How Gothenburg is powering a biotech pioneer with big ambitions

“With our drugs we have the goal to eradicate cardiovascular diseases. 10 years from now, our aim is that deaths from heart attacks and strokes will be significantly reduced or stopped completely,” says Li-Ming Gan, CEO at Ribocure Pharmaceuticals.

Ribocure was launched in Gothenburg in early 2022. It’s a Swedish subsidiary of Ribo Life Science, a Chinese biotech company whose founders have strong ties to Sweden. The Gothenburg site serves as the international research and development centre for the group.

Part of Gothenburg’s growing health innovation cluster

Ribocure Pharmaceuticals was co-founded and is led by Li-Ming Gan, a professor and chief physician at Sahlgrenska University Hospital since 2008, and a former AstraZeneca executive, who moved to Sweden as a teenager. At AstraZeneca, among other things, he was global head of the development work in the cardiovascular and metabolic area before he left for Ribo, and he has also been responsible for the cardiovascular pipeline and external collaboration during his first decade in the company.

In 2022 he started Ribocure Pharmaceuticals in Sweden. Originally based at Sahlgrenska Science Park, the company soon moved into brand new premises at GoCo Clinic, which is part of the growing cluster GoCo Health Innovation City.

Julia Grönros, Ribocure's Director of External Innovation, and Li-Ming Gan, who heads the Swedish subsidiary. Photo Ben Kendall/Business Region Göteborg.

In just a few years, Ribocure has built up a team of around 40 people in Gothenburg. It has established a unique bench-to-bedside set-up with an R&D department, labs and clinical trial unit.

“We’ve managed to hire key talents, build a seamless organisation and bridge the cultural differences between Sweden and China,” says Li-Ming.

The company focuses on cardiovascular and liver diseases with a high unmet need as well as rare diseases, within the cardiovascular and renal therapeutic areas. It develops innovative siRNA treatments to silence mRNA expression from disease causing genes.

“Despite being a small biotech company, launching our own drug, on our own, is very realistic. We are working towards a cost-effective and speedy development path and aim to be market-ready within 4 to 5 years,” says Li-Ming.

“An extraordinarily strong talent pool”

Since its inception, the Ribo group has raised about USD 250 million. It has developed around 20 potential products, ranging from pre-clinical to phase 2. The mother company and Ribocure have also partnered up and have collaborations, across industry, with leading scientists in Sweden and abroad.

The Gothenburg site plays a key role, according to Li-Ming. 15 of the 40 staff based here have leadership roles within the group, being line managers, driving projects and business development. The talent found here has been an important success factor.

“Gothenburg has an extraordinarily strong talent pool. We have many people with pharma experience in this region. This is quite unique. It is found in Switzerland, Germany and some in the US, where it’s much more dispersed. Here it’s very concentrated,” says Li-Ming.

While the company is growing, the goal isn’t to become a big pharma. According to Li-Ming, if they grow much bigger, it will be time to think about a new spin out company.

“The whole beauty with our company is that we have the most skilled person for each of the functions. And it’s cross functional, we have different skills. In the same room, together, we solve all the problems.”

Ribocure's PhD student Sofia Nilsson and Li-Ming Gan, who maintains his position as a professor at the University of Gothenburg. Photo: Ben Kendall/Business Region Göteborg.

Another success factor, according to Li-Ming, is the collaboration with academia and Sahlgrenska University Hospital in Gothenburg. At Ribocure, this is happening on various levels. Among other things, Li-Ming remains active in his role as a professor at the University of Gothenburg. The company also has a PhD student carrying out blue sky research, who Li-Ming co-supervises and who is funded by the company.

A fertile environment for innovative companies

Gothenburg has long had a strong position in the Nordic’s life science sector. And the position is getting stronger as entire industries now converge, and top environments for open innovation and business create fruitful encounters.

In the Gothenburg region, this is taking place in and around Sahlgrenska University Hospital and GoCo Health Innovation City. The latter, where Ribocure is based, is now home to over 100 companies, and is just a stone’s throw from AstraZeneca’s 3,000-strong R&D site. It also hosts the national drug development initiatives OligoNova and CCRM Nordic, which focus on therapeutic oligonucleotides and advanced therapies (ATMPs).

Being part of this environment is paying off for Ribocure, according to Julia Grönros, Director of External Innovation and one of the first people to join the Gothenburg team.

“Initially, it helped with visibility, which is important as a new biotech company, as you need to recruit. And as the buildings were brand-new, we also got to tailor-make the facility, including the clinic, to our needs,” she says.

As GoCo expands, it is also gathering more innovative companies, service providers, talent, and entrepreneurs - which is positive for both Ribocure and Gothenburg’s life science community at large.

The proximity of resources and know-how provides advantages. For Ribocure, most of their trial patients are currently from within the region and samples only need to be sent to the 2nd floor of their building, increasing efficiency and reducing costs.

It has also led to new partners coming on board. The company recently gained investment from two of Gothenburg’s high-profile investors. Jacob Torell, co-founder and CEO of Steptura, went in with USD 1 million, while local entrepreneur Erik Selin invested USD 33 million and joined Ribocure’s board.

“We met in the canteen, and I invited them over for some tea. I told them about our company and our ambition. We are scientists and pharma people. With them joining, an important piece, Swedish entrepreneurship, financial connections and network, came to reality,” says Li-Ming.

“We want to do something special and help patients around the world and put little Gothenburg on the map.”

Key facts about Gothenburg

• In 2023, the business sector in Gothenburg’s county invested SEK 58.6 billion in research and development, which is more than anywhere else in Sweden.
• The Gothenburg region boasts the highest concentration of engineers and natural scientists among Sweden’s metropolitan regions.
• Clinical research in Gothenburg’s county is recognised as the best in the country, according to the Swedish Research Council.
• There are 600 life science companies in the Gothenburg region, who employ around 10,000 people.
• AstraZeneca is the region’s largest life science employer with around 3,000 employees at its R&D site in Gothenburg. Other global companies headquartered and/or operating important sites here include Getinge, Essity, Dentsply-Sirona, Mölnlycke Health Care, Cochlear Bone Anchored Solutions, Cellink, Wellspect, Vitrolife, Mediq and Surgical Science.

Learn more about life science in Gothenburg

Learn more about 7 trends shaping our life science sector

Learn more about our free tailor-made investment advisory services