IMMERSING OURSELVES IN OUR CLIENTS' STORY

Precision meets potential: Advancing cancer treatment with Minerva Imaging

In the race to develop more effective cancer treatments, precision is everything. The ability to target tumours accurately, while preserving healthy tissue, has become one of the most important frontiers in modern medicine. That’s where radiopharmaceuticals and radioligand therapies are beginning to reshape the landscape.

At the centre of that shift sits Minerva Imaging.

Working with some of the world’s largest pharmaceutical companies, Minerva Imaging plays a critical role in bringing next-generation cancer therapies closer to patients. Its focus is highly specialised. The business supports drug developers by testing and validating radioligand therapies across the full development lifecycle, from early laboratory work through to preclinical and clinical-stage studies.

In simple terms, these therapies combine a radioactive isotope with a targeting molecule, allowing treatment to be delivered directly to cancer cells. The promise is significant. More effective treatments, fewer side effects, and better outcomes for patients.

For pharmaceutical companies investing heavily in this area, the ability to test and refine these therapies quickly and reliably is essential. That’s where Minerva Imaging has built its position.

Enabling a new wave of cancer therapies

Interest in radiopharmaceuticals has accelerated rapidly in recent years. What was once considered an emerging area is now moving into the mainstream, with therapies reaching the market and attracting significant investment from global pharma.

This shift is being driven by a combination of scientific progress and growing demand for more targeted treatments. Radioligand therapies offer a level of precision that traditional approaches often can’t match, and the pipeline of new drugs continues to expand.

Minerva Imaging has grown alongside this trend. It’s established itself as a global leader in a niche that’s both technically complex and commercially important. Its role isn’t just supportive, it’s enabling. Without the ability to test these therapies effectively, development timelines would extend significantly.

In many cases, Minerva’s work can accelerate time to market by six to twelve months. In a sector where speed has both commercial and clinical implications, that impact is meaningful.

The shareholders were looking for a partner who understood the sector and could support international expansion at scale.

A long-term partnership built on timing and trust

Clearwater had been following Minerva Imaging’s journey for over five years prior to formal engagement. Throughout that time, we worked closely with the shareholders, maintaining an ongoing dialogue around growth, market positioning, and the optimal timing for an investor process.

As the business reached a critical point in its development, with strong market momentum and increasing demand for its capabilities, that relationship evolved into a formal mandate. The depth of understanding built over time, combined with a trusted partnership with the owners, made Clearwater the natural choice to advise on the next phase.

Finding the right partner for the next phase

As the business continued to scale, the shareholders were clear on their priorities: maintaining Minerva’s position as a global leader required continued investment, international expansion, and the ability to grow alongside its customers.

They weren’t just looking for capital, they were looking for a partner who understood the sector, could support expansion into key markets such as the US, and had experience in building and scaling global platforms.

Nordic Capital emerged as the right fit. With a strong track record in healthcare and deep understanding of radioligand therapies, Nordic Capital brought both strategic insight and execution capability. Its experience in supporting international growth and preparing businesses for future liquidity events aligned closely with management’s long-term ambitions.

A platform built for scale and specialisation

A key factor underpinning investor interest was Minerva Imaging’s fully integrated model. The business has invested heavily in purpose-built facilities designed specifically for radiopharmaceutical testing.

That investment has created a platform that’s both scalable and efficient. All key services are delivered in one place, allowing clients to move through the testing process without the delays and complexity that often come with more fragmented models.

Many contract research organisations operate with a mix of in-house capabilities and outsourced elements. Minerva has taken a different approach. Its focus on specialisation and integration allows it to deliver a more streamlined service, which is particularly valuable in a field where precision and consistency are critical.

Simplifying complexity and shaping the narrative

Given the scientific depth of the business, a key part of our role was to translate complex technical capabilities into a clear and compelling investment case.

We positioned Minerva Imaging as a global market leader operating in a high-growth segment of the healthcare sector. The focus was on its role in supporting large pharmaceutical companies, its impact on development timelines, and the strength of its integrated platform.

By grounding the story in commercial relevance and growth potential, we were able to engage a broad range of investors while maintaining credibility with those who had deep sector expertise.

Throughout the process, we worked closely with management to ensure understanding, momentum and alignment, helping them navigate a highly competitive environment without losing focus on day-to-day operations.

Finding the right partner for the next phase

As the business continued to scale, the shareholders were clear on their priorities: maintaining Minerva’s position as a global leader required continued investment, international expansion, and the ability to grow alongside its customers.

They weren’t just looking for capital, they were looking for a partner who understood the sector, could support expansion into key markets such as the US, and had experience in building and scaling global platforms.

Nordic Capital emerged as the right fit. With a strong track record in healthcare and deep understanding of radioligand therapies, Nordic Capital brought both strategic insight and execution capability. Its experience in supporting international growth and preparing businesses for future liquidity events aligned closely with management’s long-term ambitions.

We positioned Minerva Imaging as a global market leader operating in a high-growth segment of the healthcare sector.

A process shaped by selectivity, not scarcity

From the outset, investor interest was exceptionally strong. Between 70 and 80 potential buyers expressed interest, including private equity firms, venture capital investors and strategic acquirers.

The challenge wasn’t generating demand, but identifying the right partners.

To manage this effectively, we introduced a structured pre-qualification process. Interested parties were required to demonstrate their understanding of the sector, their experience in scaling similar businesses, and their ability to support the company’s strategic objectives.

This approach significantly narrowed the field. Around 30 submissions were received, with approximately 20 parties invited into the formal process. From there, further selection focused on strategic fit as much as valuation.

By the final stages, a small group of highly credible partners remained, creating a competitive environment while ensuring alignment with the company’s long-term vision.

Building for the next phase of growth

With Nordic Capital on board, Minerva Imaging now has a clear roadmap for the next stage of its development.

The focus will be on expanding internationally, particularly in the US, while continuing to invest in its capabilities and exploring targeted acquisitions. The foundations are already in place, and the partnership provides both the resources and the strategic direction to execute at pace.

A market defined by demand and scarcity

This transaction highlights the strength of investor appetite for specialist CROs and radiopharmaceutical platforms.

There’s a growing recognition that this isn’t a distant opportunity. The technology is proven, therapies are reaching patients, and demand continues to increase. At the same time, the number of high-quality assets in the space remains limited.

That imbalance is driving competitive processes and strong valuations for businesses with the right positioning.

Minerva Imaging sits firmly within that group. A highly specialised platform, operating at the intersection of science and commercial value, and playing a critical role in advancing the future of cancer treatment.