extended, and a licensing decision anticipated in 2026.

 The company is also developing EVX-01, a personalized cancer vaccine in phase 2 trials for melanoma and EVX-B4, a bacterial vaccine candidate.

is an international biotechnology company established in 1999.It has developed a broad range of antibody-based therapeutic formats, including bispecific antibodies, ADCs, immune-modulating antibodies and other next-generation modalities. It has a strategic focus on novel drug combinations, including immune checkpoint inhibitors combined with immunomodulators such as T‑cell immunoreceptor with Ig and ITIM domains and lymphocyte activating 3 (LAG-3).

 In September 2025, GenMab acquired Netherlands-based Merus for approximately US$8 billion to expand its late-stage pipeline, gaining access to petosemtamab, an epidermal growth factor receptor (EGFR) and the leucine-rich repeat-containing G-protein-coupled receptor 5 (LGR5) bispecific antibody in phase 3 for head and neck cancer and MCLA‑145, a bispecific antibody targeting CD137 and Programmed Cell Death Protein-1 (PD-1)/Programmed Death-Ligand 1 (PD-L1) for solid tumors.

is a disease-agnostic techbio company specializing in peptide-based drug discovery and preclinical contract research services. The company leverages itsAI-powered platforms, streaMLine and Conclude, to identify and optimize peptide-based therapeutics targeting metabolic diseases. Lead obesity programs include partnered assets with AbbVie, ABBV-295 (a long-acting amylin analogue), Amylyx Pharmaceuticals, AMX0318 (GLP-1 receptor antagonist), and Boehringer Ingelheim, BI 3034701 (a triple agonist). Its internal lead candidate, GUB-UCN2, is a next-generation peptide for healthy weight loss now progressing in clinical development. In March 2025, Boehringer Ingelheim initiated a phase 2 study with BI 3034701 for the treatment of overweight and obese patients.

is a biotechnology company at the clinical stage, focused on developing therapies for blood clotting disorders. The company is building a portfolio of innovative treatments including sutacimig (HMB-001), a bispecific antibody currently in clinical trials for preventing Glanzmann thrombasthenia and Factor VII deficiency. Additionally, HMB-002, a monovalent antibody under clinical development, aims to prevent Von Willebrand Disease. In May 2026, it closed its initial public offering (IPO) generating approximately US$347 million before expenses, with an offer price of US $18 per share.

 Hemab has previously raised a total of US$310 million across 4 funding rounds, with notable investors including RA Capital Management, Novo Holdings, Access Biotechnology, and HealthCap.

 is a privately held biopharmaceutical company established in 2020 and based in Copenhagen, Denmark. It aims to treat neurodegenerative diseases by enhancing resilience to misfolded protein pathology and protecting brain functions, including cognition. Its all-in-human discovery platform identifies new targets to boost the brain’s defenses. In January 2026, the company received a US$1 million research grant from the Alzheimer’s Association to support its ongoing phase 1 trial of MNA-001. MNA-001 is a small-molecule agonist against triggering receptor expressed on myeloid cells 2 (TREM2) on microglia; TREM2 is thought to play a central role in Alzheimer's disease pathology.

,founded in 2022 by Sevan Habeshian, specializes in creating oral macrocycle therapeutics targeting validated biologic drug targets. The company leverages its proprietary nGen platform to systematically investigate macrocycle chemical space, combining automated chemistry with machine learning. So far, Orbis Medicines has secured approximately US$126 million in funding across multiple rounds, including a €90 million (US$94–$93 million) Series A in January 2025, led by New Enterprise Associates and supported by investors such as Lilly Ventures, Cormorant, Novo Holdings, and Forbion.

 focuses on developing cardiometabolic therapies and leveraging human genetics for transformative medicines.In December 2025, the company raised 700 million kroner (US$109 million) in Series A funding, with investors including Novo Holdings, Forbion, RA Capital Healthcare Fund, and Gilde Healthcare.

This funding follows a prior agreement with Shanghai Minwei Biotechnology, a subsidiary of Lepu Medical Technology. The deal grants Sidera exclusive rights outside China to MWN105, a triple agonist for obesity that targets the glucagon-like peptide-1

GLP-1)/Glucose-dependent insulinotropic polypeptide (GIP)/fibroblast growth factor-21 (FGF21) receptors.

focuses on advancing medicines for obesity and metabolic health by leveraging AI/ML technologies. Zealand Pharma's pipeline includes the amylin analogue petrelintide, which is in phase 2 clinical trials, in development with Roche, and the glucagon/GLP-receptor dual agonist survodutide, which is in phase 3 development with Boehringer Ingelheim.

