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LEO Foundation and Nordic Capital partner up to further strengthen LEO Pharma’s leading position in medical dermatology

Nordic Capital, a leading global healthcare private equity investor, invests in LEO Pharma and becomes an active minority owner and partner to the LEO Foundation. The investment will support LEO Pharma on its journey to strengthening its global leadership in medical dermatology and help accelerate innovation and growth. The LEO Foundation will remain the company’s majority owner.


In 2020, LEO Pharma launched its 2030 strategy with the ambition to be a global leader in medical dermatology by expanding its leading branded topical dermatology franchise and developing a deep, innovative pipeline. To support the company’s long-term objectives and ambitious growth strategy, the LEO Foundation now welcomes Nordic Capital as a new active minority owner. Nordic Capital will invest EUR 450 million in LEO Pharma and support the 2030 strategy in partnership with the LEO Foundation who will remain the company’s majority shareholder.


“The partnership with Nordic Capital is a strong confirmation that LEO Pharma is an exceptional company with a valuable heritage in topical dermatology that has clear potential to grow into a leader in innovative therapies,” said Jesper Mailind, CEO of the LEO Foundation. “I am very enthusiastic about the opportunity to welcome Nordic Capital onboard. With Nordic Capital we have secured a supportive and seasoned partner going forward with deep medical expertise and a strong track record supporting value creation in innovative healthcare businesses globally. Further, their strong Scandinavian heritage lends itself to a common cultural understanding and approach. I am confident that the partnership will further enhance the considerable growth potential of LEO Pharma, and it is a natural next step on LEO Pharma’s journey.”


Nordic Capital is one of the most active and experienced investors in healthcare globally. The firm has a strong track record of investing in innovative companies and building industry leaders in close partnership with management teams and co-owners. Since inception in 1989, Nordic Capital has invested more than EUR 7 billion in 29 healthcare investments across Europe and North America. Within pharmaceuticals, Nordic Capital’s current and previous investments include Acino, Nycomed, Fougera, Biovitrum and Meda. Today, Nordic Capital has 14 portfolio companies in the broader healthcare sector with c. 44,000 employees and aggregate revenues in excess of EUR 6 bn.


“We could not be more pleased that Nordic Capital is partnering with the LEO Foundation and LEO Pharma,” said Jonas Agnblad, Partner, Co-Head of Healthcare, Nordic Capital Advisors. “Dermatology is one of the fastest growing therapeutic areas within pharmaceuticals. We see scientific advances addressing significant unmet needs in the coming years, resulting in tremendous value for patients and healthcare systems. Nordic Capital shares the LEO Foundation’s and management’s vision and strategy for LEO Pharma. That strategy delivers growth through exciting upcoming innovative product launches as well as continued focus on the market-leading established product portfolio. This is a combination that we believe will deliver strong growth and opportunity in the future.”

Catherine Mazzacco, CEO of LEO Pharma, said: “I am delighted to welcome Nordic Capital as our new co-owner and partner in our ambitious endeavors to make LEO Pharma a global leader in medical dermatology. I am confident that we, with our new ownership model, have paved the way for further acceleration of our strong growth ambitions, and that this will enable us to further strengthen our dedication to dermatology, with a sustained focus on building a strong pipeline and innovating across science and technology to the benefit of patients.”

The transaction is subject to customary regulatory approvals and completion is expected to take place in the first half of 2021. The terms of the transaction were not disclosed.

Moelis & Company acted as financial advisor and Plesner acted as legal advisor to the LEO Foundation and LEO Pharma. BofA Securities acted as financial advisor and Accura acted as legal advisor to Nordic Capital.

Editor Details

  • Name:
    • Corinna Vere Nicoll
Last Updated: 25-Mar-2021