May 2026
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Largest BioTech Public Companies in Norway
Benchmark revenue and EBITDA valuation multiples for public comps like
Borregaard, Circio Holding, PhotoCure, Nykode Therapeutics and ArcticZymes.
 | Borregaard ASA makes and sells biochemicals and biomaterials designed to replace oil-based products, It 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 | -27% | $2B | $2B | 2.1x | 9.0x | ||
| 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 | +1282% | $215M | $216M | - | (43.6x) | ||
| 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. | $6 | +15% | $173M | $148M | 2.6x | 25.2x | ||
| 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 | +96% | $124M | $75M | - | (4.8x) | ||
| 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, Germany, Italy, France, and other countries. | $2 | +27% | $117M | $91M | 7.4x | 39.1x | ||
| 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 | -13% | $100M | $99M | 2.0x | 7.6x | ||
| 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 | +25% | $82M | $70M | - | (10.9x) | ||
| 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 products and their respective brands include salmon oil (OmeGo), hydrolyzed soluble protein (ProGo), Calcium/Collagen (CalGo or 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. It generates maximum revenue from the sale of salmon oil. Geographically, the company generates maximum revenue from Europe, followed by North America and Asia. | $0 | -35% | $48M | $80M | 2.9x | (10.2x) | ||
| 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 | -17% | $30M | $29M | 16.9x | (32.3x) | ||
| 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. | $5 | -48% | $22M | $3M | 1.2x | (0.2x) | ||
| Desert Control AS is a climate technology company specializing in reclaiming degraded soil and turning desert sand into fertile soil. It also specializes in climate-smart AgTech solutions to combat desertification, soil degradation, and water scarcity. The patented product LNC (Liquid Natural Clay) is a liquid clay compound that enables sand and degraded soil to retain water and nutrients. | $0 | -77% | $15M | $14M | 49.9x | (1.7x) | ||
| 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 | -2% | $9M | $16M | 3.7x | (5.6x) | ||
| 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. | $1 | -88% | $8M | $20M | 136.1x | (31.8x) | ||
| 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 | -76% | $8M | $5M | - | (0.6x) | ||
| PCI Biotech Holding ASA is a biopharmaceutical company focused on developing and commercializing cancer therapies using its photochemical internalization (PCI) technology platform. The PCI technology utilizes light to trigger the release of compounds from within cellular compartments. The company applies PCI to three different approaches for cancer treatment: fimaCHEM: Enhancing chemotherapeutic drugs for localized cancer treatment. fimaVACC: Inducing T-cell responses for therapeutic cancer vaccination. fimaNAc: Delivering nucleic acid therapeutics. The key product candidate is fimaporfin (Amphinex), a photosensitizer that can unlock intracellular compartments where active compounds are trapped. The company's sole operating segment is research and development. | $0 | -95% | $292K | ($1M) | - | - | ||
| Median | $1 | -17% | $48M | $70M | 3.3x | (3.3x) |
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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