Radforsk

What Radforsk does

Radforsk Investeringsstiftelse (Radforsk) is a Norwegian evergreen investment foundation founded in 1987 as the technology transfer office for the Norwegian Radium Hospital, headquartered at Ullernchausséen 64 in Oslo. The organization operates through two principal divisions: Radforsk Invest, which invests in and builds biotech companies developing cancer treatments in immune therapy, radiopharmaceutical treatment, and precision medicine; and Radforsk Innovation, which builds and manages the Campus Radiumhospitalet ecosystem. Notable portfolio companies include Nykode Therapeutics (personalized cancer vaccines, signed a USD 715M+ deal with Genentech in 2020), ARTBIO (alpha radioligand therapies, raised nearly NOK 1B in 2023), Algeta (Xofigo, acquired by Bayer in 2014), Ultimovacs, Oncoinvent, and Photocure. Radforsk has participated in nine IPOs and has allocated NOK 237 million to cancer research at Oslo University Hospital cumulatively.

Radforsk's revenue model is anchored on evergreen investment returns — capital gains and equity ownership proceeds from portfolio companies are reinvested into new ventures and existing portfolio development rather than distributed. The foundation also derives modest income from strategic allocations, grants, and Innovation Park/Incubator infrastructure operations encompassing labs, offices, and shared facilities at Campus Radiumhospitalet on Montebello in Oslo. Distribution is achieved through direct equity investments (global, spanning the Nordics, Europe, and the USA) and through ecosystem infrastructure: the Oslo Cancer Cluster (national R&D cluster, Centre of Excellence since 2006), the Oslo Cancer Cluster Innovation Park (opened 2015, Block 4 expansion 2025), the Oslo Cancer Cluster Incubator, and the planned Oslo Science Hub (40,000 sqm, 2030).

Customer/stakeholder segments served are: (1) academic research environments and biotech startups needing capital, operational expertise, and long-term horizons; (2) hospitals and clinical research environments (Oslo University Hospital, Radiumhospitalet) requiring funding and trial infrastructure; (3) established biotech companies needing specialized lab space and talent access; and (4) students at Ullern Upper Secondary School via the 2009 educational collaboration. The technology portfolio spans immune-oncology (T-cell therapies, cancer vaccines), photodynamic therapy and photochemical internalization, radiopharmaceuticals (Pb212 alpha radioligand therapies), and clinical registry SaaS (Ledidi).

Name

Radforsk

Legal name

Radforsk Investeringsstiftelse

Website

https://radforsk.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

1–10 employees

Short description

Radforsk is a Norwegian evergreen investment foundation that commercializes cancer research by investing in and building biotech companies developing immune therapy, radiopharmaceuticals, and precision medicine, while managing the Campus Radiumhospitalet ecosystem in Oslo.

Ownership category

akta.pro rank

Product category

Biotech Venture Capital

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Research and Development in the Physical, Engineering, and Life Sciences (54171)

SIC

Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Health & Medical Research Grantmaking Foundations (BPAGAKAL)

Keywords

• Biotech venture capital
• Cancer research investment
• Healthcare innovation ecosystem
• Life sciences incubation
• Oncology company building

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Investment Returns and Capital Gains: Radforsk Invest generates returns through equity ownership in portfolio biotech companies. The evergreen model means proceeds from successful exits are reinvested into new companies and existing portfolio development. They have been part of nine IPOs and have seen exits including Bayer's acquisition of Algeta and NEC's acquisition of OncoImmunity.
2. Strategic Allocations and Grants: Radforsk has allocated NOK 237 million to cancer research and strategic projects at Oslo University Hospital. These allocations stimulate research, create new technologies and companies, and support the broader ecosystem. Radforsk also receives income through these innovation activities.
3. Active Portfolio Company Development: Revenue is generated by actively developing portfolio companies through strategic and operational contributions before, during, and after establishment. This includes interim leadership, recruitment, business development, licensing deals, M&As, private placements and IPOs.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Radforsk is an evergreen investment foundation that commercializes cancer research by identifying, investing in, building and actively managing biotech companies developing cancer treatments in immune therapy, radiopharmaceuticals, and precision medicine. Through its two divisions — Radforsk Invest (investment and company building) and Radforsk Innovation (ecosystem and infrastructure development) — it operates the Campus Radiumhospitalet ecosystem in Oslo, including Oslo Cancer Cluster, the incubator, and the innovation park, providing capital, operational expertise, strategic guidance, and physical infrastructure to portfolio companies and the broader cancer research community.

Product overview

Radforsk is an evergreen investment company focused on commercializing cancer research. The company operates through two primary divisions: Radforsk Invest (investment and company building) and Radforsk Innovation (ecosystem and infrastructure development). Radforsk Invest identifies and builds biotech companies developing groundbreaking cancer treatments in immune therapy, radiopharmaceuticals, and precision medicine. Radforsk Innovation manages the Campus Radiumhospitalet ecosystem, which includes Oslo Cancer Cluster (the national innovation cluster), Oslo Cancer Cluster Incubator (startup incubator), Oslo Cancer Cluster Innovation Park (physical innovation facility), and Oslo Science Hub (planned 40,000 sqm expansion). The company also produces the Radium Podcast for sharing insights about cancer research developments. All these components work together to support the entire value chain from academic research to commercialized cancer treatments.

