Minerva Imaging
Minerva Imaging is a Danish integrated CRO and CDMO that provides preclinical oncology, molecular imaging, and GMP radiopharmaceutical manufacturing services to pharmaceutical and biotechnology companies developing targeted radionuclide therapies.
- Company typePrivate
- Founded2011
- HeadquartersØlstykke, Denmark
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Minerva Imaging does
Minerva Imaging ApS is a Danish contract research and manufacturing organization founded in 2011, headquartered in Ølstykke, Denmark. The company operates as a fully integrated CRO and CDMO specializing in targeted radionuclide therapies and molecular imaging for cancer drug development. Its scientific capabilities derive from more than two decades of research at the University of Copenhagen and Rigshospitalet, with a team of 150+ professionals including a significant number of PhD-level scientists spanning radiochemistry, pharmacology, oncology, and imaging.
The company offers an end-to-end preclinical service portfolio including oncology study design and execution (PDX, syngeneic, and xenograft models), targeted radionuclide therapy studies across alpha and beta emitters (Lu-177, Tb-161, Ac-225, Th-227), molecular imaging (PET, SPECT, CT, MRI), in vivo pharmacology in rodent and large animal models, in vitro and ex vivo capabilities (flow cytometry, histology, immunohistochemistry), and cardiovascular disease research. The CDMO arm provides GMP-certified radiopharmaceutical manufacturing, CMC services, tech transfer, and clinical trial material production. Technology infrastructure includes a GE Healthcare PETtrace 880 cyclotron, GMP-compliant radiochemistry laboratory, surgical theater, the Alpha-SPECT Mini system for alpha-emitter imaging, and the Atley Solutions C100 module for Astatine-211 handling. Revenue is generated through professional services contracts and managed CDMO engagements with pharmaceutical and biotechnology clients, priced on a quote basis. Disclosed revenue reached DKK 225 million in 2024, with Nordic Capital taking a partnership stake in June 2025 to support international expansion.
Minerva Imaging firmographics
Firmographics- Name
- Minerva Imaging
- Legal name
- Minerva Imaging ApS
- Website
- https://minervaimaging.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Minerva Imaging is a Danish integrated CRO and CDMO that provides preclinical oncology, molecular imaging, and GMP radiopharmaceutical manufacturing services to pharmaceutical and biotechnology companies developing targeted radionuclide therapies.
- Ownership category
- akta.pro rank
Minerva Imaging industry classification
Industry- Product category
- Preclinical CRO/CDMO Services (Radiopharmaceutical & Molecular Imaging)
- NAICS
- Scientific Research and Development Services (5417), Research and Development in Biotechnology (except Nanobiotechnology) (541714), Medical Laboratories (621511)
- SIC
- Services-Commercial Physical & Biological Research (8731), Services-Medical Laboratories (8071)
- akta.pro primary industry
- Therapeutic Radiopharmaceuticals (Radioligand/Targeted Radionuclide Therapy) (HLAIAGAB)
- akta.pro secondary industries
- Nuclear Medicine & Molecular Imaging (SPECT/PET) (HLAHABAE), Nuclear Medicine Clinical Services & Therapy Centers (HLAIAGAI)
Keywords
Where Minerva Imaging is headquartered
LocationHeadquarters
- HQ city
- Ølstykke
- HQ country
- Denmark
- HQ region
- Europe
Offices1 record
Markets served
Minerva Imaging business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Contract Research Services (CRO): Preclinical research services including oncology studies, radionuclide therapy studies, molecular imaging, and pharmacology studies for pharmaceutical and biotechnology companies.
- Contract Development and Manufacturing (CDMO): GMP manufacturing of radiopharmaceutical drugs and tracers for clinical trials. First clinical dose shipped from CDMO for Phase II clinical trial in 2024.
- GMP Radiopharmaceutical Manufacturing: Manufacturing of radiopharmaceutical drugs for clinical use including radiolabeling, process validations, and clinical manufacturing activities.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels5 records
Minerva Imaging product offering
Product offeringCore offering
Minerva Imaging is a scientifically driven CRO and CDMO specializing in targeted radiopharmaceutical therapies and molecular imaging for cancer drug development. The company provides integrated preclinical oncology services, GMP-certified manufacturing of radiopharmaceuticals for clinical trials, molecular imaging studies (PET, SPECT, CT, MRI), and in vitro/ex vivo pharmacology services to pharmaceutical and biotechnology companies. Founded in 2011 in Denmark, the company has built a 25+ year track record of research expertise supporting drug developers across the radiopharmaceutical value chain.
