October 2026
Largest Biopharmaceuticals Public Companies in Norway
Benchmark revenue and EBITDA valuation multiples for public comps like
Circio Holding, Thor Medical, Nykode Therapeutics, PhotoCure and Vistin Pharma.
 | Circio Holding ASA is a clinical-stage company. It is focused on developing and commercializing immuno-oncology therapies to target treatment-resistant solid tumors. Its product candidate, ONCOS-102, is a genetically modified oncolytic adenovirus, which has been engineered to infect cancer cells and activate the immune system to fight cancer. It includes the development and implementation with the purpose of developing targeted immunotherapy treatments for cancer patients. The company's pipeline candidate includes circVec and Mutant KRAS. | $1 | +1094% | $331M | $274M | - | (57.4x) | ||
| Thor Medical ASA is a Norway-based biopharmaceutical company. The company is a producer and supplier of alpha-particle emitters for cancer therapy. The production process is based on separation of natural occurring radioactive decay products from thorium. The Company is utilizing alpha-emitters in radiotherapy and cancer treatments using Pb-212, which can be produced from naturally occurring isotope Thorium-232 and Lead-212. It uses a proprietary production process that does not involve irradiation or nuclear reactors to produce alpha-emitting materials. These materials are used by radiopharmaceutical companies in the development of cancer therapies. | $0 | +21% | $193M | $213M | 4635.5x | (43.0x) | ||
| Nykode Therapeutics AS is a clinical-stage biopharmaceutical company focused on the discovery and development of novel immunotherapies. The company is developing individualized cancer neoantigen vaccines and is using the Vaccibody technology to generate therapeutics to treat cancers with a high unmet medical need. It operates in United States of America. | $0 | +50% | $139M | $94M | - | (4.9x) | ||
| PhotoCure ASA is a Norway-based business group associated with the research, development, production, distribution, marketing, and sales of pharmaceutical products and specialty pharmaceutical companies. The technology platform of the company is focused on the field of photodynamic diagnosis and treatment of cancer. The company has two operating segments of the group the Commercial franchise and the Development portfolio. It generates prime revenue from the Commercial franchise segment, which includes Hexvix and Cysview products. Its geographical segments are Nordic countries, Germany, France, Austria, the United Kingdom, BeNeLux, Italy, Other European countries, Canada, and the United States. | $5 | -12% | $136M | $119M | 2.1x | 45.3x | ||
| Vistin Pharma ASA is a Norway based pharmaceutical company. It is principally engaged in the business activity of producing active pharmaceutical ingredients (APIs) and solid dosage forms for the pharmaceutical industry. The company has two business segments namely Pharmaceuticals and Energy Trading. The group has operations in Norway, Germany, Switzerland, Great Britain, Algeria and other countries. | $2 | -13% | $84M | $85M | 1.8x | 6.8x | ||
| Lytix Biopharma AS is a clinical-stage biotech company engaged in developing cancer immunotherapies aimed at activating the patient's immune system to fight cancer. Its products, LTX-401 and LTX-315, are in the pipeline. The company operates in Norway and the USA, majority of revenue is from the USA. | $1 | +13% | $66M | $57M | - | (8.9x) | ||
| Oncoinvent ASA is a clinical-stage biotechnology company developing novel radiopharmaceutical therapies against cancer. The product candidate, Radspherin, uses the alpha-emitting radionuclide radium-224 to directly target micrometastases post-surgery, harnessing the benefits of modern radiopharmaceuticals without the complexities of biological targeting. | $7 | -2% | $46M | $35M | 14.4x | (2.3x) | ||
| SoftOx Solutions AS is a clinical-stage pharmaceutical company. The company offers antimicrobial solutions for Wound and Skin Care. It has developed an effective antimicrobial solution to combat biofilm, viral, and antimicrobial-resistant infections. The technology is based on extensive research and development in partnership with Nordic research institutes. | $0 | +79% | $35M | $34M | - | (39.4x) | ||
| Exact Therapeutics AS is a clinical-stage biotechnology company. It is developing Acoustic Cluster Therapy (ACT), a non-invasive precision health technology for targeted enhancement of therapeutics. ACT sonoporation is an approach to ultrasound-mediated, targeted drug enhancement that will amplify the clinical utility of therapeutic agents across a multitude of indications including within oncology (chemotherapy, immunotherapy), infectious diseases, and neurological conditions. | $0 | -67% | $6M | $713K | - | (0.1x) | ||
| Median | $1 | +13% | $84M | $85M | 8.3x | (4.9x) |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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