 In December 2025, Zealand signed a US$2.5 billion oral cardiometabolic deal with OTR Therapeutics.

 In March 2026, it established a US research hub in Cambridge, Massachusetts, to expand its drug discovery capabilities.

Future Opportunities for Investment in Danish Biotechs

Denmark’s life science sector is a vital part of its economy, with exports hitting €25.6 billion in 2023, constituting 16.7% of the country's total goods exports. The government plans to double this to €46 billion by 2030.

 The biotech industry in Denmark exhibits strong growth potential, supported by a robust innovation ecosystem, increased venture funding, and new major funding initiatives. This growth will be further catalyzed by the implementation of the Strategy for Life Science Towards 2030. Recent investment activity indicates that Danish biotech companies are on the VC and pharma radar, and new opportunities exist to invest in early-stage startups and deep tech, and to establish cross-border collaborations.

AlzeCure Pharma enters into a collaboration and out-licensing agreement with Lilly for Alzheimer’s project. Press release. AlzeCure Pharma. Published June 9, 2026. 

https://www.alzecurepharma.se/en/alzecure-pharma-enters-into-a-collaboration-and-out-licensing-agreement-with-lilly-for-alzheimers-project/

Sobi completes acquisition of Arthrosi Therapeutics, strengthening pipeline for the potential treatment of gout. Press release. Sobi. Published February 9, 2026. 

https://www.sobi.com/en/press-releases/sobi-completes-acquisition-arthrosi-therapeutics-strengthening-pipeline-potential-treatment-gout-2424540

Strategy for life. The Danish Government. Published November 2024. 

https://healthcaredenmark.dk/media/zrkgvi0v/ls2030.pdf

Danish Life Science Venture Capital - Recent trends and market outlook. EIFO. Published July 2025. 

https://eifo.dk/media/pspncjev/danish-life-science-venture-capital-market-analysis-2024.pdf

Adcendo ApS announces clinical collaboration and supply agreement with MSD to Evaluate ADCE-T02 in combination with KEYTRUDA® (Pembrolizumab) in a phase Ib study in patients with advanced solid tumors. Press release. Adcendo. Published May 26, 2026 

https://adcendo.com/adcendo-aps-announces-clinical-collaboration-and-supply-agreement-with-msd-to-evaluate-adce-t02-in-combination-with-keytruda-pembrolizumab-in-a-phase-ib-study-in-patients-with-advanced-solid-t/

Combotope Therapeutics enters into collaboration with Boehringer Ingelheim to advance first-in-class tumor-selective antibody therapies for cancer. Press release. ComboTope Therapeutics. Published June 23, 2026. 

https://www.combotopetherapeutics.com/news

Evaxion out-licenses vaccine candidate EVX-B3 to MSD. Press release. Evaxion. September 25, 2025. 

https://evaxion.ai/?press_release_id=10586

Genmab takes full control of Acasunlimab development program. Press release. Genmab. Published August 5, 2024. 

https://ir.genmab.com/news-releases/news-release-details/genmab-takes-full-control-acasunlimab-development-program

Genmab to acquire Merus, expanding late-stage pipeline and accelerating into a wholly owned model. Press release. Genmab. Published September 29, 2025. 

https://ir.genmab.com/news-releases/news-release-details/genmab-acquire-merus-expanding-late-stage-pipeline-and/

Boehringer Ingelheim initiates Phase 2 clinical trial of Gubra-originated triple receptor agonist for people living with overweight and obesity. Press release. Gubra. Published July 16, 2026. 

https://www.gubra.dk/mfn_news/boehringer-ingelheim-initiates-phase-2-clinical-trial-of-gubra-originated-triple-receptor-agonist-for-people-living-with-overweight-and-obesity/

Hemab Therapeutics announces closing of upsized initial public offering and full exercise of underwriters’ option to purchase additional shares. Press release. Hemab Therapeutics. Published April 5, 2026. 

https://ir.hemab.com/news-releases/news-release-details/hemab-therapeutics-announces-closing-upsized-initial-public

Tracxn. Hemab - 2026 Company Profile, Funding, Competitors & Financials. Accessed July 31, 2026. 

https://tracxn.com/d/companies/hemab/__CfdVMAqF2YeRbtiGAMle3Qp89yfCMvpOebdSJ8UMp1E

Muna Therapeutics Awarded $1 Million Alzheimer's Association Grant to Advance Clinical Development of Novel Oral TREM2 Agonist MNA-001 for Alzheimer’s. Press release. Muna Therapeutics. Published January 8, 2026. 

https://munatherapeutics.com/news/muna-therapeutics-awarded-usd1-million-alzheimer-s-association-grant-to-advance-clinical-development-of-novel-oral-trem2-agonist-mna-001-for-alzheimer-s/

