Anders Tuv started his career in management consulting but pivoted into the world of seed and venture investments. Over the years he has been an investor, a business developer, and a company builder. He has founded and developed several successful biotech companies and is Chairman of both private and listed companies..

“The thing that has driven my career choices is a strong preference for an active and long-term ownership approach, where I can be closely involved in the development of companies over time, and contribute not only through strategic decisions at the ownership and board level, but also by helping to implement and realize those decisions together with management,” he states to NLS.

I am drawn to the multidisciplinary nature of building a life science company from an early stage.

His interest in life sciences grew during his years as a management consultant, when he worked extensively with healthcare-related companies. Several aspects triggered his fascination, he recalls.

“First, health is both an incredibly important and highly dynamic field, with challenges and opportunities that affect the entire population. Second, I am drawn to the multidisciplinary nature of building a life science company from an early stage – it brings together cutting-edge research, regulatory frameworks, leadership, finance, organizational development, and much more. The sector is highly complex and involves many different stakeholders, and I enjoy being at the center of that, helping to connect the dots and drive progress,” he explains.

Passions in work and life

As Managing Director at the life science investment company Radforsk Invest (since 2011), he is doing just that; investing in and developing promising startups and early-stage companies. Radforsk Invest has played a key part in the growth of the Norwegian life science industry and in positing Norway as a life science nation and has made several notable investments throughout the years. So naturally, I ask him what the best part of his role at Radforsk Invest is?

“That I get to combine the roles of investor, founder, and company builder. I truly enjoy working along the axis between ownership, the board, and company management – being able to both shape strategy and help implement it. Equally as important is that we work every day to improve people’s lives, which is very meaningful to me. I also have the privilege of working with some of the most exciting companies in the field, and collaborating with fantastically smart and fun people of many nationalities and disciplines,” he says.

I truly enjoy working along the axis between ownership, the board, and company management – being able to both shape strategy and help implement it.

Outside of the life science sphere his greatest passions in life are spending time with family and friends and enjoying the outdoors, “especially skiing and being in the mountains,” he says. “I also love traveling and exploring new places and cultures. In addition, I have a strong interest in food and wine, which I truly enjoy discovering and sharing with others.”

Jónas Einarsson, CEO, Radforsk, and Managing Director, Radforsk Innovation, and Anders Tuv, Managing Director, Radforsk Invest.

A challenging capital market and looking ahead

Challenges of the job at Radforsk include operating in a truly global industry with intense competition and some of the most demanding technologies and products one can imagine.

“The level of complexity is consistently high, with many disciplines involved. A significant portion of my time is devoted to financing our companies, and given today’s challenging capital markets, it is essential to stay very close to investors, be highly capital-efficient, and have solid long-term financing strategies,” notes Tuv.

This September we launched Aleap Ventures, a new early-stage health fund in Norway, where I serve as Chairman. This marks an important step in introducing an additional specialist investor with fresh capital to deploy in the sector.

The venture funding landscape in Norway is currently challenging across sectors, he continues: “There are still relatively few venture funds and specialist investors. The early-stage capital market is generally demanding – much like we currently see in Europe and the US as well.”

“With that said, Norway benefits from a strong base of solid family offices and high-net-worth individuals, and we are also seeing a growing number of successful entrepreneurs reinvesting heavily into early-stage companies after achieving good exits in various sectors,” he adds. “In addition, this September we launched Aleap Ventures, a new early-stage health fund in Norway, where I serve as Chairman. This marks an important step in introducing an additional specialist investor with fresh capital to deploy in the sector.”

I ask what advice he has for small and medium-sized Nordic life science companies looking to raise capital, and he has several important tips to share.

“Ensure a solid foundation of non-dilutive public funding which can provide significant relief in the early stages. It is critical to be capital-efficient and deploy capital where it truly drives value and return. Too often, companies underestimate the investor perspective. It is not enough to show why a molecule is exciting or differentiated – you must also clearly articulate why it is a strong business and investment case. Finally, building strong investor relations should not be limited to fundraising moments – you need to maintain a frequent dialogue, build trust, and demonstrate execution over time,” he advises.

As for the dominant market trend within life sciences this fall and next year, Tuv predicts that the need for strong capital discipline and higher barriers for financing development programs will remain, and that truly differentiated companies with a strong business case and investment story will be the ones that attract investment. He also anticipates that the appetitive for investing in health will increase, and we already see some positive signs.

Within cell therapy, we are seeing a clear pivot toward off-the-shelf approaches, and this year there have already been several very early clinical stage high-value deals within in-vivo CAR-T.

“Within cell therapy, we are seeing a clear pivot toward off-the-shelf approaches, and this year there have already been several very early clinical stage high-value deals within in-vivo CAR-T,” he says. “Looking ahead, I also expect radiopharmaceuticals to continue to be one of the most promising modalities with strong progress and heavy investments. AI will be increasingly adopted in drug development to accelerate target discovery, optimize clinical trial design, and improve decision-making across the R&D pipeline.”

Milestones and career advice

Anders Tuv’s varied background and broad experience from the Norwegian life science industry’s inner core has of course given him several memorable milestones, and he highlights a few that really stands out.

“At OncoImmunity, I was part of the journey from a very early-stage idea all the way to leading the sales process that resulted in the company being acquired by the Japanese conglomerate NEC. At Nykode, as the Chairman I was deeply involved in securing several multi-billion NOK partnerships. With Zelluna, I co-founded the company and helped build it into a leading off-the-shelf cell therapy platform. I am currently the Chairman and led the stock exchange listing process this year,” he describes. “Most recently, with ARTBIO, a radiopharmaceutical company I was part of its co-founding, I have been actively involved in developing it into a globally positioned company with activities across the US, Europe, and Asia – and this summer we raised USD 132 million in a Series B financing.”

In life sciences, success rarely comes overnight – it is about persistence, collaboration, and continuously learning from those around you.

His best advice to anyone at the beginning of their career path within life sciences is to think long term and build your career step by step.

“Seek out good mentors who can guide you and challenge you along the way. Be an active part of the ecosystem, contribute where you can, and make sure you build a strong and diverse network. In life sciences, success rarely comes overnight – it is about persistence, collaboration, and continuously learning from those around you,” he says.