Buyer landscape
Likely buyers · Biotech.
Prepared 2026-09-29 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 1,512 verified exits: 25% to sponsors, 62% to corporates and platforms, 11% via IPO, 1% other routes. Route shift since 2020: sponsors 23% (was 29%), corporates and platforms 67% (was 55%), IPO 8% (was 15%).
The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers. A first round of the Tier 1 names plus the expansion buyers covers the demonstrated demand.
Financial buyers · 22
Tier 1 · Very High · score 70+
1. Bpifrance Investissement SponsorVery High83
15 platform investments in Healthcare · 38 deals 2024–26
AUM €57.3B · Bpifrance Amorçage Industriel · 2023 vintage · deploying · check €1-8M
Accelerating: 32 deals in the last 2 years vs 6.3/yr before.
Backed Adcendo, 2026 · Biotech, Denmark
2. ArchiMed SponsorVery High81
56 platform investments in Healthcare · 18 deals 2024–26
AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M
18 platform investments since the 2024 vintage · largely deployed vs its usual 9 per fund.
Backed ExcellGene, 2025 · Biotech, Switzerland
3. Merieux Equity Partners / Vitruvian Partners SponsorVery High81
57 platform investments in Healthcare · 7 deals 2024–26
AUM €1.6B · Mérieux Participations 5 · 2026 vintage · deploying · check €7-50M
3 platform investments since the 2026 vintage · early in deployment vs its usual 8 per fund.
Backed Ona Therapeutics, 2026 · Biotech, Spain
4. Archimedes Partners SponsorVery High81
53 platform investments in Healthcare · 21 deals 2024–26
AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M
18 platform investments since the 2024 vintage · largely deployed vs its usual 9 per fund.
Backed ExcellGene, 2025 · Biotech, Switzerland
5. ARCHIMED and Institut Mérieux SponsorVery High81
54 platform investments in Healthcare · 19 deals 2024–26
AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M
18 platform investments since the 2024 vintage · largely deployed vs its usual 9 per fund.
Backed ExcellGene, 2025 · Biotech, Switzerland
6. ArchiMed and Tethys Invest SponsorVery High81
54 platform investments in Healthcare · 18 deals 2024–26
AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M
18 platform investments since the 2024 vintage · largely deployed vs its usual 9 per fund.
Backed ExcellGene, 2025 · Biotech, Switzerland
7. Novo Holdings SponsorVery High80
114 platform investments in Healthcare · 43 deals 2024–26
AUM €93.0B · Novo Holdings Bioindustrial Investments · 1999 vintage · no newer fund
142 platform investments since the 1999 vintage · largely deployed vs its usual 24 per fund.
Backed cAMPfield, 2026 · Biotech, US
8. Lauxera Capital Partners SponsorVery High80
16 platform investments in Healthcare · 6 deals 2024–26
AUM €780M · Lauxera Growth II · 2025 vintage · deploying · check €10-78M
3 platform investments since the 2025 vintage · early in deployment vs its usual 8 per fund.
Backed GenePlanet, 2026 · Biotech, Slovenia
10. NORD Holding SponsorVery High79
15 platform investments in Healthcare · 15 deals 2024–26
AUM €5.0B · NORD Holding all inclusive Fitness Continuation Fund · 2026 vintage · deploying
Accelerating: 13 deals in the last 2 years vs 2.5/yr before.
Bought Hallmarq Veterinary Imaging from August Equity, 2026 · MedTech, UK
11. Inflexion SponsorVery High78
10 platform investments in Healthcare · 27 deals 2024–26
AUM €11.0B · Inflexion Buyout Fund VII · 2026 vintage · deploying · check €90-675M
4 platform investments since the 2026 vintage · mid-deployment vs its usual 6 per fund.
Bought Primed from Paragon Partners, 2026 · MedTech, Germany
12. NORD Holding / Pinova Capital SponsorVery High78
12 platform investments in Healthcare · 12 deals 2024–26
AUM €5.0B · NORD Holding all inclusive Fitness Continuation Fund · 2026 vintage · deploying
Accelerating: 10 deals in the last 2 years vs 2.5/yr before.
Backed Hallmarq Veterinary Imaging, 2026 · MedTech, UK
13. bm-t Beteiligungsmanagement Thueringen SponsorVery High78
13 platform investments in Healthcare · 13 deals 2024–26
AUM €465M · Mittelstands-Fonds Thueringen II (MFT II) · 2025 vintage · deploying · check €0-3M
Accelerating: 8 deals in the last 2 years vs 2.5/yr before.
