Nordic Capital has announced a strategic investment in Minerva Imaging, a Denmark-based imaging research firm focused on oncology and cardiovascular drug development, marking its latest push into healthcare via its Evolution fund.

Founded in 2011, Minerva Imaging is a contract research organisation (CRO) partnering with pharmaceutical and biotechnology companies to accelerate precision medicine development. The company reported $35m in revenue for 2024 and employs over 150 professionals, including PhD-level scientists, at its Copenhagen headquarters.

The private equity firm did not disclose the transaction value but confirmed the deal is expected to close by the end of September, pending regulatory approvals.

“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.”

The partnership will support Minerva’s international expansion and strengthen its service offering, with the shared ambition of creating a global market leader in radiopharmaceuticals. The move comes amid a broader surge in demand for imaging-enabled drug development, driven by rising cancer rates and a shift towards personalised treatment.

Nordic Capital will draw on its deep healthcare expertise and $3.7bn Evolution investment platform, which targets mid-market companies across Northern Europe.

The investment builds on Minerva’s recent collaboration with Blue Earth Therapeutics, in which it conducted a preclinical study on a novel PSMA-targeting radiopharmaceutical.

Source: Radiology Business

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