Differentiator

Problem solved

Functional benefit

Brands

• Radforsk Invest: The investment arm of Radforsk that invests in and builds companies developing groundbreaking cancer treatment methods and tools.
• Radforsk Innovation
• Radium Podcast

Products and services

• Radforsk Invest Equity investment and active company building service for biotech companies developing cancer treatments in immune therapy, radiopharmaceuticals and precision medicine, using an evergreen model with long-term horizons.
• Radforsk Innovation Ecosystem building and infrastructure development service for cancer research, managing the Campus Radiumhospitalet and strategic allocations to research projects at Oslo University Hospital.
• Oslo Cancer Cluster National cancer research and development cluster membership organization bringing together hospitals, research institutions, biotech companies, and academic environments to accelerate development of new cancer treatments and diagnostics.
• Oslo Cancer Cluster Incubator Incubator offering resources, networks and specialized laboratories with equipment, offices, meeting rooms and dedicated staff for new and growing enterprises in the cancer research industry.
• Oslo Cancer Cluster Innovation Park Physical innovation park housing research institutions, biotech companies, Ullern Upper Secondary School, and the Cancer Registry, located beside the Norwegian Radium Hospital.
• Radium Podcast Weekly podcast publicizing insights about Radforsk portfolio companies and developments in cancer research, featuring interviews with leading researchers and biotech executives. Available on Apple Podcasts, Soundcloud, Acast, and Spotify.
• Educational Collaboration with Ullern Upper Secondary School Educational program providing students with placements and practical work experience at hospitals, universities, and private companies, aiming to inspire future careers in health and research.
• Strategic Research Allocations Funding and project support for cancer research and Centres of Excellence at Oslo University Hospital (Radiumhospitalet), stimulating research and creating new technologies and companies.

Quantifiable outcome

• 9 IPOs completed through investment activities
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered flagship, core and major.

• Genentech (Roche Group)flagshipStrategic or Co-development Partner · 1 October 2020In October 2020, Nykode Therapeutics (a Radforsk portfolio company) entered into an agreement with Genentech for the development of individually tailored cancer vaccines. Worth USD 715 million plus royalties on product sales, this was the largest agreement any Norwegian biotech company had ever signed. Genentech is part of the Roche group.
• BayerflagshipStrategic or Co-development Partner · 1 January 2009Bayer entered into a collaboration with Algeta (a Radforsk portfolio company) in 2009 to develop Xofigo through to market. Xofigo received marketing approval as the world's first alpha-emitting drug in 2013. Bayer acquired Algeta in 2014, with many Algeta employees retained by Bayer. Bayer subsequently focused strongly on research into radiopharmaceuticals in Norway.
• Ullern Upper Secondary SchoolcoreStrategic or Co-development PartnerEducational collaboration established in 2009 between Oslo Cancer Cluster and Ullern Upper Secondary School as part of the Oslo Cancer Cluster Innovation Park development. The collaboration gives students placement opportunities at hospitals, universities, and private companies, as well as visits and lectures. Radforsk hires students from the school's Media and Communication programme to help with podcast production. In 2019, Forskerlinja opened with students followed by mentors from the Oslo Cancer Cluster environment.
• Thermo Fisher ScientificmajorStrategic or Co-development PartnerSeveral of Thermo Fisher Scientific's research and development departments will be among tenants moving into Oslo Cancer Cluster Innovation Park Block 4, scheduled for completion in 2025. The expansion building has approximately 12,000 sq. m of floor space.
• Oslo Science Hub (Thomas London)majorStrategic or Co-development PartnerOslo Science Hub represents the latest expansion of Campus Radiumhospitalet, scheduled for completion in 2030. Thomas London (CEO of Oslo Science Hub) works closely with Jónas Einarsson (CEO of Radforsk) on this project. The hub will provide 40,000 square meters and potentially 2,000 new jobs including office areas, laboratories, a biobank, and a researcher hotel.

Scale indicators8 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Cancer Research UK: World's largest cancer-research charity, funding research, drug discovery, and commercial spinouts. Analogous in mission (cancer-focused foundation) though more grant-oriented than Radforsk's active investment/incubation model.
• Forbion: Leading European life-sciences VC investing across biotech development stages, including company creation. Comparable model of building and actively managing therapeutics companies through to exit.
• Novo Holdings: The holding and investment company of the Novo Nordisk Foundation — a Danish evergreen foundation that invests in and builds life-sciences companies globally. Closest structural parallel to Radforsk: a foundation-driven, evergreen biotech investor/builder with a long time horizon.
• LifeArc: UK self-funded medical research charity that commercialises life-science research via company formation and partnerships. Like Radforsk, it bridges academic research and commercial ventures in life sciences, though with broader therapeutic scope.
• HealthCap: European venture capital firm focused on life sciences with a track record of company building and IPOs across therapeutics categories. Highly comparable in the Nordic/European biotech investing context.
• ARCH Venture Partners: US early-stage biotech venture firm that co-founds and builds therapeutics companies from academic research — particularly in radiopharmaceuticals, oncology, and platform technologies. Comparable originator/integrator role for science-driven spinouts.
• Karolinska Development: Swedish life-sciences investment company that builds and develops therapeutics companies out of Nordic academic research. Directly comparable as a Nordic biotech company-builder originating from academic medical centers.
• The Michael J. Fox Foundation: Disease-specific research foundation that funds and accelerates therapeutic development (Parkinson's). Comparable in mission as a single-disease foundation that strategically funds and partners to advance treatments from research to clinical/commercial stages.

Regional players

• Hadean Ventures: Nordic- and European-focused life-sciences venture fund investing in therapeutics, medtech, and diagnostics. Comparable as a Nordic biotech investor, though structured as a traditional VC rather than an evergreen foundation.
• Investinor: Norwegian state-backed investment company that co-invests in Norwegian growth companies, including life sciences. Comparable as a Norwegian institutional investor with overlap in biotech deal participation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCqLkJrtvZTK2gNPV8QJQG5w
• LinkedInlinkedin.com/company/radforsk
• Xx.com/radforsk

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Radforsk