Linc
Linc AB is a Stockholm-based investment company focused on Nordic life science businesses. It invests in both private and listed companies, with a portfolio centered on product-oriented pharmaceutical and medical technology businesses that can scale internationally.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueOwnership stakes in private and listed life science companies held for value appreciation.
Committed follow-on funding for portfolio companies advancing clinical or commercial milestones.
Public market positions in medtech and pharmaceutical companies through shares and ETFs.
Customers
Linc does not sell products to end customers; its capital is deployed to portfolio companies in the life science sector. The main counterparties are Nordic biotech, pharma, and medtech businesses that need funding for research, clinical trials, commercialization, or acquisitions. Value creation depends on those companies reaching technical, regulatory, and market milestones that increase portfolio value.
Companies such as Gesynta Pharma and Oncorena that need staged funding for trials and development milestones.
Businesses like Stille and OssDsign that use capital to expand operations, supply chains, and product reach.
Publicly traded holdings where Linc participates as a long-term owner and benefits from market re-rating.
Broader medtech and pharma market exposure used to diversify the portfolio beyond single-name risk.
Strategy
Linc’s strategy is to back product-oriented life science companies with global potential and to hold stakes long enough for clinical, regulatory, and commercial value to emerge. It also uses a mix of private investments, listed holdings, and selective follow-on commitments to build a diversified portfolio across the Nordic healthcare ecosystem.
The portfolio depends on scientific and commercial milestones translating into valuation gains.
Diversification reduces single-asset volatility in a sector where outcomes are binary and timing is uncertain.
Capital commitments are often released in tranches tied to development milestones.
Geography
Linc is headquartered in Stockholm and operates as a Nordic investment company. Its portfolio is concentrated in the Nordic life science ecosystem, while many underlying holdings target global markets through pharmaceuticals and medical devices. This creates exposure to both Scandinavian capital markets and international healthcare demand.
Risks
Linc’s results are driven by fair value changes in a concentrated portfolio, so valuation swings in a few holdings can materially affect reported performance. The business is also exposed to clinical, regulatory, and financing risk in underlying portfolio companies, as well as market risk from listed biotech and medtech shares and currency movements.
- Fair value volatility in portfolio holdingsImpact: HighLikelihood: High
Reported performance depends heavily on mark-to-market changes in listed and unlisted investments.
Exposure: Concentrated life science portfolio
- Market risk in listed life science sharesImpact: HighLikelihood: High
Public holdings can reprice quickly on sector sentiment, financing events, or trial news.
Exposure: Listed medtech and pharma positions
- Clinical and regulatory failure riskImpact: High
Many holdings depend on trial outcomes, approvals, and development milestones.
Exposure: Private biotech investments
- Currency exposureImpact: MediumLikelihood: Low
Some portfolio exposure is denominated in USD and other currencies, affecting returns in SEK.
Exposure: ETF and international holdings
- Tax on non-qualifying holdingsImpact: Medium
Certain direct holdings may be taxable, creating volatility in net result from unrealized gains.
Exposure: Directly owned listed shares below qualifying thresholds
Accounting
Judgemental itemsMost holdings are carried at fair value, so price changes directly affect earnings and equity.
Impact: Large unrealized gains or losses can dominate quarterly results
Private companies require assumptions about milestones, comparables, and exit values.
Impact: Estimation uncertainty can materially change NAV
Some listed holdings are taxable if ownership thresholds are not met.
Impact: Can create period-specific tax charges unrelated to cash flow
Committed funding is contingent on milestones and may not be fully funded immediately.
Impact: Affects future liquidity planning and capital allocation
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Last updated: 24/09/2026