Life Science Europe. nGen technology platform. Life-Sciences-Europe.com. Published June 1, 2025. Accessed July 13, 2026. 

https://www.life-sciences-europe.com/product/ngen-technology-platform-macrocycle-drug-discovery-products-2001-37670.html

Sidera Bio secures DKK 700 million in one of Denmark’s largest ever Series A biotech rounds. Press release. CVX Ventures. Published December 7, 2025. 

https://www.linkedin.com/posts/sidera-bio-secures-dkk-700-million-in-one-share-7404129708986191872-OTA7/

Boehringer Ingelheim and Zealand Pharma Advance Dual-Acting GLP-1/glucagon Agonist BI 456906 to Phase 2 Clinical Testing in Obesity/Diabetes. Pressrelease. Boehringer Ingelheim. Published September 3, 2019. 

https://www.boehringer-ingelheim.com/us/media/press-releases/boehringer-ingelheim-and-zealand-pharma-advance-dual-acting-glp-1-glucagon-agonist-bi-456906-phase-2

Manufacturing Chemist. Roche expands GLP-1 cardiometabolic portfolio with Zealand Pharma collaboration. Manufacturing Chemist. March 12, 2025. Accessed April 8, 2026. 

https://www.manufacturingchemist.com/roche-zealand-pharma-cardiometabolic-disease-partnership

Zealand Pharma & OTR Therapeutics partner in $2.5B metabolic drug deal. Press release Towards Healthcare. Published December 16, 2025. 

https://www.towardshealthcare.com/news/zealand-pharma-otr-therapeutics-partnership-weight-management

Zealand Pharma establishes U.S. research hub in Cambridge. Press release. Zealand Pharma. Published March 24, 2026. 

https://www.globenewswire.com/news-release/2026/03/24/3261434/0/en/Zealand-Pharma-Establishes-U-S-Research-Hub-in-Cambridge-Massachusetts-to-Expand-Drug-Discovery-Capabilities-and-Accelerate-Medicine-Creation.html

Tendata. Exports in Denmark Market Analysis 2025 - by Country & Company. Published April 17, 2026. 

https://web.tendata.com/blogs/export/10895.html

Cheryl Barton, PhD, is founder and director of PharmaVision, Pharmavision.co.uk.

Articles

Denmark is consolidating its role as a Nordic life-science investment magnet, supported by strong public-health data infrastructure, manufacturing depth, and active specialist capital. The national “Strategy for Life Science Towards 2030” targets startup formation, AI-enabled R&D and care delivery, improved access to innovative medicines, and globally competitive production and regulatory conditions. Venture funding has accelerated since 2018, with biotech dominating deal flow. High-interest companies span oncology ADCs, tumor-selective antibody discovery, AI-immunology vaccines, neurodegeneration, coagulation disorders, oral macrocycles, and cardiometabolic/obesity platforms.

Venture-based Danish biotechs are driving innovation and gaining traction with investors.

Danish Biotechs Attracting Investor Attention

Chronic obstructive pulmonary disease, respiratory diseases, 3d illustration | Image Credit: ©Crystal light -stock.adobe.com

According to the World Health Organization, chronic non-communicable diseases remain the leading causes of death in Europe. Cardiovascular and cancer-related causes are by far the top causes of death, followed by respiratory diseases, including chronic obstructive pulmonary disease (COPD), pneumonia, and asthma, which together account for 7.8% of deaths.

 European biotechnology companies are reshaping the treatment landscape for chronic respiratory diseases by moving beyond broad immunosuppression towards precision medicines that target the molecular drivers of airway inflammation, tissue remodeling, and fibrosis.

In asthma and COPD, advances in human genetics, single-cell transcriptomics, and artificial intelligence (AI) are enabling the identification of novel therapeutic targets and biomarkers that support patient stratification. Earendil Labs (United Kingdom) and Relation Therapeutics (UK) are utilizing AI-driven platforms to accelerate the development of biologics and small molecules targeting immunoinflammatory and immunometabolic pathways.

Pharma developers are increasingly classifying patients into two main types: Type 2 (Th2/ILC2-mediated, eosinophilic) and the more challenging Type 1 (Th1-mediated, neutrophilic, steroid-resistant) asthma. For Type 2 asthma, a range of therapies are already available, including anti-IgE and anti-interleukin therapies (IL-5 and IL-4/IL-13). In contrast, Type 1 and mixed phenotypes tend to respond better to treatments such as anti-tumour necrosis factor (TNF)-α agents, CXCR2 antagonists, IL-17 blockers, and JAK-STAT inhibitors. Pharma companies are continuously seeking new targets and formulations to improve efficacy and dosing approaches. Verona Pharma (UK) gained approval for its dual PDE3/4 inhibitor, Ohtuvayre (ensifentrine), while Theravance Biopharma, part of Zymeworks, received approval for its inhaled JAK inhibitor, Yupelri (revefenacin).

