Danish Biotechs Attracting Investor Attention

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.1-2 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.3 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.3

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 (Table).

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%.4 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.

Adcendo ApS 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.5 In 2024, Adcendo signed a licensing agreement with Multitude Therapeutics for the worldwide development and commercialization of ADCE-T02.

Combotope Therapeutics 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.6

Evaxion A/S 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 2026.7 The company is also developing EVX-01, a personalized cancer vaccine in phase 2 trials for melanoma and EVX-B4, a bacterial vaccine candidate.

GenMab (Denmark) 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).8 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.9

Gubra 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.10

Hemab Therapeutics 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.11 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.12

Muna Therapeutics 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.13

Orbis Medicines,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.14

Sidera Bio 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.15 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.

Zealand Pharma A/S 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.16-17 In December 2025, Zealand signed a US$2.5 billion oral cardiometabolic deal with OTR Therapeutics.18 In March 2026, it established a US research hub in Cambridge, Massachusetts, to expand its drug discovery capabilities.19

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 2030.20 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.

References

1. 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/
2. 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
3. Strategy for life. The Danish Government. Published November 2024. https://healthcaredenmark.dk/media/zrkgvi0v/ls2030.pdf
4. 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
5. 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/
6. 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
7. Evaxion out-licenses vaccine candidate EVX-B3 to MSD. Press release. Evaxion. September 25, 2025. https://evaxion.ai/?press_release_id=10586
8. 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
9. 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/
10. 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/
11. 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
12. Tracxn. Hemab - 2026 Company Profile, Funding, Competitors & Financials. Accessed July 31, 2026. https://tracxn.com/d/companies/hemab/__CfdVMAqF2YeRbtiGAMle3Qp89yfCMvpOebdSJ8UMp1E
13. 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/
14. 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
15. 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/
16. 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
17. 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
18. 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
19. 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
20. Tendata. Exports in Denmark Market Analysis 2025 - by Country & Company. Published April 17, 2026. https://web.tendata.com/blogs/export/10895.html

About the Author

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