Product overview
Minerva Imaging operates as a fully integrated CRO and CDMO specializing in targeted radionuclide therapies for cancer treatment. The company offers a comprehensive portfolio combining preclinical research services (oncology models, molecular imaging, in vivo pharmacology, radionuclide therapy studies) with manufacturing capabilities (CDMO services, GMP-certified radiopharmaceutical production, isotope supply). Key platforms include PSMA-targeted and HER2-targeted radiopharmaceutical evaluation, breast cancer brain metastases translational models, and specialized imaging services including PET, SPECT, CT, and MRI. The company leverages partnerships (XenoSTART for PDX models, University of Copenhagen for research, Visiopharm for AI-based image analysis) and advanced technology (Alpha-SPECT Mini system, clinical 1.5T MRI, cyclotron facilities) to deliver end-to-end services from lead optimization through clinical trial material manufacturing.
Differentiator
Problem solved
Functional benefit
Products and services
- Targeted Radionuclide Therapy Services Preclinical evaluation services for targeted radionuclide therapies, including biodistribution, dosimetry, efficacy, and toxicity studies in relevant oncology models. Designed for pharmaceutical and biotech companies developing radioligand and radioimmunotherapy programs.
- Preclinical Oncology Services Comprehensive preclinical oncology research services leveraging multiple tumor models (syngeneic, xenograft, PDX, humanized) for efficacy, PK/PD, and mechanism-of-action studies in cancer drug development.
- Molecular Imaging Services Quantitative molecular imaging services using PET, SPECT, CT, and MRI modalities to support drug development and translational research. Includes the proprietary Alpha-SPECT Mini System for high-resolution preclinical imaging.
- CDMO Services GMP-certified contract development and manufacturing organization services for radiopharmaceuticals intended for clinical trials, including process development, scale-up, and aseptic manufacturing.
- In Vitro and Ex Vivo Capabilities In vitro and ex vivo pharmacology services including cell-based assays, flow cytometry, and histology analyses to complement in vivo preclinical studies.
- In Vivo Pharmacology In vivo pharmacology services in oncology and other disease areas, including PK/PD, biodistribution, and efficacy studies in animal models.
- Cardiovascular Disease Services Preclinical imaging and pharmacology services for cardiovascular disease drug development, leveraging molecular imaging capabilities.
- Isotope Supply Supply of radioisotopes for research and clinical use, supported by the company's on-site cyclotron (PETtrace 880) for isotope production.
- Flow Cytometry Flow cytometry services supporting preclinical research, including immunophenotyping and biomarker analysis in oncology and other disease areas.
- Histology Histology services including tissue processing, staining, and pathological analysis to support preclinical drug development studies.
Quantifiable outcome
- Revenue of DKK 225 million in 2024
- +4 more outcomes
Companies that use Minerva Imaging
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles1 record
Minerva Imaging technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Minerva Imaging partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and minor.
- DebiopharmcoreStrategic collaboration integrating Debiopharm's proprietary AbYlink conjugation technology into Minerva's preclinical research platform. AbYlink enables one-step regio-selective conjugation of payloads on the Fc domain of antibodies without affecting antigen-binding domains, supporting development of next-generation radiopharmaceuticals and theranostics.
- MH3DcoreAcquisition of MH3D's Alpha-SPECT Mini system, the first preclinical system in Europe optimized for alpha-emitter theranostics. High-performance preclinical SPECT system with CZT-based detector technology for highly sensitive imaging of alpha-emitting radiopharmaceuticals.
- University of CopenhagencoreCollaboration to evaluate Terbium-161 radiopharmaceutical therapies. Preclinical biodistribution, tolerability, and efficacy evaluation of [161Tb]Tb-trastuzumab in HER2-expressing breast cancer tumors. Builds on over two decades of research partnership.
- XenoSTARTcoreStrategic collaboration for PDX (Patient-Derived Xenograft) models enabling integrated radiopharmaceutical drug development platform. XenoSTART provides validated and characterized PDX models used for studies in orthotopic and metastatic settings involving external radiation therapy, radionuclide therapy and in vivo imaging.
- GE HealthcarecoreStrategic partnership to accelerate precision medicine and targeted radionuclide therapy. GE Healthcare provides cyclotron technology (PETtrace 880) and collaborative support for radiopharmaceutical development and manufacturing.
- Atley SolutionscoreCollaboration to make Astatine-211 available for targeted radionuclide drug development. Atley Solutions provides C100 module for handling Astatine-211 radiopharmaceuticals - first commercial installation at Minerva Imaging.
- ImaginAbminorSupply agreement to offer CD8 ImmunoPET imaging agent to customers. Provides access to CD8 T-cell imaging capabilities for preclinical studies.
- Motilent LimitedminorStrategic partnership to re-envision digestive disease research through advanced imaging and analysis capabilities.
- Thera4Care ConsortiumcoreConsortium to revolutionize cancer care, advancing precision medicine for patients in Europe through collaborative research and development efforts.
- Olema OncologyminorCollaboration on evaluation of OP-1250 (complete estrogen receptor antagonist) efficacy in intracranial PDX tumor model for breast cancer brain metastases research.
