Sweden, a Powerhouse for Early Stage Innovation

Sweden continues as a leader in early-stage life science innovation.1 The country is recognized for its dynamic, venture-supported biotech companies that target a diverse range of therapeutic areas and diagnostic solutions, including central nervous system (CNS) and neurology (AlzeCure Pharma, BioArtic AB), cell and gene therapies (Anocca AB, Asgard Therapeutics), immuno-oncology (Aligator Biosciences, Neogap Therapeutics AB), and rare diseases (Calliditas Therapeutics AB, Swedish Orphan Biovitrum AB). Since June 2025, investment in Swedish biotechs has surged, with a heavy focus on out-licensing, rights issues, and collaborations with strategic pharma partners including Eli Lilly, Foundation Medicine (Roche), and QuantumCell, amongst others (Table 1).

Sweden Has a Strong R&D Base and Thriving Life Science Sector

According to the Royal Swedish Academy of Engineering Sciences, Sweden has a strong research and development (R&D) base.2 Long-term investments in research infrastructure such as SciLifeLab, MaxIV, and the European Spallation Source (ESS) offer valuable opportunities for research in life sciences and related fields. These facilities are also a key strength in attracting talented researchers to Sweden.3 AstraZeneca has a major presence in Sweden, has a large impact on the Swedish economy, and accounted for 5% of Sweden’s total product exports in 2023.

What Are Some Swedish Biotechs to Watch Out for?

Sweden's life sciences industry is thriving. More than 150 small- to medium-sized companies are actively developing pharmaceuticals for human use and have products in clinical development.1Several biotechs have products in late-stage clinical trials, including Affibody Medical AB, BioArtic AB, Camurus, Diamyd Medical Aktiebolag, Dilafor AB, Dizlin Pharmaceuticals AB, Ilya Pharma AB, Infant Bacterial Therapeutics AB, Immedica Pharma AB, Sarcomed AB, Swedish Orphan Biovitrum (Sobi) AB and Vivesto AB.The Swedish pipeline is broad and spans various modalities (eg, advanced therapy medicinal products [ATMPs], biomolecules, and small molecules) and therapeutic areas (eg, autoimmune/immunology, cardiovascular, endocrinology/metabolism, infection, oncology, and neurology/CNS) (Figures 1 and 2).

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

Affibody Medical AB is a clinical-stage radiopharmaceutical company working on next-generation radioligand therapies (RLTs) to target tumors precisely. The company has created novel small (6 kDa) therapeutic proteins, called Affibody molecules, which specifically bind to target cells. In May 2026, the company published positive phase 2b/3 data from its lead programme with Izokibep in psoriatic arthritis, and it dosed the first patient in its phase 1 trial with ABY-271, a RLT targeting HER2-positive metastatic breast cancer.4-5 On February 17, 2026, Affibody’s licensee Rallybio Corporation announced positive results from its phase 1 confirmatory study with RLYB116, a once-weekly, small-volume, subcutaneously injected complement factor 5 (C5) inhibitor, based on the Affibody platform.6

Aligator Biosciences is a biotech firm specializing in oncology. It halted development of mitazalimab in 2026 due to it non-commercial viability in the pancreatic cancer market. The company will now concentrate on HLX22, an HER2-targeting antibody in phase 3 trials for breast cancer and other solid tumors. Additionally, at AACR 2026, they reported encouraging data on HLX49, a HER2 biparatopic antibody-drug conjugate that contains HER2 binding domains from HLX22.7 In August 2024, the company announced a rights issue of SEK 125.6 million (UD$13 million) and entered into bridge loan agreements totaling SEK 19 million (US$2 million) to secure near-term liquidity.8

AnaCardio AB is a private biopharmaceutical company developing drugs for heart failure. Founded on research from Karolinska Institutet, it aims to improve heart muscle contractility. Its lead program, AC01, is an oral calcium-sensitizing agent licensed from Helsinn and is now in development for heart failure. A phase 1b/2a study showed proof of concept in HFrEF patients, supporting further development of this promising drug.9 The company has raised more than US$40 million (SEK 432 million) across multiple funding rounds, attracting investment from Novo Holdings, Pureos Bioventures, and Sound Bioventures, Flerie, Industrifonden, and others to develop its product pipeline.10