Backed Applyo Jena, 2025 · Biotech, Germany
14. Audacia SponsorVery High77
9 platform investments in Healthcare · 27 deals 2024–26
AUM €2.8B · Audacia Capital Développement IV · 2023 vintage · deploying · check €4-30M
45 platform investments since the 2023 vintage · largely deployed vs its usual 12 per fund.
Backed Biomemory, 2025 · Biotech, France
15. Ring Capital SponsorVery High77
10 platform investments in Healthcare · 32 deals 2024–26
AUM €470M · Ring Altitude II · 2025 vintage · deploying · check €4-33M
17 platform investments since the 2025 vintage · largely deployed vs its usual 13 per fund.
Backed Exapto, 2024 · Biotech, France
16. UI Investissement SponsorVery High77
17 platform investments in Healthcare · 13 deals 2024–26
AUM €1.7B · Cap Autrement · 2023 vintage · deploying
17 platform investments since the 2023 vintage · largely deployed vs its usual 14 per fund.
Backed Brenus Pharma, 2024 · Biotech, France
17. UI Investissement + Bpifrance SponsorVery High77
17 platform investments in Healthcare · 13 deals 2024–26
AUM €1.7B · Cap Autrement · 2023 vintage · deploying
17 platform investments since the 2023 vintage · largely deployed vs its usual 14 per fund.
Backed Brenus Pharma, 2024 · Biotech, France
18. UI Investissement + GENEO Capital Entrepreneur + Management SponsorVery High77
17 platform investments in Healthcare · 13 deals 2024–26
AUM €1.7B · Cap Autrement · 2023 vintage · deploying
17 platform investments since the 2023 vintage · largely deployed vs its usual 14 per fund.
Backed Brenus Pharma, 2024 · Biotech, France
19. UI Investissement and Esfin Gestion SponsorVery High77
17 platform investments in Healthcare · 12 deals 2024–26
AUM €1.7B · Cap Autrement · 2023 vintage · deploying
17 platform investments since the 2023 vintage · largely deployed vs its usual 14 per fund.
Backed Brenus Pharma, 2024 · Biotech, France
20. UI Investissement, Esfin Gestion and Unexo SponsorVery High77
17 platform investments in Healthcare · 12 deals 2024–26
AUM €1.7B · Cap Autrement · 2023 vintage · deploying
17 platform investments since the 2023 vintage · largely deployed vs its usual 14 per fund.
Backed Brenus Pharma, 2024 · Biotech, France
21. GHO Capital Partners SponsorVery High77
21 platform investments in Healthcare · 4 deals 2024–26
AUM €9.0B · GHO Capital IV LP · 2025 vintage · deploying · check €50-375M
3 platform investments since the 2025 vintage · mid-deployment vs its usual 6 per fund.
Backed Avid Bioservices, 2025 · Biotech, US
22. Turenne Groupe SponsorVery High76
55 platform investments in Healthcare · 34 deals 2024–26
AUM €2.0B · Capital Sante 3 · 2025 vintage · deploying · check €3-21M
20 platform investments since the 2025 vintage · early in deployment vs its usual 80 per fund.
Backed Mablink, 2021 · Biotech, France
23. Irdi Capital-Investissement SponsorVery High76
26 platform investments in Healthcare · 40 deals 2024–26
AUM €550M · IRDI Impulsion · 2021 vintage · partially deployed · check €2-15M
84 platform investments since the 2021 vintage · largely deployed vs its usual 28 per fund.
Backed bYoRNA, 2025 · Biotech, France
Strategic buyers · 3
Tier 1 · Very High · score 70+
9. Gilead Sciences CorporateVery High80
6 acquisitions in Healthcare · 4 deals 2024–26
Accelerating: 4 deals in the last 2 years vs 0.3/yr before.
Bought Tubulis from Athos, 2026 · Biotech, Germany
24. Ipsen CorporateVery High76
8 acquisitions in Healthcare · 8 deals 2024–26
Bought Memo Therapeutics from Ysios Capital Partners, 2026 · Biotech, CH
25. Novartis CorporateVery High76
5 acquisitions in Healthcare · 4 deals 2024–26
Bought Myricx Bio from Novo Holdings, 2026 · Biotech, UK
Scores and facts derive from verified deal records only; sample floors and thresholds are published on the methodology page. Figures marked with a tilde are bands, not disclosures.