Companies are developing novel drugs that target cytokines, intracellular signalling, and gene-level mechanisms upstream. For instance, AstraZeneca’s anti-thymic stromal lymphopoietin (TSLP) monoclonal antibody (mAb) Tezspire (tezepelumab) and IL-33 blocker tozorakimab have shown robust reductions in exacerbations, often across biomarker subgroups, paving the way for biomarker-agnostic biologics.

 Long-acting anti-TSLP agents are now under development by Earendil Labs and Windward Bio (Basel) and may offer improved efficacy and reduce dosing.

Small-molecule drugs targeting immunoinflammatory and fibrotic pathways are also in development for patients for whom biologics may not be suitable.

 For instance, Sitryx (UK) is developing a novel drug that mimics naturally occurring anti-inflammatory metabolites produced by activated macrophages, while Orbis Medicines (Denmark) is evaluating macrocyclic small molecules that target intracellular proteins typically inaccessible to biologics.

Although cell and gene therapies are still in the concept phase, some European groups are exploring gene-editing or RNA-based approaches to correct rare monogenic causes of lung disease.

 To this end, Ethris GmbH (Germany) is developing inhaled messenger RNA therapeutics and vaccines for respiratory and genetic diseases utilizing its SNIM RNA and SNaP LNP platform.

Idiopathic Pulmonary Fibrosis an Emerging Area of Innovation

Idiopathic pulmonary fibrosis (IPF) has emerged as another major area of innovation, particularly following the approval of Boehringer Ingelheim’s Jascayd (nerandomilast) in May 2026.

 Many of the large pharma companies have products in clinical development, including AstraZeneca (AZD8965; Phase 1), Boehringer Ingelheim (BI 765423; Phase 2), Eli Lilly (MTX-463; Phase 2), and Bristol Myers Squibb (admilparant, Phase 3).

 Several European biotechs are developing therapies that intervene earlier in fibroblast activation and extracellular matrix (ECM) remodeling, including Alentis Therapeutics, Calluna Pharma, Engitix, HAYA Therapeutics, Redx Pharma, and Windward Bio, which are developing therapies targeting fibroblast activation, epithelial-mesenchymal transition, ECM biology, and long non-coding RNA (

 Novel Respiratory Targets in Clinical Development. (Figure courtesy of the author)

Which respiratory projects are private investors and the pharmaceutical industry focusing on?

European respiratory biotechnology continues to attract significant investor attention despite a selective funding climate. Investment has increasingly focused on firms with unique biological approaches, validated clinical targets, and programs in late-preclinical or clinical stages. Since January 2026, substantial funding rounds have backed companies working on next-generation biologics, long-acting antibodies, fibrosis treatments, and immune-modulating platforms. Crossover investors and specialist healthcare funds favor projects that can provide distinct advantages over existing standards of care.

In May 2026, Windward Bio raised US$165 million in crossover funding to advance WIN378, an ultra-long-acting anti-TSLP mAb in Phase 2/3 asthma trials and Phase 2 COPD studies. In June 2026, Engitix partnered with GSK to validate ECM-driven mechanisms in liver and lung fibrosis, with a £44.5 million upfront payment and an additional £118 million per target. Earendil and Relation attracted significant AI-platform funding and collaborations targeting autoimmune and inflammatory diseases, including airway and lung conditions.

Which European players should we monitor in the respiratory field?

Several European biotechs are evaluating novel respiratory agents in clinical trials (

 European Biotechnology Companies Developing Respiratory Programs

 is a clinical-stage biotech company focusing on cancer and fibrosis. It has a pipeline of anti-Claudin-1 antibody-drug conjugates (ADCs) and mAbs. In May 2024, it received FDA orphan drug status for lixudebart, an antibody targeting a unique CLDN1 epitope in fibrotic tissue associated with IPF.

