Nordic Capital has announced a strategic investment in Minerva Imaging, a Denmark-based contract research organization (CRO) and contract development and manufacturing organization (CDMO) specializing in targeted radioligand therapies, marking the private equity firm's latest healthcare investment through its Evolution fund.
Founded in 2011, Minerva Imaging has established itself as a market-leading, science-driven organization focused on the development of targeted radioligand therapies—a rapidly emerging and transformative field within cancer therapeutics. The company reported revenue of more than DKK 225 million (approximately $35 million) in 2024 and employs over 150 highly skilled professionals, including a significant number of PhD-level scientists, at its Copenhagen headquarters.
Strategic Partnership for Global Expansion
The investment will be made in close partnership with Minerva's founders, representing a joint commitment to accelerate the company's growth, international expansion, and further strengthen its integrated platform and service offerings. The partnership aims to build a global market-leading radiopharmaceutical platform in response to growing demand in the sector.
"We are incredibly proud of Minerva's progress since its founding. Our innovative solutions are making a meaningful impact for our collaborators and customers, with the ultimate goal of helping patients," said Andreas Kjaer, Chairman and Founder of Minerva. "We look forward to continuing this journey together with Nordic Capital, which brings extensive expertise, a strong network, and the capital needed to support our next phase."
Comprehensive Service Platform
Minerva delivers a highly differentiated, fully integrated platform that combines scientific excellence with end-to-end service capabilities. With deep expertise in molecular imaging and advanced oncology and cardiovascular disease models, the company partners with many of the world's leading pharmaceutical and biotechnology companies and is widely recognized for its industry-leading expertise and best-in-class capabilities.
The company's facility in Denmark offers fully integrated radiopharmaceutical research, drug development, and manufacturing services. Minerva's recent collaboration with Blue Earth Therapeutics, in which it conducted a preclinical study on a novel PSMA-targeting radiopharmaceutical, demonstrates its growing capabilities in the field.
Market Growth Drivers
The global radiopharmaceuticals market is expected to experience significant growth over the next decade, driven by the increasing incidence of cancer and a growing demand for precision medicines. This growth trajectory is supported by a broader surge in demand for imaging-enabled drug development and a shift towards personalized treatment approaches.
"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," said Jonas Agnblad, Partner and Co-Head of Nordic Capital Evolution. "Its rigorous scientific approach and well-established platform positions the company strongly to capture future growth in the radiopharmaceuticals sector."
Nordic Capital's Healthcare Expertise
As a leading healthcare investor with over three decades of experience in fostering growth and international expansion, Nordic Capital brings significant sector expertise to the partnership. The firm will leverage its operational expertise and expert networks to facilitate continued growth and development for Minerva.
Nordic Capital's Evolution platform, with total committed capital of EUR 3.2 billion, targets investments in middle-market growth companies across Northern Europe. Minerva represents the eleventh investment made by Nordic Capital Evolution since 2021, demonstrating the fund's continued focus on healthcare innovation.
Transaction Details
While the transaction value was not disclosed, completion is expected in Q3 2025, subject to customary regulatory approvals and closing conditions. The partnership will enable Minerva to strengthen and extend its integrated service offerings to valued customers and collaborators while supporting innovation through organic expansion and potential selective strategic acquisitions.
"Our mission is to help transform translational research and drug development for patients with an unmet need," said Carsten H. Nielsen, CEO and Founder of Minerva. "Together with Nordic Capital, we can seek to support innovation and boost our growth via organic expansion and potential selective strategic acquisitions."
