In contrast to the fluctuating global M&A market, the life sciences and health tech industry saw a significant uptick in deal-making throughout 2023, showcasing remarkable resilience and growth.
2.5.2024
Strong momentum in life sciences and health tech industry: Castrén & Snellman sees a significant uptick in deal-making
Karlo Siirala, Hanna Paloheimo, Sakari Lukinmaa, Tero Tuomisto & Antti Kaakkola
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Despite initial setbacks due to the pandemic, the sector has witnessed a resurgence in mergers and acquisitions, and investments from both private equity and venture capital firms.
Notably, landmark transactions like Novo Nordisk’s USD 16.5 billion acquisition of Catalent and Pfizer’s USD 43 billion merger with Seagen underscore the magnitude and momentum of deal activity within the industry.
Castrén & Snellman’s recent transactional work vividly reflects this heightened industry activity. In 2023 and 2024, our firm has been deeply immersed in facilitating mergers and acquisitions, securing funding and refinancing and supporting manufacturing projects for innovative companies, investors and entrepreneurs in the health tech and life sciences sphere.
Our recent cases showcase Castrén & Snellman’s expertise in navigating complex legal matters within the life sciences and health tech industry:
- Advising Mérieux Equity Partners’ leveraged buyout of Labquality, a Nordic player specialised in EQA, CRO activities and regulatory affairs, with a strong local presence in Central and Eastern Europe
- Advising BYG4Lab and Keensight Capital on BYG4Lab’s acquisition of Finbiosoft, an innovative software company founded in 2011 with a mission to help laboratories reach higher quality and better efficiency
- Advising Keensight Capital, a leading growth buyout investor, on the Finnish legal aspects of the combination of Biovian and 3P Biopharmaceuticals, two leading biologics contract development and manufacturing organisations (CDMOs) backed by Keensight Capital, to establish 3PBIOVIAN, a new pan-European leader in its field
- Advising DigiTx Partners, a venture capital firm specialised in the digital health space, on the USD 10 million series A funding round of CardioSignal, the developer of the first technology to detect major heart diseases without specialised medical hardware
- Advising Inventure, Tesi and Presidio Ventures on the EUR 13.7 million series A funding round of Algorithmiq, a growth company developing quantum computing algorithms and solutions for drug development and discovery
- Advising Biovian, a globally operating GMP (Good Manufacturing Practice) contract development and manufacturing organisation (CDMO) of biopharmaceuticals, on its EUR 50 million manufacturing facility project in Turku, Finland
- Advising Biovian on the debt refinancing initiative and new funding package with Eurazeo to support organic growth and GeneCity facility expansion
- Advising Voisin Consulting Life Sciences on the acquisition of MedEngine, a leading medical science agency in the Nordics.
With favourable economic conditions driving acquisitions, continued interest from private equity and venture capital firms, and the strategic importance of acquisitions for fostering growth, we anticipate continued vibrancy in the industry through the remainder of 2024. In addition, advancements in technology and innovation within the industry are expected to fuel further investment and transactional activity.
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SuperOffice – Acquisition of Lyyti
We acted as Finnish counsel to SuperOffice AS, backed by Axcel, in its acquisition of Lyyti Oy from Finnish private equity firm Vaaka Partners and other sellers. Lyyti is a leading event management software company for physical, digital and hybrid events with a strong customer base in Finland, Sweden and France. SuperOffice is a leading provider of customer relationship management (CRM) software for small and medium-sized businesses across Northern Europe. Axcel is a Nordic private equity firm with a focus on technology, business services and industrials, healthcare, and consumer sectors.
Case published 9.12.2025
General Catalyst – ICEYE’s USD 150 Million Series E Funding Round
We advised General Catalyst as lead investor on ICEYE’s EUR 150 million series E funding round, valuing the company at EUR 2.4 billion. ICEYE is the world leader in synthetic aperture radar (SAR) satellite systems and operates the largest SAR constellation globally. Its technology delivers objective, near real-time Earth observation in any weather or light conditions, enabling governments and institutions to manage risks and respond faster. General Catalyst is a global investment and transformation company, partnering with leading entrepreneurs to build toward global resiliency and applied AI. Its portfolio includes companies such as Airbnb, Snap, Stripe, Mistral AI, Hubspot, Anduril, Helsing and Legora. We advised General Catalyst on this transaction in collaboration with the US law firm Goodwin.
Case published 8.12.2025
CapMan Growth – Investment in restaurant chain Factory
We are assisting CapMan Growth in making a significant investment in Factory, a Finnish restaurant chain known for its high-quality homemade meals and excellent value for money. The investment supports Factory’s ambitious growth strategy to expand nationwide and strengthen its presence also in shopping centres. Industry veteran Aku Vikström also joins as a co-investor and member of the board to support the company. Factory is a restaurant chain that specialises in high-quality homemade meals. In addition to buffet offerings, Factory provides catering services for meetings and events. All dishes are prepared in Factory’s own restaurant kitchens by the restaurants’ own chefs, and the menu focuses on diverse, high-quality home cooking. The company currently operates 22 restaurants in Southern Finland and employs around 200 people. CapMan Growth is a leading Finnish growth investor that makes significant investments in entrepreneur-led growth companies with turnover of €10–200 million. CapMan Growth is part of CapMan, which is a leading Nordic private equity investor engaged in active value creation work. CapMan has been listed on the Helsinki Stock Exchange since 2001.
Case published 2.12.2025
byFounders.vc – DataCrunch’s USD 64 million Series A funding round
We supported byFounders.vc as the Finnish counsel in their investment in DataCrunch Oy in a USD 64 million Series A funding round. DataCrunch provides scalable AI compute solutions from energy-efficient data centers in Iceland and Finland. byFounders.vc is the community-powered early-stage venture fund investing in globally ambitious teams connected to the Nordic and Baltic countries.
Case published 11.9.2025