Like pretty much every other tech sector, Europe’s techbio companies raised less in 2023 than the year before thanks to the economic downturn, bringing in $2.7bn compared to 2022’s $3.5bn, according to Dealroom. But investors are still excited about the potential for this sector, and the year saw some hefty rounds.
Germany’s ITM Radiopharma, which develops and manufactures radioisotopes and therapy development platforms for cancer treatments, raised €255m from investors including BlackRock and Qatar Investment Authority in the sector’s largest fundraise of the year. French therapeutics development company Amolyt Pharma was next with its $138m Series C.
To get a place on this list of Europe’s techbio and biotech soonicorns, companies had to be founded since 2005, have a valuation of at least $500m and have raised a round since 2020 to be considered. Sifted’s analysis was based on Dealroom data.
Two names from last year’s rankings are missing from the list. Emergence Therapeutics was acquired by pharma company Eli Lilly in June 2023, while Omass Therapeutics received a firm valuation of $498m in its May 2023 Series B extension and just missed out on making the cut.
DNA Script
HQ: France
Launched: 2014
Valuation: $825m
DNA Script develops DNA printing machines to make the synthesis of DNA quicker and easier for companies working with molecular biology. It last raised in 2022 when it closed a total $200m Series C round, backed by companies including Bpifrance, EQT Life Sciences and Coatue Management.
Quell Therapeutics
HQ: UK
Launched: 2019
Valuation: $624-936m
Quell Therapeutics engineers regulatory T-cells which can help fight disease, to boost patient immune systems. Its last publicly announced fundraise was in 2021 — but last year, Sifted reported that it raised an unannounced round of £19.9m as part of a partnership with AstraZeneca. Its total funding stands at around £198m.
Artios Pharma
HQ: UK
Launched: 2016
Valuation: $612-918m
Artios Pharma is developing cancer treatments that target DNA Damage Response pathways, which are a part of cells that detect and repair damage to DNA. The treatments are designed to tackle hard-to-treat cancers. With its most recent round in 2021, the company has secured around $272m in funding so far, with investors like Sofinnova Partners, Andera Partners and Novartis Venture Fund on board.
Quercis Pharma
HQ: Switzerland
Launched: 2019
Valuation: $600-900m
Quercis Pharma is developing a drug to reduce the chance of high-risk cancer patients developing dangerous complications during treatment, like pulmonary embolisms and blood clots. It’s only ever raised one round — a $150m lump of funding in 2021 — from Global Emerging Markets.
VectorY Therapeutics
HQ: Netherlands
Launched: 2020
Valuation: $568-851m
VectorY Therapeutics is working on new antibody therapies to treat a range of neurodegenerative diseases, like Huntington’s disease, ALS and Parkinson’s disease. In November 2023, it raised a €129m Series A from investors, with Insight Partners, BioGeneration Ventures (BGV) and EQT Life Sciences all chipping in.
Amolyt Pharma
HQ: France
Launched: 2014
Valuation: $552-828m
Amolyt Pharma is producing a portfolio of novel therapeutics focused on diseases that arise as a result of hormonal imbalance. Its $138m Series C round was the second-highest biotech raise of the year and brought its total funding to around $303m, according to Dealroom.
Leyden Labs
HQ: Netherlands
Launched: 2020
Valuation: $560-820m
Leyden Labs produces a nasal spray that contains infection-fighting antibodies to target respiratory viruses at the point at which they enter the body: the nasal passage. It last raised in January 2022, when it secured $140m in Series B funding from GV, Invus and Casdin Capital, among other investors.
Hemab Therapeutics
HQ: Denmark
Launched: 2019
Valuation: $540-810m
Hemab Therapeutics is working on novel treatments for rare and underserved bleeding disorders and has raised $190m so far. Its last round, a $135m Series B in February 2023, saw investors HealthCap, Rock Springs Capital and Novo Holdings participate.
Numab Therapeutics
HQ: Switzerland
Launched: 2011
Valuation: $440-660m
Numab offers a technology platform to develop versatile antibody-based treatments that can be used to treat illnesses like cancer. According to Dealroom, it has so far raised a total of $148m. VCs on the cap table include BlackRock, Forbion Capital Partners and Novo Holdings.
Bright Peak Therapeutics
HQ: Switzerland
Launched: 2017
Valuation: $428-642m
Bright Peak Therapeutics is producing immunotherapies to treat cancer and autoimmune diseases and counts names like BlackRock, Fidelity Investments and Qatar Investment Authority among its backers.
ImCheck Therapeutics
HQ: France
Launched: 2015
Valuation: $422-632m
ImCheck Therapeutics makes new antibodies that use butyrophilin, a protein that regulates the activation of T-cells in the immune system, to power immunotherapy treatments. It last raised a €96m Series C in June 2022, with investors including Earlybird Venture Capital, EQT Group and Pfizer.
Alentis Therapeutics
HQ: Switzerland
Launched: 2019
Valuation: $420-630m
This Basel-based company is working on novel treatments for advanced liver diseases and has raised around $184m in total funding since launching. Most recently, it secured $105m in Series C funding in April 2023, from Bpifrance, Novo Holdings and RA Capital Management, amongst others.
The rest of Europe’s techbio soonicorns:
Bit.bio
HQ: UK
Launched: 2016
Valuation: $412-618m
Anaveon
HQ: Switzerland
Launched: 2017
Valuation: $403-605m
Juvenescence
HQ: Ireland
Launched: 2016
Valuation: $400-600m
Ori Biotech
HQ: UK
Launched: 2015
Valuation: $400-600m
Agomab Therapeutics
HQ: Belgium
Launched: 2017
Valuation: $400-600m
Lumicks
HQ: Netherlands
Launched: 2014
Valuation: $372-558m
Evox Therapeutics
HQ: UK
Launched: 2016
Valuation: $365-548m
Precirix
HQ: Belgium
Launched: 2014
Valuation: $352-528m
Biomodal
HQ: UK
Launched: 2012
Valuation: $372-558m
AriBio
HQ: Malta
Launched: 2010
Valuation: $335-503m