In Phase 1 studies with healthy volunteers, lixudebart was well-tolerated with no serious safety concerns. It is now in trials for liver fibrosis and vasculitis. In May 2023, the company was awarded a CHF 2.4 million Swiss accelerator grant by Innosuisse to develop its ADC technology.

is a clinical-stage company pioneering work in inflammatory and fibrotic diseases by targeting upstream amplifiers. Calluna has a pipeline of selective antibodies targeting immunological diseases, including CAL101, a mAb targeting the DAMP protein S100A4, associated with pathological activation and proliferation of fibroblasts. The company has completed recruitment for the Phase 2 AURORA study in IPF, and top-line data are due to be released in Q1 2027. In January 2024, the company completed a €75 million Series A financing round led by Forbion, with participation from Norwegian investors Sarsia, p53, and Investinor.

 is an AI-powered biotechnology company advancing next-generation biologics for patients with autoimmune diseases, cancer, and other areas. In January 2026, the company announced a strategic partnership with Sanofi to develop a bispecific candidate for multiple autoimmune and inflammatory diseases. Earendil Labs will receive up to US$160 million in upfront and near-term payments tied to early program achievements.

. On March 20, 2026, Earendil Labs completed a US$787 million financing round led by global investors, including Dimension Capital, DST Global, INCE Capital, Luminous Ventures, Miracle Capital, Sanofi, and Biotech Development Fund (created by Hillhouse and Pfizer), and others. The funding will accelerate Earendil Labs' AI-driven R&D platform.

is a biotech firm developing therapies that target ECM to combat cancer and fibrosis. In January 2026, it announced it had secured US$25 million in a Series A funding round to advance its ECM-targeted treatments.

 The company has a strategic drug discovery partnership with Dompé farmaceutici and collaborates with Takeda on advanced fibrotic liver diseases. In June 2026, Engitix signed an agreement with GSK to identify and validate new therapeutic targets for fibrotic diseases, utilizing Engitix's ECM discovery platform. Engitix will receive up to £44.5 million (US$59 million) in upfront and near-term payments, and up to £118 million (US$157 million) in milestone payments and royalties.

 is a clinical-stage biotechnology company pioneering next-generation RNA therapeutics and vaccines. One of its lead programs, ETH47, is a novel mRNA therapeutic that activates the body's innate immune defence against respiratory viruses.

In February 2026, the European Health and Digital Executive Agency awarded Ethris an initial €13 million under a tender contract worth up to €148 million for NOFLU, a vaccine development consortium comprising Ethris and 6 other European partners. The funding will support the advancement of Ethris’s mRNA vaccine technology as a mucosal vaccine against pandemic influenza.

is a biotech company developing precision RNA-guided, genome-targeting therapeutics that reprogram disease-driving cell states for rare, common, chronic, and age-related diseases. Itis developing antisense oligonucleotides targeting long non-coding RNAs, including WISPER, to reprogram fibrotic cell states. In May 2026, it initiated a Phase 1a/b study of HTX-001 for IPF.

In May 2025, it raised US$65 million in a Series A funding round. Eli Lilly participated in this funding round.

founded in 2022 by Sevan Habeshian, focuses on developing oral macrocycle therapeutics for validated biologic drug targets. The company utilizes its proprietary nGen platform to systematically explore macrocycle chemical space through automated chemistry and machine learning. To date, Orbis Medicines has raised approximately US$126 million across several funding rounds, including a €90 million ($94–$93 million) Series A in January 2025, led by NEA and supported by investors like Lilly Ventures, Cormorant, Novo Holdings, and Forbion.

 is a clinical-stage biotechnology company focused on developing innovative small-molecule targeted therapies for fibrotic diseases. It is progressing Zelasudil (RXC008), a first-in-class, GI-restricted pan-ROCK inhibitor, for various fibrotic conditions, including IPF, and has completed a Phase 2 trial. In February 2024, Redx reached a deal with Jazz Pharma to develop new compounds and license its KRAS program. The company received a $10 million upfront fee, with the possibility of earning up to US$870 million through milestones.

is a technology-enabled biopharmaceutical company developing medicines for immunology, metabolic, and bone diseases. It leverages its Lab-in-the-Loop platform, which integrates state-of-the-art AI with patient-derived multi-omic data and proprietary experimental systems to uncover causal relationships and identify new targets. In December 2025, it raised US$26 million from existing investors, including NVentures (NVIDIA’s venture capital arm) and leading deeptech investors DCVC and Magnetic Ventures, to build its AI platform and develop next-generation medicines.

It has established strategic collaborations with Deerfield Management, Novartis, and GSK to develop novel therapeutics targeting autoimmune and inflammatory pathways.

is a biotech focused on developing long-acting monoclonal antibody (LAAbs) for respiratory viruses and other infectious threats, especially for high-risk groups. It was founded in 2021 and has developed a prototype. It leads programs targeting RSV- and COVID-like conditions, aiming to provide long-lasting passive immunity. In June 2026, it raised US$115 million in a Series A funding round backed by a strong syndicate of investors, including Frazier Life Sciences, EQT Life Sciences, Forbion, Monograph, Wellington Management, LifeArc Ventures, Oxford Science Enterprises, and the University of Oxford.