Anocca AB was founded in 2014 and is a clinical-stage biopharmaceutical company developing T cell receptor-modified T cell therapy (TCR-T) immunotherapies. It has created a pipeline of T-cell immunotherapies by combining its novel approach to T-cell biology, cutting-edge biotechnologies, and integrated software. In August 2025, the company raised SEK440 million (US$166 million) in Series D financing, attracting investment from AMF, Mellby Gård, and Ramsbury to advance the development of its pancreatic cancer candidate, ANOC-001, the first non-viral, gene-edited TCR-T cell therapy targeting KRAS G12V mutations in pancreatic ductal adenocarcinoma (PDAC).11 In June 2026, the company initiated its Phase I VDAR trial. It has forged a strategic platform licensing agreement for cell engineering technology with MaxCyte and competes with Moderna and Jazz Pharmaceuticals in the genetic engineering space.

Asgard Therapeutics, founded in 2018, is a private biotech company specializing in cell reprogramming technologies. Its flagship program, AT-108, is an off-the-shelf gene-based cancer immunotherapy designed to reprogram tumor cells into cDC1-like antigen-presenting cells. This approach aims to work synergistically with immune checkpoint blockade (ICB) to generate a robust anti-tumor response. The therapy has demonstrated promising results in murine animal models.12The company has received funding from the Eurostars-2 joint program, with co-funding from EUREKA member countries and the European Union Horizon 2020 Framework Programme, and from the EIC Women in Tech program, with funding from the Horizon Europe program.13

BioArctic AB was established in 2003 and focuses on improving treatment for neurodegenerative diseases by enhancing delivery across the blood-brain barrier (BBB). The company developed Leqembi, which uses its proprietary Brain Transporter technology. In June 2026, BioArctic signed a US$30 million collaboration with Eli Lilly to apply its Brain Transporter technology to one of Lilly’s neurodegenerative drug candidates.14 In July 2026, Eisai received FDA approval for Leqembi (lecanemab), a weekly subcutaneous injection indicated for early Alzheimer’s disease. The medication utilizes BioArtics BrainTransporter technology and is scheduled for launch in August 2026.15

BioLamina. Founded in 2008 by Dr Karl Tryggvason and his son, Dr Kristian Tryggvason, the company focuses on developing animal-free laminin-based cell culture tools that support the growth of pluripotent stem cells and other primary cells. In September 2025, it partnered with Cell X Technologies to integrate its laminin reagents (Biolaminin) with Cell X’s Celligent platform, enhancing the reproducibility of iPSC production.16 In April 2026, the EIB provided the company with a €20 million loan to further develop laminin technologies, supporting the advancement of next-generation cell therapies.17 In May 2026, Biolamina partnered with Cytochroma to leverage its technology to create iPSC-derived cells for drug discovery and disease modelling, supporting regulatory efforts to reduce animal testing and encourage new approach methodologies (NAMs).18

Calliditas Therapeutics AB was founded in 2004 and focuses in creating specialized pharmaceuticals. Its main product candidate, nefecon (sold as Kinpeygo /Tarpeyo), is a delayed-release form of budesonide designed to treat IgA nephropathy (IgAN), an inflammatory kidney disease. The firm is also researching setanaxib, a NOX1/NOX4 inhibitor for solid tumors and fibrotic diseases, where early results are promising. Calliditas has partnered with Everest Medicines and gained approval from China’s NMPA to use nefecon for primary IgAN in at-risk adults. Moreover, Viatris Japan, its partner, announced a phase 3 trial for nefecon in Japan, starting July 4, 2024. The company has also collaborated with TADA Arzneimittel AG and filed with the MHRA to upgrade Kinpeygo from conditional to full marketing authorization. It has raised SEK 324 million (US$ 34 million) and secured a US$75 million loan from Kreos Capital.19

Camurus AB, founded in 1991, is a global biopharmaceutical firm dedicated to creating and marketing innovative, long-acting medicines for patients with severe and chronic conditions. It uses its proprietary FluidCrystal technology—a lipid-based drug delivery system—to develop injectable depots that deliver sustained medication levels over days to months. The company has partnered with Eli Lilly to develop and commercialize four long-acting incretins, and with Gubra to create a long-acting treatment for hypoparathyroidism. 20-21

