The Norwegian life sciences industry performed well in 2022 compared to the years before 2021 (2018 – 2020), raising USD 38 million in private equity investments according to Biotechgate data. However, it could not compete with the record level of venture financing in 2021 (USD 65 million). Cytovation ASA secured the largest round in 2022. The biotech company, which focuses on targeted tumor membrane immunotherapy, raised a USD 20 million (NOK 180 million) Series A round in January 2022. The most common key activity of Norwegian Biotech – Therapeutics and Diagnostics companies is immunotherapy, while most of the therapeutics in clinical development are oncology drugs.
A comparison of the Norwegian life sciences industry with other Nordic countries shows that competition is strong and investing heavily. Norway will require a considerable investment effort to close gaps in the biotech market. However, Norway’s particular strength is its healthcare sector: 12% of all life science companies belong to the digital health sector, and another 12% are public, non-profit organizations or medical facilities such as universities, hospitals or private clinics.
This report includes a benchmark analysis comparing Nordic countries and has been prepared in collaboration with Oslo Cancer Cluster and The Life Science Cluster – many thanks to our Norwegian partners for their support.