The company is advancing its lead product, RQB01, a long-acting, potent, and broadly protective antibody, through IND-enabling studies.

is a clinical-stage biopharmaceutical firm focused on developing innovative oral therapies to restore immune balance in autoimmune and inflammatory conditions. Founded in 2018, it received initial funding from SV Health Investors and specialized investors, including Sofinnova Partners, Oxford Science Enterprises, Longwood Fund, Eli Lilly and Company, and GSK. In February 2026, it announced aUS $500 million partnership with Boehringer Ingelheim to develop new oral therapeutics for autoimmune and inflammatory diseases, aiming to provide biologic-like disease control from an oral small molecule. The company’s pipeline includes its leading glutaminase-1 (GLS1) inhibitor, which has shown significant disease control across various preclinical models of inflammation and autoimmunity. SIT-052 shows promise as a treatment for moderate-to-severe asthma by reducing smooth muscle and fibroblast proliferation.

is a clinical-stage biotechnology company targeting respiratory and dermatological conditions. Its lead program is WIN378, a LAAb anti-TSLP agent currently in a Phase 2/3 trial for asthma and a Phase 2 study for COPD. The pipeline also includes WIN027, a clinical-stage, long-acting anti-TSLPxIL-13 bispecific in Phase 1 for a range of immunological diseases. The company is building a discovery pipeline of long-acting bispecific antibodies, targeting validated biology in respiratory and dermatological conditions. In January 2025, the company completed a US$200 million Series A financing round to advance its anti-TSLP therapies for asthma and COPD. In May 2026, it announced US$165 million in crossover financing led by OrbiMed, with participation from Novo Holdings, Blue Owl Healthcare Opportunities, and others.

Future Opportunities in Respiratory Diseases

Respiratory medicine has undergone significant change during the past decade. Rather than focusing solely on symptoms or lung function, therapies increasingly target the biological pathways that drive disease. This precision medicine approach has revolutionised asthma treatment and is beginning to influence COPD and IPF. In asthma, companies are developing drugs that act upstream of the inflammatory cascade, targeting TSLP and TLRs. They are also improving small-molecule inhalable JAK inhibitors and dual PDE inhibitors to enhance efficacy and dosing. Although COPD has lagged, pathways such as CXCR2, IL-5, IL-33, and TSLP are now under investigation. These strategies aim to shift the focus from symptom relief to disease modification. Beyond inflammation, efforts include targeting fibroblasts, promoting lung regeneration, and remodelling the ECM in fibrotic diseases such as IPF. Growing interest in RNA therapeutics and cell- and gene-based therapies could enable the development of treatments that not only reduce exacerbations but also regenerate lung tissue and remodel airways. Overall, advances in AI-enabled target discovery are set to propel the next wave of innovations in respiratory biotech.

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Boehringer Ingelheim. New trial explores advancements in IPF treatment. Press release. Published January 13, 2026. Accessed July 13, 2026. 

https://www.boehringer-ingelheim.com/science-innovation/human-health-innovation/new-trial-explores-advancements-ipf-treatment

Mediar Therapeutics. Mediar Therapeutics Enters into Global Licensing Agreement with Lilly to Advance First-in-Class WISP1 Antibody for the Treatment of Idiopathic Pulmonary Fibrosis (IPF). Press release. Published January 10, 2025. Accessed July 13, 2026. 

https://www.mediartx.com/wp-content/uploads/2025/01/MediarTx-PRESS-RELEASE_1-10-25.pdf

Alentis Therapeutics. Alentis receives FDA orphan drug designation for lixudebart to treat idiopathic pulmonary fibrosis. Press release. Published May 29, 2026. Accessed July 13, 2026. 

https://alentis.ch/alentis-receives-fda-orphan-drug-designation-for-lixudebart-to-treat-idiopathic-pulmonary-fibrosis/

Alentis Therapeutics. Alentis Therapeutics awarded CHF 2.4M Swiss Accelerator Grant by Innosuisse. Press release. Published May 9, 2023. Accessed July 13, 2026. 

https://alentis.ch/alentis-therapeutics-awarded-chf-2-4m-swiss-accelerator-grant-by-innosuisse/ 

Calluna Pharma. Calluna Pharma launches and announces EUR 75 million Series A financing to develop novel therapies for inflammatory and fibrotic diseases. Press release. Published January 23, 2024. Accessed July 13, 2026. 

https://www.callunapharma.com/wp-content/uploads/2024/01/Calluna_Pharma_Launch_PR.pdf

Earendil Labs. Earendil Labs announces strategic collaboration with Sanofi to discover bispecific antibodies for autoimmune diseases. Press release. Published January 5, 2026. Accessed July 13, 2026. 

