October 2026
Largest BioTech Public Companies in Norway
Benchmark revenue and EBITDA valuation multiples for public comps like
Borregaard, Circio Holding, Thor Medical, PhotoCure and Nykode Therapeutics.
 | Borregaard ASA makes and sells biochemicals and biomaterials designed to replace oil-based products. The company has three operating segments; BioSolutions segment develops, produces and sells biopolymers and bio vanillin from lignin used in Industries such as agrochemicals, batteries, industrial binders and construction. Bio vanillin is supplied to flavour and fragrance companies, as well as to the food and beverage industry, Biomaterials segment develops, produces and sells speciality cellulose mainly for use as a raw material in the production of cellulose ethers, cellulose acetate and other speciality products. It also includes cellulose fibrils for industrial applications, and the Fine Chemicals segment consists of fine chemical intermediates for contrast agents and bioethanol. | $15 | -20% | $1.5B | $1.8B | 2.2x | 10.4x | ||
| Circio Holding ASA is a biotechnology company developing circular RNA expression technology for gene and cell therapy applications. It has developed a circular RNA (circRNA) vector expression platform known as circVec, which is based on modular genetic constructs designed for circRNA production within target cells. The platform is being developed for applications including genetic medicine, cell therapy, and chronic disease treatment. The company's activities also include the development of RNA, DNA, and viral therapeutic technologies related to gene expression and protein production. | $1 | +1105% | $334M | $277M | - | (57.0x) | ||
| 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 | +24% | $198M | $218M | 4674.0x | (43.3x) | ||
| 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 | -8% | $143M | $125M | 2.2x | 46.9x | ||
| 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 using it's modular immunotherapy technology, specifically targeting antigens to Antigen Presenting Cells, which are essential for inducing rapid and long-lasting immune responses. It operates in United States of America. | $0 | +43% | $132M | $87M | - | (4.6x) | ||
| ArcticZymes Technologies ASA is a biotechnology company. The company is engaged in developing, producing, and marketing immune-modulating beta-glucans and novel recombinant enzymes for use in molecular research, In Vitro Diagnostics (IVD) and biomanufacturing. The company's products include Woulgan wound gel, Feed Ingredient (M-Glucan), Nutraceuticals (M-Gard), Recombinant enzymes, and others. The company reports in two operating segments, Enzymes and Corporate. Geographically, it derives a majority of revenue from the USA followed by Lithuania, Norway, Germany, France, Italy, UK, Other countries in Europe, and Rest of world. | $2 | -30% | $102M | $76M | 6.3x | 54.1x | ||
| 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 | -10% | $86M | $87M | 1.8x | 6.9x | ||
| Hofseth BioCare ASA is a Norway-based company engaged in the business of developing, manufacturing, marketing, and selling marine ingredients such as oil, calcium, and protein products. Its brands, which also generate revenue, include salmon oil (OmeGo), water-soluble protein (ProGo), calcium/collagen (CalGo and NT-II), and non-soluble protein (PetGo), all of which are produced in the Midsund plant. The firm sells its products to various segments of the human nutrition market, such as sports nutrition, supplements, and health foods, as well as to the market within nutrition for the pet and feed industry. Geographically, the company generates maximum revenue from Europe, followed by North America and Asia. | $0 | -25% | $74M | $99M | 3.6x | (12.5x) | ||
| 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 | +11% | $65M | $56M | - | (8.6x) | ||
| Oncoinvent ASA is a clinical-stage biotechnology company developing novel radiopharmaceutical therapies against cancer. Its key product candidate is Radspherin, a receptor-independent alpha radiation therapy that leverages the anatomy of the abdominal cavity to destroy residual micrometastases using a single, localized dose of alpha radiation. Radspherin is currently in clinical development in two indications: peritoneal metastasis from ovarian and colorectal cancer, but it is also relevant for treating peritoneal metastasis from other cancer types and potentially metastatic cancer in other body cavities. Geographically, the company operates in Norway. | $7 | -6% | $44M | $33M | 13.4x | (2.1x) | ||
| 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 | +72% | $34M | $33M | - | (37.4x) | ||
| Desert Control AS delivers measurable water savings and improved soil performance through its proprietary LNC technology. The Company monetizes LNC through a combination of direct services, recurring outcome-based contracts, and partner-based licensing, depending on geography and customer segment. It developed a patented non-intrusive process to reverse desertification, rehabilitate degraded soils, and reduce water and fertiliser consumption. The Company currently reports its operations as a single segment (soil conditioning solutions). Geographically, it generates the majority of its revenue from the United States, followed by Norway. | $0 | -63% | $10M | $8M | 30.7x | (1.1x) | ||
| Aqua Bio Technology ASA develops, produces and markets active ingredients for the personal care industry. It creates products for personal care, healthcare, and cosmetics with the help of marine biotechnology. ABT's brands include Moana-Organic skin care and Cuvget-Arctic skin care. | $0 | -81% | $8M | $15M | 104.7x | (24.4x) | ||
| Arctic Bioscience AS is a clinical-stage biotechnology company working to develop drug candidates within the areas of autoimmune and inflammatory diseases. It is developing pharmaceutical and commercializing nutraceutical products based on bioactive marine compounds, including lipids essential to maintaining cell membranes. The company’s proprietary extraction technology is used to extract membrane fats from marine raw materials, such as herring roe and algae. The company is developing a novel, oral drug candidate (HRO350) for the treatment of mild-to-moderate psoriasis. The company operates geographically in Norway, Americas, Europe, and APAC, with majority of the revenue deriving from Europe. | $0 | -22% | $7M | $16M | 3.7x | (5.1x) | ||
| 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 | -53% | $1M | - | - | - | ||
| Median | $0 | -10% | $74M | $81M | 5.0x | (4.8x) |
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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