ADVANZ PHARMA: building a scalable specialty pharma platform

Investing in a resilient healthcare niche

Nordic Capital identified specialty pharma as an attractive healthcare subsector, supported by structural demand for specialised treatments, high regulatory barriers and growing focus on targeted therapies for smaller patient populations. These characteristics create attractive opportunities for companies with the capabilities to commercialise specialty medicines across multiple markets.

ADVANZ PHARMA's focus on specialty medicines aligned closely with Nordic Capital's long-standing healthcare experience and subsector expertise. Prior to investing, Nordic Capital had followed both the company and the broader specialty pharma market closely, building conviction through extensive sector analysis and experience across pharmaceuticals and healthcare.

Driving value creation through active ownership

Since 2021, the partnership has focused on strengthening ADVANZ PHARMA's commercial platform while expanding its portfolio through selective in-licensing agreements, bolt-on acquisitions and strategic partnerships. Together, these initiatives have resulted in multiple acquisitions, multiple in-licensing agreements building a pipeline of >15 biosimilars, specialty generics and innovative medicines that underpins the company's future growth. Over the investment period, ADVANZ PHARMA has delivered double-digit revenue growth, supported by commercial execution, product launches and portfolio expansion. Revenue increased from approximately EUR 510 million in 2021 to approximately EUR 872 million in 2025.

Today, ADVANZ PHARMA operates a diversified portfolio of around 200 molecules and approximately 1,500 SKUs across therapeutic areas including gastroenterology, endocrinology, anti-infectives and cardiovascular care. More than half of the portfolio consists of formulations that require specialised regulatory and commercial capabilities.

A central part of the value creation strategy has been maintaining an asset-light, scalable operating model that combines local commercial expertise with centralised operational capabilities, including a Centre of Excellence in Mumbai that supports scientific, technical and regulatory processes. This structure has enabled efficient integration of new products and continued geographic expansion.

The partnership has also focused on strengthening commercial excellence and launch capabilities. In 2025, ADVANZ PHARMA launched its first biosimilar products, Gobivaz, a biosimilar of golimumab, and Mynzepli, a biosimilar of aflibercept. The launches marked an important milestone in the company's strategy to build a broader biosimilars platform and demonstrated the strength of its commercial infrastructure across Europe.

Building for long-term growth

ADVANZ PHARMA serves healthcare providers and patients through a direct and partnered commercial presence in more than 20 countries, with products reaching patients in more than 90 countries. Its diversified footprint and broad therapeutic reach help support continuity of supply for medicines that are often critical to patient care.

Looking ahead, the biosimilar portfolio is expected to be an increasingly important contributor to future growth, with more than 10 further launches anticipated in the medium term. Nordic Capital believes ADVANZ PHARMA's scalable operating model, diversified portfolio and capabilities in biosimilars and more broadly specialty medicines provide a strong foundation for continued development in a growing healthcare market. As a current portfolio company, the focus remains on supporting sustainable growth, strengthening commercial capabilities and continuing to build a leading specialty pharma platform across Europe and international markets.

Key developments since 2021

• Acquired by Nordic Capital in 2021 through a take-private transaction, with Nordic Capital holding a majority ownership position
• Built a diversified portfolio of around 200 molecules and approximately 1,500 SKUs across multiple therapeutic areas
• Completed and integrated multiple bolt-on acquisitions and signed multiple in-licensing agreements building a pipeline of >15 biosimilars, specialty generics and innovative medicines
• Launched its first biosimilars in 2025, Gobivaz (golimumab) and Mynzepli (aflibercept)
• Scaled the organisation to approximately 700 employees while maintaining a lean, asset-light operating model
• Strengthened commercial and operational capabilities across Europe and international markets

Q&A with Dr Steffen Wagner, CEO of ADVANZ PHARMA

How has ADVANZ PHARMA evolved since partnering with Nordic Capital in 2021?

Since partnering with Nordic Capital, we have continued to strengthen ADVANZ PHARMA as a scalable specialty pharma platform with a growing presence across Europe and international markets. Together with Nordic Capital we have expanded the portfolio, strengthened our commercial infrastructure and enhanced our operational capabilities. Along the way, we have completed multiple acquisitions, signed new in-licensing agreements and invested in biosimilars and specialty medicines, all while maintaining a lean model that lets us scale efficiently across markets.

What role has the partnership with Nordic Capital played?

Nordic Capital has brought deep healthcare experience and a long-term perspective. Together we have built the organisational capabilities needed for future growth, including commercial excellence, product management and integration, and the partnership has supported our ability to pursue acquisitions and in-licensing opportunities while strengthening our position in specialty medicines.

What opportunities do you see ahead?

We continue to see strong demand for specialised medicines, particularly where healthcare systems need reliable access to treatments and therapies for smaller patient populations. We see significant opportunity to keep expanding the portfolio through partnerships, acquisitions and future launches, with our biosimilar programme central to that. Our focus remains on building a sustainable platform that supports patients, healthcare professionals and partners over the long term.

Published: August 2026