The oncology bridge
across the Atlantic.
US-based oncology investments in Scandinavia reached an all-time high in 2020 — and over half went to Denmark.
Billions of dollars flow into the life science industry annually. While 2020 presented unprecedented circumstances, Q3 funding for life sciences reached record levels for venture investments. Oncology represents a critical component of life science investment as the world's largest pharmaceutical therapeutic area.
Although the United States dominates large oncology investments, recent years have seen growing US-based company and venture fund interest in Scandinavia. From 2016–2019, US oncology investments in Scandinavia remained relatively flat — but 2020 marked a dramatic shift.
US oncology investment deals in Scandinavia, 2016–2020. The 2020 inflection is unmistakable.
Relative deal volume index. 2020 saw four times as many deals as the prior year average, accompanied by substantially larger investment amounts.
“The oncology ecosystem in Denmark has been tracking closely with some of the emerging areas of innovation in the US.”
Three countries. Three stories.
of all US oncology investments in Scandinavia are allocated to Danish organisations — leading in both deal count and combined value.
- —Sophisticated patient data infrastructure
- —Large, life-science-focused venture funds
- —Comprehensive national life science strategy (2021)
Sweden's largest recent funding round: Kry (online health), raising $300M led by CPP and Fidelity in April 2021. Swedish investments skew toward e-health and medtech rather than pure oncology.
- —More total deals than Norway
- —Primary focus: e-health, medtech
- —National life science strategy (2020)
Norway's total US investment value exceeds Sweden's — driven by the landmark Arcus / Gilead partnership: a $2 billion ten-year deal signed in 2020.
- —Fewer but larger transactions
- —Arcus–Gilead as defining anchor
- —2019–2028 R&D plan includes biotech
Three factors that make the Nordics attractive.
Scientific excellence
World-class universities, academic medical centres, and a strong culture of translational research provide the foundation for investable innovation.
Capable teams
Experienced management with international pedigree, capable of executing through clinical and commercial milestones in a way that satisfies US investor expectations.
Local venture capital
Local VC funds act as validators and co-investors — reducing US investor risk and providing the community capital that seeds the deals that international capital later enters.
“With continued government support, we can grow this region to one of the most innovative biotech hubs in Europe.”
Christian Elling, Managing Partner — Lundbeckfonden EmergeBeyond shared culture and heritage, all Scandinavian countries have made life sciences a national strategic priority. Denmark and Sweden have both implemented comprehensive national strategies designed to attract investment and strengthen their R&D ecosystems. Norway's long-term research plan through 2028 explicitly names biotechnology as vital to bioeconomy development.
The region now supports larger, more frequent financing rounds. Scandinavian clusters are increasingly pursuing exits and M&A transactions with global pharmaceutical companies — and the capital follows.
- 01Oncology is the world's largest pharmaceutical R&D area — and growing.
- 02Scandinavia is structurally attractive: strong science, experienced teams, and local VC.
- 032020 was an inflection year — US deal volume quadrupled year-on-year.
- 04Denmark leads in deal count and value; Norway in headline deal size.