Switzerland, Big Pharma’s Shopping Centre

The top pharmaceutical companies are very active in Switzerland, participating in large financing rounds and acquiring companies or drug candidates. In 2024, the global number one Johnson & Johnson stood out.

Atopic dermatitis, often referred to as eczema, is a chronic disease that causes inflammation, redness, and irritation of the skin. It is a common condition that usually begins in childhood; however, anyone can get the disease at any age. Swiss start-up Numab developed an antibody drug to treat the disease, the rights to which now belong to Johnson & Johnson. In May 2024, the US healthcare giant took over a Numab subsidiary, of which the only asset was the drug candidate, for USD 1.25 billion.

This was not the only spectacular deal in which Johnson & Johnson has been involved over the last year. The company’s venture capital arm participated in two of the three largest Swiss VC investments in 2024: Asceneuron’s USD 100 million series C round and Bright Peak Therapeutics’ USD 90 million round. Asceneuron works in the field of neurodegenerative diseases; Bright Peak develops immunotherapies for cancer.

Johnson & Johnson is not alone in its preference for Switzerland. Over the past 12 months, other top 10 pharmaceutical companies have also invested in Swiss start-ups, entered into multi-million strategic partnerships or made acquisitions:

• AstraZeneca participated in the USD 110 million financing of SixPeaks Bio, which develops treatments for healthy weight loss, and committed up to USD 80 million in non-dilutive capital, including upfront and near-term payments. In exchange, AstraZeneca received an option to acquire SixPeaks at an agreed price at the time of submission of an IND application for the biotech’s lead antibody.
• GlycoEra, which has a pipeline of extracellular protein degraders for the treatment of autoimmune disorders, secured fresh funding from Bristol Myers Squibb as part of its series A financing round.
• In line with its expanded collaboration to develop alpibectir, a small molecule that acts through a novel mechanism in the treatment of tuberculosis, GSK took an equity stake in BioVersys, joining new and existing investors in the series C extension round. 
• Calypso Biotech, which develops therapeutic biologics that target Interleukin-15, was acquired by Novartis for up to USD 425 million. The acquisition gives Novartis full rights to Calypso’s lead product CALY-002 across a wide variety of autoimmune indications, including coeliac disease.

The deals clearly show the strength and diversity of the Swiss biotech scene; however, it is also very mixed, with several regional centres and several important places of origin. Some start-ups are university spin-offs, some are created in incubators such as Versant Ventures’ Ridgeline Discovery Engine in Basel, others are launched by experienced founders or by an international team that establishes the company in Switzerland.

The heterogeneity of the scene makes systematic observation and contact all the more rewarding, and Johnson & Johnson is leading the way. In order to be closer to Swiss start-ups, last year the group opened its first J&J Innovation Hub on the European mainland at Switzerland Innovation Park Basel Area’s main campus in Allschwil.

The great interest in Switzerland is not only evident among the pharmaceutical giants, but across the board. The industry’s flagship event, Swiss Biotech Day 2024, attracted 2,500 participants from about 50 countries. Swiss Biotech Day 2025 will take place on 5 and 6 May.

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