Minerva Imaging, a leading science-driven Contract Research Organisation (CRO) and Contract Development and Manufacturing Organisation (CDMO), has entered a strategic partnership with Nordic Capital to accelerate its growth and international expansion. The collaboration aims to further strengthen Minerva’s integrated radiopharmaceutical platform and service offerings, with the ambition of establishing a global market-leading position in radioligand therapies—a fast-emerging, transformative field in cancer treatment.
Founded with a strong focus on molecular imaging and translational science, Minerva is recognised for its deep expertise in oncology and cardiovascular disease models. The company offers a fully integrated platform that combines scientific excellence with end-to-end capabilities. With over 150 professionals, including numerous PhD-level scientists, Minerva has built trusted partnerships with leading global pharmaceutical and biotech companies. In 2024, the company generated revenue exceeding DKK 225 million, underscoring its rapid growth and high-impact delivery.
The radiopharmaceuticals market is expected to witness substantial growth, driven by rising cancer incidence and increasing demand for precision medicine. With Nordic Capital’s support, Minerva is well-positioned to scale operations, enhance scientific capabilities, and provide comprehensive support throughout the drug development lifecycle—from preclinical to clinical stages.
Minerva’s leadership expressed enthusiasm about the partnership. Andreas Kjaer, Chairman and Founder, stated, “We are proud of Minerva’s journey and the impact of our solutions. Nordic Capital’s expertise and resources will enable us to continue advancing innovative therapies that benefit patients.” Carsten H. Nielsen, CEO and Founder, added, “Our shared mission is to transform translational research. Nordic Capital’s support allows us to grow organically and explore strategic acquisitions, strengthening our service offerings to customers and collaborators.”
Nordic Capital praised Minerva’s scientific rigor and growth trajectory. “Minerva is a frontrunner in radiopharmaceuticals with a robust, scalable platform,” said Jonas Agnblad, Partner and Co-Head of Nordic Capital Evolution advisory. “We look forward to supporting its next phase of growth and helping extend its reach from research to clinical impact.”
With over 30 years of experience in healthcare investing, Nordic Capital brings sector expertise, operational know-how, and a strong network to this partnership. Its Evolution platform, which targets middle-market growth companies, has committed EUR 3.2 billion in capital and made eleven investments since 2021.
The transaction is expected to close in Q3 2025, subject to customary regulatory approvals. Terms of the deal remain undisclosed.