Gesynta Pharma AB, founded in 2017, specializes in developing anti-inflammatory and pain-relief drugs. In October of that year, it acquired the OX-MPI development program from Orexo AB, which included several selective and potent microsomal prostaglandin E synthase-1 (mPGES-1) inhibitors, such as vipoglanstat (GS-248), originating from Boehringer Ingelheim. In March 2019, the company acquired additional mPGES-1 inhibitors from Acturum Real Estate AB, and advanced 1 of these agents, GS-073 (which originated from AstraZeneca), to phase 1 clinical trials in 2020. Recently, Gesynta decided to focus on developing vipoglanstat for endometriosis. The company has completed 3 funding rounds and raised more than SEK 607 million (US$229 million), attracting investments from Hadean Ventures, Innovestor Life Science, Industrifonden, and Linc to support its product pipeline. Gesynta Pharma has received support from Karolinska Institutet Innovation AB, Novo Nordisk Foundation, Swelife, and VINNOVA–Sweden’s Innovation Agency.22

Key2Brain was established in 2020 and operates as a privately owned biotechnology company. It focuses on creating advanced brain-targeting treatments, leveraging its proprietary VHH antibodies capable of crossing the BBB. In June 2025, the company signed a licensing deal with Chiesi to use its BBB technology for developing CNS-targeted enzyme replacement therapies for lysosomal storage disorders.23 In February 2026, it formed a strategic partnership with OliX Pharmaceuticals to develop further siRNA delivery for central nervous system (CNS) disorders.24

Neogap Therapeutics AB is a clinical-stage biotech company focused on creating personalized cancer immunotherapies that use the patient’s own cells. Their method is based on 2 proprietary technologies: PIOR and EpiTCer. PIOR combines patient DNA sequencing data with machine learning to identify tumor-specific mutations, while EpiTCer expands T cells that recognize and attack these specific tumor features. In February 2026, the company raised SEK87 million (US$9.6 million) in funding led by Society funds. These funds will support the development of its pTTL (personalized Tumor Trained Lymphocytes) therapy for patients with advanced colorectal cancer.25 It has also received a grant from Medtech4Health to advance its autoimmune research.

Swedish Orphan Biovitrum AB (Sobi) is a global biopharma company that is developing life-saving therapies for people living with rare diseases. It has a broad portfolio of drugs targeting hematology and immunology. In February 2026, it completed the acquisition of US-based Arthrosi Therapeutics to strengthen its gout franchise and gain access to pozdeutinurad (AR882), an investigational next-generation, once-daily oral URAT1 inhibitor currently being evaluated in 2 fully recruited global phase 3 clinical studies for the potential management of progressive and tophaceous gout, with results expected to read out in 2026.26 Sobi has forged various partnerships, including entering into a licensing deal with Innate Pharma to initiate the TELLOMAK-3 confirmatory phase 3 study in cutaneous T-cell lymphoma (CTCL) with lacutamab.27 In August 2026, it repurchased all issued Class C shares, paying SEK122 million (US$13 million); the company will convert these shares to common shares.28

Future Opportunities for Investment in Swedish Biotechs

Sweden’s Life Science industry, with annual sales of about SEK 474 billion (US$50 billion), has become one of the nation's leading engines of growth (see Table 2). Recently, government investments have increased, bolstered by a vibrant private sector that makes up about three-quarters of the country's R&D expenditure.29 In April 2026, the Swedish government initiated a national project called Swe Trial to establish a unified framework for clinical trials. The goal is to simplify the process, boost capacity and reduce barriers to enhance the country's competitiveness in healthcare, research, and industry. Biobank Sweden has provided SEK10 million (US$1.1 million) to fund the project, and the Swedish Medical Products Agency (Läkemedelsverket) will supervise it.30 Swedish biotech companies have a strong and wide-ranging product pipeline, providing pharma with considerable opportunities to invest in early-stage startups and innovative technologies. This can help pharma grow its own pipeline and create the next wave of groundbreaking therapies.