https://www.prnewswire.com/news-releases/earendil-labs-announces-strategic-collaboration-with-sanofi-to-discover-bispecific-antibodies-for-autoimmune-diseases-302652305.html

Earendil Labs. Earendil Labs announces $787 million in financing to scale AI-driven biologics discovery and development. Press release. Published March 20, 2026. Accessed July 13, 2026. 

https://www.prnewswire.com/news-releases/earendil-labs-announces-787-million-in-financing-to-scale-ai-driven-biologics-discovery-and-development-302719748.html

Engitix. Engitix announces $25 million Series A extension financing by existing investor Mike Platt to advance ECM-targeted therapeutics in solid tumors and fibrosis. Press release. Published January 8, 2025. Accessed July 13, 2026. 

https://engitix.com/news-events/engitix-announces-25-million-series-a-extension-financing-by-existing-investor-mike-platt-to-advance-ecm-targeted-therapeutics-in-solid-tumors-and-fibrosis

Engitix. Engitix announces strategic collaboration with GSK to advance first-in-class targets for liver fibrosis regression. Press release. Published June 8, 2026. Accessed July 13, 2026. 

https://engitix.com/news-events/engitix-announces-strategic-collaboration-with-gsk-to-advance-first-in-class-targets-for-liver-fibrosis-regression

Ethris. ETH47 phase 2a first patient dosing. Press release. Published August 5, 2025. Accessed July 13, 2026. 

https://www.ethris.com/news/eth47-phase-2a-first-patient-dosing/

Ethris. Ethris to receive up to EUR 148 million for novel pandemic influenza vaccine from the EU. Press release. Published February 25, 2026. Accessed July 13, 2026. 

https://www.ethris.com/news/ethris-to-receive-up-to-eur-148-million-for-novel-pandemic-influenza-vaccine-from-the-eu/

HAYA Therapeutics. HAYA Therapeutics announces first cohort dosed in phase 1 clinical trial of HTX 001. Press release. Published May 20, 2026.

HAYA Therapeutics. HAYA Therapeutics raises $65 million in Series A funding. Press release. Published May 8, 2025.

Life Science Europe. nGen technology platform. Life-Sciences-Europe.com. Published June 1, 2025. Accessed July 13, 2026. 

Jazz Pharmaceuticals. Jazz Pharmaceuticals enters definitive agreement with Redx Pharma to acquire global rights to KRAS inhibitor program. Press release. Published February 7, 2024.

Relation Therapeutics. Relation announces further $26 million investment. Press release. Published December 9, 2025. Accessed July 13, 2026. 

https://www.globenewswire.com/news-release/2025/12/09/3202075/0/en/relation-announces-further-26-million-investment.html

BioIndustry Association. Relation Therapeutics announces two strategic collaborations with GSK. Press release. Published December 11, 2024. Accessed July 13, 2026. 

https://www.bioindustry.org/resource/relation-therapeutics-announces-two-strategic-collaborations-with-gsk.html

RQ Bio. RQ Bio announces $115 million (£85.5 million) Series A financing to advance long-acting antibody programme RQB01 for full season influenza prevention. Press release. Published June 24, 2026. Accessed July 13, 2026. 

https://www.rqbiotechnology.com/news/rq-bio-announces-dollar115-million-pound855-million-series-a-financing-to-advance-long-acting-antibody-programme-rqb01-for-full-season-influenza-prevention

Sitryx. Sitryx nominates novel, oral GLS1 inhibitor for clinical development in moderate to severe asthma. Press release. Published April 2, 2026. Accessed July 13, 2026. 

https://www.sitryx.com/news/sitryx-nominates-novel-oral-gls1-inhibitor-for-clinical-development-in-moderate-to-severe-asthma

Windward Bio. Windward Bio announces $165 million crossover financing to advance Pipeline of Long-Acting Immunology Therapies With Best-in-Disease Potential. Press release. Published May 4, 2026. Accessed July 13, 2026. 

https://www.globenewswire.com/news-release/2026/05/04/3286605/0/en/windward-bio-announces-165m-crossover-financing-to-advance-pipeline-of-long-acting-immunology-therapies-with-best-in-disease-potential.html

European biotechs are utilizing AI to identify novel immunoinflammatory targets in respiratory diseases.

European Biotechs Reshaping Respiratory Disease

On 12 May 2026, the European Commission (EC) welcomed the landmark policy agreement on the Critical Medicines Act (CMA).

