Sunstone Life Science Ventures
European early-stage life-science venture capital firm investing in companies developing novel therapeutics, diagnostics and medtech; the life-science arm that remained after the tech arm rebranded to Heartcore Capital in 2018.
Sunstone Life Science Ventures is a Copenhagen venture capital firm with 13 active companies and 20 exits.
- ·5 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 20 realized deals: 5 years.
- ·Top sector focus: Biotech (82% of portfolio).
Sector breakdown
33 companiesGeography breakdown
11 geographiesKey facts
Recent exits
Sunstone Life Science Ventures sold Cardior Pharmaceuticals to Novo Nordisk in 2024 after 3 years.
Sunstone Life Science Ventures exited STipe Therapeutics in 2024 after 5 years.
Sunstone Life Science Ventures sold Vaximm to NEC OncoImmunity in 2022 after 11 years.
Sunstone Life Science Ventures sold Forendo Pharma to Organon in 2021 after 2 years.
Coverage notes
3 funds tracked, 33 portfolio companies (13 active · 20 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Sunstone Life Science Ventures has raised, with its portfolio companies. Hand-checked from public filings.
Sunstone Life Science Ventures VVC20217 assets1 exitsVC2021 · 5yr–71
Unrealized
7 held| Company | Entry |
|---|---|
| Diogenx Biotech · France | 2023 |
| Kynexis Biotech · Netherlands | 2023 |
| Resalis Therapeutics Biotech · Italy | 2024 |
| Rewind Therapeutics Biotech · Belgium | 2023 |
| Step Pharma Biotech · France | 2021 |
| TargED Biopharmaceuticals Biotech · Netherlands | 2022 |
| Teitur Trophics Biotech · Denmark | 2023 |
Realized
1 exit| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Cardior Pharmaceuticals Biotech · Germany | 2021 | 2024 | Trade Sale | Novo Nordisk | – |
Sunstone Life Science Ventures IVHarvestingVC20153 assets6 exitsVC2015 · 11yr–36
Unrealized
3 held| Company | Entry |
|---|---|
| Oblique Therapeutics Biotech · Sweden | 2020 |
| OxThera Biotech · Sweden | 2016 |
| Synendos Therapeutics Biotech · Switzerland | 2020 |
Realized
6 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Forendo Pharma Biotech · Finland | 2019 | 2021 | Trade Sale | Organon | – |
| IO Biotech Biotech · Denmark | 2015 | 2021 | IPO | – | – |
| Prexton Therapeutics Biotech · Switzerland | 2015 | 2018 | Trade Sale | Lundbeck | – |
| Rigontec Biotech · Germany | 2015 | 2017 | Trade Sale | Merck & Co (MSD) | – |
| STipe Therapeutics Biotech · Denmark | 2019 | 2024 | – | – | – |
| Symphogen Biotech · Denmark | 2019 | 2020 | Trade Sale | Servier | – |
Sunstone Life Science Ventures IIIHarvestingVC20073 assets13 exitsVC2007 · 19yr–313
Unrealized
3 heldRealized
13 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Acarix MedTech · Sweden | 2010 | 2016 | IPO | – | – |
| Arcoma MedTech · Sweden | 2010 | 2014 | IPO | – | – |
| Ascelia Pharma Pharma · Sweden | 2008 | 2019 | IPO | – | – |
| Ascendis Pharma Pharma · Denmark | 2010 | 2015 | IPO | – | – |
| Cantargia Biotech · Sweden | 2013 | 2015 | IPO | – | – |
| Egalet Pharma · Denmark | 2010 | 2014 | IPO | – | – |
| Evolva Biotech · Switzerland | 2005 | 2009 | IPO | – | – |
| Follicum Biotech · Sweden | 2012 | 2014 | IPO | Swedish Growth Fund | – |
| Galecto Biotech · Denmark | 2012 | 2020 | IPO | – | – |
| Nuevolution Biotech · Denmark | 2007 | 2019 | Trade Sale | Amgen | – |
| Opsona Therapeutics Biotech · Ireland | 2013 | 2019 | – | – | – |
| Orphazyme Biotech · Denmark | 2011 | 2017 | IPO | Eurazeo | – |
| Vaximm Biotech · Germany | 2011 | 2022 | Trade Sale | NEC OncoImmunity | – |
About Sunstone Life Science Ventures
Sunstone Life Science Ventures is a pure-play Nordic life sciences venture capital firm with €500 million of cumulative assets across four funds as of December 2024 (Fund I €200 million 2007, Fund II €86 million 2007, Fund III €80 million 2012, Fund IV €92 million 2019), headquartered in Copenhagen at Frederiksberg. The firm was founded in 2007 as a spin-out from the broader Sunstone Capital platform, supported by InnovFin Equity under Horizon 2020 and EFSI. Sunstone Life Science Ventures has built 44 portfolio exits historically.
Investment thesis
Sunstone Life Science Ventures deploys capital through four life sciences funds (Fund I through IV), targeting early-stage life sciences therapeutics investments at preclinical to clinical-stage biotech with clear M&A or IPO exit paths. Sector focus spans biotechnology, therapeutics, pharmaceuticals, drug discovery, rare diseases and oncology. Geographic deployment is anchored in Nordic and broader European focus with selective US co-investments. The M&A-led exit strategy aligns with global pharma demand for late-preclinical and clinical assets.
Recent activity
Recent realised exits include medical devices (2024) and biotech (2024). Recent acquisitions include TargED Biopharmaceuticals (drug discovery, December 2025) and DiogenX Series A (biotech, 2024). The platform continues active deployment of Fund IV across the European life sciences ecosystem.
Frequently asked questions
- What investment strategy does Sunstone Life Science Ventures focus on?
- Sunstone Life Science Ventures focuses on VC strategies in the private equity space.
- How many portfolio companies does Sunstone Life Science Ventures have?
- Sunstone Life Science Ventures has 13 active portfolio companies and 20 completed exits and 3 funds tracked on GP Intel.
- Where is Sunstone Life Science Ventures headquartered?
- Sunstone Life Science Ventures is headquartered in Copenhagen, Denmark.
- When was Sunstone Life Science Ventures founded?
- Sunstone Life Science Ventures was founded in 2007.
- What sectors does Sunstone Life Science Ventures invest in?
- Sunstone Life Science Ventures invests across Healthcare.
- What are Sunstone Life Science Ventures's recent exits?
- Recent realized exits by Sunstone Life Science Ventures include: Cardior Pharmaceuticals (2024) to Novo Nordisk; VAXIMM (2022) to NEC OncoImmunity; Forendo Pharma (2021) to Organon; Symphogen (2020) to Servier; Nuevolution (2019) to Amgen; Prexton Therapeutics (2018) to Lundbeck; Rigontec (2017) to Merck & Co (MSD); Orphazyme (2017) to Eurazeo.
Similar firms
Other private equity firms tracked on GP Intel.
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