Segment
Type of investment
Commercial Growth
The commercial growth segment consists of companies that are already selling products or services and showcasing proof-of-concept with high growth and potential to reach profitability in the near term. These companies are generally derisked in terms of technical and product development risks, but often require larger investments and generate lower multiples.
Flerie supports expansion through organic growth and M&A opportunities. Flerie will retain the investment as long as it creates value.
Bohus Biotech
Bohus Biotech was one of the first companies in the world to explore the diversity of functions in hyaluronic acid. Since then, the company has been a global leader in innovating and developing medical and aesthetic products that utilise the substance’s qualities. Bohus Biotech’s research and development has led to high-grade products addressing needs in ophthalmics, dermal procedures and orthopaedic interventions. The company is fully integrated, connecting the first step in research and development, all through the chain, to the last step in manufacturing and shipping at its location in Strömstad.
Sweden
Magnus Nylén
Chromafora
Chromafora develops unique methods to clean water from PFAS and heavy metals and collect and recirculate valuable minerals such as gold and rare earth metals. To this end, Chromafora offers SELMEXT and SELPAXT, which target earth metals and PFAS, and PFAS respectively, to industrial and institutional actors that work with or utilise water in their processes. By tackling these persistent environmental pollutants, Chromafora’s technologies contribute to mitigating health risks while offering sustainable water treatment.
Sweden
Johan Seijmer
Frontier Biosolutions
Inspired by the success of the picks and shovel providers during the Gold Rush, Frontier Biosolutions aims to identify key tools and services critical for modern pharmaceutical development and manufacturing. To achieve this, Frontier Biosolutions leverages the team’s extensive experience and network to identify, invest in, and develop a platform of revenue-generating businesses. The company’s foundational investment in Coriolis Pharma, an industry-leading drug development and analytical services provider, demonstrates Frontier Biosolution’s commitment to addressing critical bottlenecks in advanced therapeutic development.
Frontier Biosolutions is a privately held company based in London, United Kingdom,
with Coriolis Pharma based in Munich, Germany
Pharma services
Thomas Eldered
Nanologica
Nanologica is a Swedish life science tools company that offers state-of-the-art purification methods founded in materials science and nanotechnology. The company’s main product NLAB Saga® is a silica-based media offered specifically to manufacturers that purify peptide drugs, e.g., insulin and GLP-1 analogues. By developing, producing, and selling advanced expendables to manufacturing companies, Nanologica helps customers optimise workflows while lowering costs.
Sweden
Andreas Bhagwani
NorthX Biologics
NorthX Biologics is an industry-leading CDMO that provides comprehensive services from concept to commercial manufacturing. Beyond CDMO® stands for a partnership in the truest sense, navigating the complexities of biologics developing and manufacturing in a collaborative way. Its services cover a wide range of biologics, including plasmid DNA, mRNA, recombinant proteins, viral vectors, and cell therapies. NorthX tackles the complexity of biologic manufacturing by offering tailored solutions to its various customers, which range from small drug developers to large biopharma companies. By physically adapting its facilities and processes to accommodate evolving demands, the company is employing its business model to lead the industry’s shift toward personalised therapies.
Sweden
Janet Hoogstraate
Symcel
Symcel develops and markets calScreener™, a unique instrument that employs calorimetry, a label-free and non-destructive method, to measure microbial and cellular viability. The technology enables fast, sensitive, and accurate detection of metabolic activity, and it is used in sterility testing for cell and gene therapies, as well as rapid infection diagnostics. Symcel markets its solutions using a B2B model, targeting drug developers, universities, biotech companies, and research institutions within the life sciences sector. By establishing calorimetry as a new standard of measurement, Symcel aims to revolutionise the global market for biological research, diagnostics and sterility testing within the healthcare and biotech sectors. Symcel entered into a R&D collaboration with Johnson & Johnson in 2025 for rapid sterility testing.
Solna, Sweden
Jesper Ericsson
Divested companies
Flerie encourages partnerships and M&A activity to accelerate bringing treatments to patients. When this results in an acquisition, proceeds are reallocated to the investment pool in line with our evergreen strategy.
A3P Biomedical
A3P Biomedical is a Swedish commercial stage diagnostics company for early detection of prostate cancer. They have developed the Stockholm3 test, a blood test that combines protein markers, genetic markers and clinical data with a proprietary algorithm in order to detect aggressive prostate cancer. Their test is on the market and has been included in the Swedish national guidelines. Stockholm3 has been developed by scientists at Karolinska Institutet and validated in clinical studies including more than 75,000 men, with over 25 publications in leading scientific journals such as The Lancet Oncology and European Urology. Patients benefit from a more precise test (increasing sensitivity and specificity) and healthcare providers can reduce the direct costs by 17 to 28 percent, decreasing unneccesary biopsies and MRIs. It is also being trialled in an organised screening programme by Region Värmland for men ages 50-75.
Sweden
Ola Steinberg
Cobra Biologics
Cobra Biologics was a leading international advanced therapy CDMO with GMP approved facilities in both Sweden and the UK, sold to Cognate BioServices in 2019, which was subsequently acquired by Charles River Laboratories in 2021.
Sweden
Cormorant Pharmaceuticals
Cormorant Pharmaceuticals was a privately held, biopharmaceutical company founded by Maarten de Château and Urban Paulsson. Based on mounting research pointing to IL-8 being an important driver of malignant tumors, HuMax-IL8 (a fully human monoclonal antibody) was acquired from Genmab A/S and taken into development by Cormorant. Cormorant was acquired by Bristol Myers Squibb in 2016.
Sweden
Wilson Therapeutics
Wilson Therapeutics was a biopharmaceutical company, based in Stockholm, Sweden, developing novel therapies for patients with rare copper-mediated disorders. Wilson Therapeutics' product, WTX101, was in Phase 3 development as a novel treatment for Wilson disease when it was acquired by Alexion in 2018.