 The proposed EC CMA is one of the most significant industrial policy measures in the European pharmaceutical sector in recent decades. Launched in March 2025 as part of the larger European Health Union initiative, the CMA seeks to improve the availability, manufacturing, and supply security of essential medicines throughout the European Union (see 

 The initiative was launched in reaction to ongoing medicine shortages, geopolitical unrest, and insights gained from the COVID-19 pandemic, highlighting Europe’s reliance on external providers for APIs and essential medicines.

Figure: Key Features of the Critical Medicines Act (Figure courtesy of the author)

The CMA significantly shifts the strategic focus of pharmaceutical manufacturing in Europe. Traditionally, procurement processes in many European Union countries emphasized low costs, often favouring large-scale offshore production in Asia, especially in China and India.

 The new framework emphasizes supply security, resilience, diversification, and regional manufacturing capacity. During the next 5-10 years, this policy shift is likely to impact pharmaceutical development strategies, manufacturing sites, procurement approaches, and investment decisions throughout the European life sciences sector.

From Cost Efficiency to Supply Resilience

A key transformation in the CMA is shifting from procurement systems focused mainly on price competition. The CMA now includes resilience-related criteria, enabling EU governments to prioritize suppliers that have diversified and secured manufacturing networks, contingency capacity, and production within Europe.

 This change is likely to impact pharmaceutical economics throughout Europe. Manufacturers that once relied on highly centralized production outside Europe might now experience strategic pressure to regionalize parts of their manufacturing processes. Companies producing antibiotics, sterile injectables, insulin, vaccines, and other essential medicines may need to invest more in European API synthesis, fill-finish processes, and packaging to stay competitive in EU tenders.

The policy also promotes “strategic projects” that benefit from expedited regulatory processes, simplified access to financing, and possible state aid.

 These incentives could greatly reduce obstacles for manufacturers aiming to set up domestic or regional production in Europe. In practical terms, this suggests that the pharmaceutical sector might favour more modular manufacturing approaches instead of depending on a few large global production centres.

Implications for Decentralized and Distributed Manufacturing

The CMA might significantly accelerate investment in decentralized or distributed pharmaceutical manufacturing systems. Traditionally, pharmaceutical production has favoured very large central facilities to maximize economies of scale. Yet these plants are susceptible to supply disruptions, transport delays, trade conflicts, pandemics, and regional political instability. Distributed manufacturing offers an alternative, with smaller, modular facilities located closer to demand centres. These facilities can quickly adjust production levels and switch products during emergencies. Within the CMA framework, this flexibility is strategically important because resilience delivers economic and regulatory benefits.

According to Carol Houts, CEO of Germfree, Belgium/US, “The CMA signals a shift in how Europe thinks about pharmaceutical manufacturing. In the past, strategies have predominantly focused on cost optimization, global sourcing, and consolidated supply chains. The CMA is really moving towards resilience, regional capacity, supply security, and the ability to respond when global systems are disrupted.”

Advanced continuous manufacturing technologies are especially important here.

 They reduce plant size, lower inventory needs, and enable flexible production scaling. Unlike traditional batch methods, modular continuous systems can usually be set up more quickly and duplicated across different sites.

 In the coming decade, Europe is likely to see heightened investment in modular API production facilities, portable fill-finish systems, and hybrid digital manufacturing networks. This trend corresponds with wider European industrial policy aims centred on “strategic autonomy.”

 Policymakers are increasingly concerned that over 80% of certain antibiotic APIs used in Europe are sourced from Asia.

 A manufacturing network spread across multiple locations can help reduce risks linked to export bans, shipping delays, or regional emergencies.

Modular Manufacturing and Rapid Deployment Capacity

The CMA’s focus on preparedness and supply continuity highlights the potential benefits of modular and quickly deployable manufacturing facilities. Modular manufacturing uses prefabricated units that can be installed, expanded, or relocated more quickly than conventional pharmaceutical plants. These systems could be particularly useful during health emergencies or supply shortages. Modular manufacturing platforms are currently under consideration for vaccines, sterile injectables, biologics, and advanced therapy medicinal products (ATMPs). Looking ahead, the CMA might encourage public-private partnerships to invest in additional manufacturing infrastructure spread across multiple EU member states.

The EU’s Critical Medicines Act signals a major industrial-policy pivot from lowest-cost sourcing to supply security for essential medicines. Resilience criteria in procurement, coupled with incentives for “strategic projects,” are expected to drive investment in European API, fill-finish, and packaging capacity. The framework favors decentralized and modular manufacturing, continuous processing, and digitally enabled quality oversight to improve agility during disruptions. Cross-border collaboration and manufacturing ecosystems may expand, with particular relevance for vaccines, antibiotics, sterile injectables, and point-of-care cell and gene therapies.

The CMA will improve Europe’s manufacturing resilience and lead to greater diversification and reduced reliance on single external suppliers.