Nordic Capital teams up with Minerva Imaging to expand radiopharma globally

DENMARK – Nordic Capital has announced a strategic partnership with Minerva Imaging to fuel its expansion in the fast-growing radiopharmaceutical sector.

This collaboration represents a shared commitment to scaling operations, fostering innovation, and extending Minerva’s integrated service offerings globally.

Minerva Imaging, a leading Contract Research Organisation (CRO) and Contract Development and Manufacturing Organisation (CDMO), specializes in radioligand therapies—an emerging field in cancer treatment.

With deep expertise in molecular imaging and advanced oncology and cardiovascular disease models, the company partners with top pharmaceutical and biotech firms to provide innovative solutions in translational research and drug development.

With a team of over 150 highly skilled professionals, Minerva has experienced significant growth, generating revenue exceeding DKK 225 million (US$ 34.5 million) in 2024.

The global radiopharmaceuticals market is poised for rapid expansion due to increasing cancer cases and the demand for precision medicine.

Nordic Capital’s partnership positions Minerva to strengthen its capabilities and better serve clients throughout the pre-clinical and clinical development process.

“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.

The partnership aims to drive both organic expansion and strategic acquisitions, as highlighted by CEO and Founder Carsten H. Nielsen: “Together with Nordic Capital, we can seek to support innovation and boost our growth via organic expansion and potential selective strategic acquisitions.”

He added, “Partnering with Nordic Capital for our next growth phase will enable us to strengthen and extend our integrated service offerings to our valued customers and collaborators.”

Nordic Capital has expressed strong confidence in Minerva’s leadership and scientific foundation. “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 advisory.

“As a leading healthcare investor with deep expertise across pharma, life sciences, and pharma services – and a strong track record in supporting international expansion – we are convinced Nordic Capital is uniquely positioned to support Minerva in its next phase of growth.”

With over three decades of experience in healthcare investments and a total committed capital of EUR 3.2 billion (US$ 3.66 billion), Nordic Capital continues to foster growth across Northern Europe.

Minerva marks its eleventh investment since 2021. The transaction, expected to close in the third quarter of 2025, remains subject to regulatory approval.