Nordic VC Firms Expand to Listed Biotechs in Hunt for Bargains

Two Nordic early-stage biotech investors are warming to the idea of buying into listed companies that have become too cheap to ignore.

Venture capital firms HealthCap and Sound Bioventures are shifting from a playbook mostly based on finding targets in the private sphere after the bear market made valuations of some publicly traded firms very appealing.

“There are many companies that are incredibly attractively valued,” said Bjorn Odlander, managing partner and founder of Stockholm-based HealthCap. “We can draw on the current environment, where the market has plunged, to be more opportunistic.”

HealthCap has raised more than 1.2 billion euros ...