HBM Healthcare Investments

What HBM Healthcare Investments does

HBM Healthcare Investments AG is a Swiss investment company listed on the SIX Swiss Exchange under the ticker HBMN, founded in 2001 and headquartered in Zug, Switzerland. The company holds a globally diversified portfolio of private and public healthcare companies across human medicine, biotechnology, medical technology, and diagnostics, with total net assets of approximately CHF 1.7 billion as of March 2026 and a NAV per share of CHF 289.54 (June 15, 2026). Portfolio construction is balanced between approximately 34% private companies, 45% public companies (including 19% formerly private), 7% third-party funds, and 10% cash. The investment portfolio is actively managed by an external advisor, HBM Partners, while HBM Healthcare Investments AG retains the listed balance sheet and shareholder interface. The company has no parent entity and no subsidiaries; its single product is the listed investment vehicle itself, accessed by institutional and retail shareholders through any securities intermediary connected to the SIX Swiss Exchange.

The firm's revenue mechanics derive from capital appreciation and realized gains on its portfolio companies, supplemented by dividends from operating portfolio businesses such as Swixx BioPharma and Swixx Healthcare, plus interest income. Returns are distributed to shareholders through annual dividends (CHF 9.00 per share approved for FY2025/2026), nominal value repayments, and ongoing share buyback programs. Go-to-market activity is conducted via traditional investor relations channels — annual and half-year reports, quarterly NAV publications, investor presentations, ad-hoc SIX Exchange announcements, and annual shareholders' meetings — rather than direct sales. Strategic communications are executed from the Swiss headquarters, with portfolio operations spanning North America, Europe, Asia (China, India), and Latin America through investee companies.

In FY2025/2026 (April 1, 2025 to March 31, 2026), HBM reported a CHF 272 million annual profit, representing a sharp recovery from CHF 19 million in the prior fiscal year and translating into a 17.2% NAV per share increase (29.6% in USD) and 28.5% share price appreciation. Performance was driven by multiple portfolio company exits including the sale of a majority stake in Swixx BioPharma to SK Capital Partners and Bain Capital Life Sciences at an enterprise value above EUR 1.5 billion, the acquisition of Merus by Genmab for USD 8 billion, the acquisition of Terns Pharmaceuticals by MSD for USD 6.7 billion, and the Nasdaq IPOs of Upstream Bio and Parabilis Medicines. New deployments in the fiscal year included the Corxel Pharmaceuticals USD 287M Series D1, CellCentric USD 220M Series D, Electra Therapeutics USD 183M Series C, and Lycia Therapeutics USD 75M Series D financing rounds.

Name

HBM Healthcare Investments

Legal name

HBM Healthcare Investments AG

Website

http://www.hbmhealthcare.com

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

HBM Healthcare Investments AG is a Swiss listed investment company (SIX: HBMN) that holds a globally diversified portfolio of private and public healthcare companies across biotechnology, medical technology, and diagnostics for institutional and retail shareholders.

Ownership category

akta.pro rank

Product category

Healthcare Investment Management

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940), Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Life Insurance (6311)

akta.pro primary industry

Private Client/High-Net-Worth Advisory (FSAEAAAN)

Keywords

• Healthcare investment fund
• Listed investment company
• Biotechnology venture capital
• Medical technology investments
• Global healthcare portfolio

Headquarters

HQ city

Zug

HQ country

Switzerland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Investment Returns and Dividends: HBM Healthcare Investments generates returns through capital appreciation of its portfolio companies, realized gains from IPOs and acquisitions, dividend income from portfolio companies (particularly Swixx BioPharma and Swixx Healthcare), and interest income. The company distributes profits to shareholders via dividends and nominal value repayments.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

HBM Healthcare Investments is a Swiss investment company listed on SIX Swiss Exchange (HBMN) that holds a globally diversified portfolio of private and public companies in human medicine, biotechnology, medical technology, and diagnostics. The company provides shareholders with exposure to the global healthcare sector through active portfolio management, strategic support to portfolio companies, and value realization via IPOs and strategic acquisitions. Returns are distributed to shareholders through annual dividends and share buyback programs.

Product overview

HBM Healthcare Investments is a single, unified investment vehicle — a Swiss investment company that holds and manages an internationally diversified portfolio of promising companies in human medicine, biotechnology, medical technology, and diagnostics. Rather than offering multiple distinct products or modules, the company provides diversified exposure to the global healthcare investment universe through its core investment fund/vehicle structure, with investments spanning private companies, public companies, and specialized funds. The investment company is actively managed and listed on the SIX Swiss Exchange under symbol HBMN.

Differentiator

Problem solved

Functional benefit

Products and services

• HBM Healthcare Investments Fund / Investment Vehicle

Quantifiable outcome

• 17.2% NAV growth in FY2025/2026
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• LundbeckminorStrategic or Co-development PartnerSwixx BioPharma (HBM portfolio company) signed multi-regional distribution and service agreement with Lundbeck to commercialize CNS therapies in Southeast Europe (including Israel and Russia), Turkey, and Latin America.

Scale indicators6 records

Recent moves9 records

Expansion highlights4 records

Emerging players

• RA Capital Management: Healthcare-focused crossover fund investing in both public and private biotech companies. Comparable as a co-investor in multiple HBM portfolio rounds (e.g., CellCentric, Corxel) and as a healthcare-dedicated allocator.
• RTW Investments: US-based specialist healthcare/biotech investment firm. Comparable as a co-investor in late-stage private biotech rounds (e.g., Lycia Series D) and a healthcare-focused capital allocator.
• OrbiMed Advisors: Healthcare-dedicated investment firm with private and public strategies. Comparable as a co-investor in HBM portfolio rounds (e.g., Lycia) and as a specialist healthcare capital allocator.

Direct peers

• International Biotechnology Trust PLC: UK-listed investment trust focused on biotechnology equities, run under a Schroders mandate. A close comparable for the public-equity portion of HBM's healthcare book.
• Polar Capital Biotechnology Fund: Specialist healthcare/biotech public-equity investment trust listed in London. Comparable in terms of healthcare-only focus and benchmark-driven NAV construction.
• BB Biotech AG: Swiss-listed (SIX) investment company focused on biotechnology equities — the most direct structural peer to HBM, with a similar listed-investment-vehicle model and European investor base, though more concentrated in public biotech names.
• Worldwide Healthcare Trust PLC: UK-listed investment trust investing globally in healthcare equities, providing a close peer set for an investor evaluating listed healthcare exposure vehicles with similar NAV-based pricing dynamics.
• Tekla Life Sciences Investors: US-listed closed-end fund (HQL) focused on life sciences equities, with a similar healthcare-only mandate and US-style closed-end structure.
• Tekla Healthcare Investors: US-listed closed-end fund (HQL) investing in healthcare equities. Useful comparable for the listed-investment-vehicle / healthcare-only / NAV-discount dynamic HBM exhibits.

Others

• HBM Partners: Private investment advisor that manages HBM's portfolio and runs parallel private healthcare funds. Closely related as both a service provider and an overlapping investment vehicle, but not a listed equity peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/hbmhealthcare?s=11

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments277 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HBM Healthcare Investments