References

1. SwedenBIO. The Swedish Drug Discovery and Development Pipeline 2026. SwedenBio. 2026.https://swedenbio.se/wp-content/uploads/2025/10/lowres-the-swedish-drug-discovery-and-development-pipeline-2026.pdf
2. Johansson A, et al. Swedish Science Barometer 2025/26. Vetenskap & Allmänhet. 2026. Accessed September 8, 2026. https://vetenskapallmanhet.se/wp-content/uploads/2026/02/varapport2025_4-English.pdf
3. Government Offices in Sweden. A concerted effort for excellence, long-term competitiveness, and increased patient benefit: National life sciences strategy. New objectives. 2026. Accessed September 8, 2026. government.se/contentassets/79e61ed6d1334ebba5a1a8bd5bb295f3/a-concerted-effort-for-excellence-long-term-competitiveness-and-increased-patient-benefit/
4. Positive 52-week phase 2b/3 data of Izokibep in psoriatic arthritis to be presented at EULAR 2026. Press release. Affibody Medical AB.May 21, 2026. https://www.affibody.se/press/positive-52-week-phase-2b-3-data-of-izokibep-in-psoriatic-arthritis-to-be-presented-at-eular-2026/
5. First patient dosed in part b of phase 1 study with affibody’s radioligand therapy candidate ABY-271 in HER2-positive metastatic breast cancer. Press release. Affibody Medical AB. May 28, 2026. https://www.affibody.se/press/first-patient-dosed-in-part-b-of-phase-1-study-with-affibodys-radioligand-therapy-candidate-aby-271-in-her2-positive-metastatic-breast-cancer/
6. Affibody’s licensee Rallybio announces positive data for RLYB116 phase 1 study demonstrating complete and sustained inhibition of terminal complement. Press release. Affibody Medical AB. February 17, 2026. https://www.affibody.se/press/affibodys-licensee-rallybio-announces-positive-data-for-rlyb116-phase-1-study-demonstrating-complete-and-sustained-inhibition-of-terminal-complement/
7. Alligator Bioscience comments on Henlius presentation of HLX49 preclinical data at AACR 2026 . Press release. Alligator Bioscience. April 23, 2026. https://alligatorbioscience.se/en/mfn_news/alligator-bioscience-comments-on-henlius-presentation-of-hlx49-preclinical-data-at-aacr-2026/
8. Alligator Bioscience shares crash 73% after dropping key drug program By Investing.com. Press release. Investing.com. July 23, 2026. https://uk.investing.com/news/stock-market-news/scott-bizily-4d-molecular-therapeutics-chief-legal-officer-sells-8176-93CH-4858908
9. AnaCardio´s phase 1b/2a GOAL-HF1 study in patients with heart failure and reduced ejection fraction (HFrEF) published in The Lancet.Press release. AnaCardio. June 24, 2026. https://anacardio.com/anacardios-phase-1b-2a-goal-hf1-study-in-patients-with-heart-failure-and-reduced-ejection-fraction-hfref-published-in-the-lancet/
10. AnaCardio raises USD 19 million to advance first-in-class drug candidate AC01 for heart failure. Press release.AnaCardio. January 9, 2025. https://anacardio.com/anacardio-secures-usd-19-million-to-advance-ac01-development-for-heart-failure-and-shares-positive-result-from-phase-1b-study/
11. Anocca raises SEK 440 million to advance clinical trial targeting pancreatic cancer. Press release.Anocca. September 29, 2025.https://www.anocca.com/company/news/anocca-raises-sek-440-million-to-advance-clinical-trial-targeting-pancreatic-cancer
12. Asgard Therapeutics announces oral presentation at ASGCT 2026, showcasing advanced preclinical data on AT-108 – its first-in-class, off-the-shelf, gene-based cancer immunotherapy. Press release. April 28, 2026. https://www.asgardthx.com/asgard-therapeutics-announces-oral-presentation-at-asgct-2026-showcasing-advanced-preclinical-data-on-at-108-its-first-in-class-off-the-shelf-gene-based-cancer-immunotherapy/
13. European Innovation Council Transition–accelerating 40 groundbreaking technologies from lab to market readiness. Press release. European Innovation Council. January 22, 2025. https://eic.ec.europa.eu/news/european-innovation-council-transition-accelerating-40-groundbreaking-technologies-lab-market-2025-01-22_en
14. BioArctic and Lilly sign research and collaboration agreement combining Lilly compound with BioArctic’s BrainTransporter technology. Press release. BioArctic. June 22, 2026. https://eic.ec.europa.eu/news/european-innovation-council-transition-accelerating-40-groundbreaking-technologies-lab-market-2025-01-22_en