Scale indicators6 records
Recent moves9 records
Expansion highlights5 records
Minerva Imaging competitors and assessment
Company assessmentDirect peers
- Celerion: Early-phase clinical and preclinical CRO offering imaging, PK/PD, and translational services to pharma. Overlaps with Minerva's translational imaging and biodistribution capabilities across the drug development lifecycle.
- Invicro: Contract research organization specializing in molecular imaging and translational research for pharma/biotech drug development. Directly comparable to Minerva's preclinical imaging and oncology CRO services, including PET and SPECT capabilities.
- SOFIE Biosciences: Radiopharmaceutical CDMO and contract research provider offering GMP manufacturing, isotope supply, and preclinical imaging services. Closely mirrors Minerva's integrated CRO/CDMO model for theranostics and targeted radionuclide therapy developers.
- Covalabs: European preclinical CRO with deep expertise in antibody development, radiolabeling, and in vivo pharmacology. Comparable to Minerva's targeted radionuclide therapy and antibody-radioconjugate evaluation work.
Broad incumbents
- Charles River Laboratories: Large preclinical CRO offering oncology models, in vivo imaging, and radiochemistry capabilities through its discovery and safety assessment segment. Competes with Minerva for preclinical oncology and radiopharmaceutical study work but as part of a much broader portfolio.
- WuXi AppTec: Global CRO/CDMO with preclinical, CMC, and manufacturing capabilities across biologics and small molecules, including radiolabeling services. Comparable integrated service model at significantly larger scale than Minerva.
- Pharmaron: Global CRO/CDMO with integrated drug discovery, preclinical, and manufacturing services including radiolabeled compounds. Comparable breadth of services but a much larger, diversified footprint than Minerva's specialized radiopharma focus.
- Curium: Vertically integrated radiopharmaceutical manufacturer and distributor with GMP production and isotope supply. Overlaps with Minerva's CDMO and isotope-supply business but focused on commercial-scale clinical and diagnostic products.
- Lonza Radioligand Therapy: Large CDMO that has publicly invested in radioligand therapy manufacturing capacity. Competes with Minerva's CDMO offering for clinical-stage radiopharmaceutical programs at a global, multi-site scale.
Emerging players
- 3D Signatures (in vivo imaging arm): Preclinical imaging CRO focused on PET, SPECT, MRI, and optical imaging for oncology drug development. Smaller-scale peer to Minerva's preclinical molecular imaging services, often competing for similar pharma translational projects.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Minerva Imaging social profiles
Digital presenceMinerva Imaging compliance and trust
Trust signalCompliance3 records
Minerva Imaging financial estimates
Financial estimateRevenue estimate
Valuation estimate
Minerva Imaging leadership team
Management profileNumber of profiles
Profiles11 records
Minerva Imaging subsidiaries and ownership
Company hierarchySubsidiaries1 record
Minerva Imaging funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Minerva Imaging M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Minerva Imaging
What does Minerva Imaging do?
Minerva Imaging is a scientifically driven CRO and CDMO specializing in targeted radiopharmaceutical therapies and molecular imaging for cancer drug development. The company provides integrated preclinical oncology services, GMP-certified manufacturing of radiopharmaceuticals for clinical trials, molecular imaging studies (PET, SPECT, CT, MRI), and in vitro/ex vivo pharmacology services to pharmaceutical and biotechnology companies. Founded in 2011 in Denmark, the company has built a 25+ year track record of research expertise supporting drug developers across the radiopharmaceutical value chain.
Is Minerva Imaging a public or private company?
Minerva Imaging is a private company. It is classified as private equity controlled and is currently operating.
When was Minerva Imaging founded?
Minerva Imaging was founded in 2011. It employs 101 to 250 people.
Where is Minerva Imaging based?
Minerva Imaging is headquartered in Ølstykke, Denmark, in the Europe region.
How does Minerva Imaging make money?
Three revenue lines are on record. Contract Research Services (CRO) is the primary driver. The others are contract Development and Manufacturing (CDMO) and GMP Radiopharmaceutical Manufacturing.
Who are Minerva Imaging's main competitors?
Direct peers on record are Celerion, Invicro, SOFIE Biosciences and Covalabs. Broad incumbents are Charles River Laboratories, WuXi AppTec, Pharmaron, Curium and Lonza Radioligand Therapy. 3D Signatures (in vivo imaging arm) is listed as an emerging player.
Does Minerva Imaging have an API?
No public API is recorded for Minerva Imaging.
What industry is Minerva Imaging in?
Minerva Imaging's product category is Preclinical CRO/CDMO Services (Radiopharmaceutical & Molecular Imaging). Its primary akta.pro industry code is HLAIAGAB, Therapeutic Radiopharmaceuticals (Radioligand/Targeted Radionuclide Therapy), with a secondary code of HLAHABAE, Nuclear Medicine & Molecular Imaging (SPECT/PET). Its NAICS code is 5417 and its SIC code is 8731.