15. FDA approves Leqembi Iqlik® (lecanemab-irmb) subcutaneous injection as a starting dose for early Alzheimer’s disease. Press release. BioArtic. July 13, 2026. https://www.bioarctic.com/en/fda-approves-leqembi-iqlik-lecanemab-irmb-subcutaneous-injection-as-a-starting-dose-for-early-alzheimers-disease/
16. Cell X Technologies and BioLamina enter a collaboration to advance standardization in iPSC-based therapeutics. Press release. BioLamina. September 29, 2025.https://biolamina.com/newsroom/cell-x-technologies-and-biolamina-enter-a-collaboration-to-advance-standardization-in-ipsc-based-therapeutics/
17. Swedish company BioLamina to enable next-generation cell therapies for serious chronic diseases with €20 million EIB commitment. Press release. BioLamina. April 16, 2026. https://biolamina.com/newsroom/swedish-company-biolamina-to-enable-next-generation-cell-therapies-for-serious-chronic-diseases-with-e20-million-eib-commitment/
18. BioLamina and Cytochroma partner to accelerate reliable New Approach Methodologies aligned with FDA Modernization Act 2.0 Press release. BioLamina. May 28, 2026. https://biolamina.com/newsroom/biolamina-and-cytochroma-partner-to-accelerate-reliable-new-approach-methodologies-aligned-with-fda-moderniziation-act-2-0/
19. Calliditas Therapeutics AB. Accessed September 8. 2026.
20. Camurus announces expansion of Lilly collaboration. Press release. Camurus. June 1, 2026. https://www.camurus.com/media/press-releases/2026/camurus-announces-expansion-of-lilly-collaboration/
21. Camurus and Gubra enter into a collaboration and license agreement to develop a long-acting treatment for hypoparathyroidism. Press release. Camurus. June 1, 2026. https://www.camurus.com/media/press-releases/2025/camurus-and-gubra-enter-into-a-collaboration-and-license-agreement-to-develop-a-long-acting-treatment-for-hypoparathyroidism/
22. Gesynta Pharma announces second closing of Series B now totaling SEK 347m - HealthCap and Hadean Growth Fund join strong investor syndicate. Press release. Gesynta Pharma. July 22, 2026 https://www.gesynta.se/news-media/press-releases/?slug=gesynta-pharma-announces-second-closing-of-series-b-now-tota-98931
23. Chiesi Group enters into worldwide licensing agreement with Key2Brain AB to advance blood-brain barrier-crossing therapies for lysosomal storage disorders. Press release. Key2brain. June 11, 2025. https://www.key2brain.com/blog/key2brain-ab-enters-into-worldwide-licensing-agreement-with-chiesi-group
24. Key2Brain and OliX Pharmaceuticals enter a strategic evaluation and option agreement to advance CNS-targeted siRNA delivery. Press release. Key2Brain. June 11, 2025. https://www.key2brain.com/blog/key2brain-and-olix-pharmaceuticals-enter-a-strategic-evaluation-and-option-agreement-to-advance-cns-targeted-sirna-delivery
25. Neogap secures SEK 87 million to advance clinical development of its personalized immunotherapy. Press release. NEOGAP. February 11, 2026. https://neogap.se/news/neogap-secures-sek-87-million-to-advance-clinical-development-of-its-personalised-immunotherapy/
26. Sobi completes acquisition of Arthrosi Therapeutics, strengthening pipeline for the potential treatment of gout. Press release. February 9, 2026. https://www.sobi.com/en/press-releases/sobi-completes-acquisition-arthrosi-therapeutics-strengthening-pipeline-potential-treatment-gout-2424540
27. Sobi enters strategic partnership with Innate Pharma to license lacutamab in T-cell lymphoma. Press release. Sobi. August 10, 2026. https://www.sobi.com/en/press-releases/sobi-enters-strategic-partnership-innate-pharma-license-lacutamab-t-cell-lymphoma-2472935
28. Sobi has completed an issue of class C shares. Press release. Sobi. August 31, 2026. https://www.sobi.com/en/press-releases/sobi-has-completed-issue-class-c-shares-2478017
29. Stockholm Science City. Life Science.2025. https://ssci.se/en/what-we-do/life-science
30. SweTrial launched to boost clinical trials in Sweden. Press release. ATMP Sweden. August 11, 2025. https://atmpsweden.se/news-article/swetrial-clinical-trials-sweden/