Life Sciences PE: The Misunderstood Opportunity

At IPEM Wealth 2026 in Cannes, Christoph Broja, Partner at EQT and head of its life sciences team, dismantled the myth that biotech is too risky for private portfolios and made the case for why this sector will be one of the defining investment themes of the next two decades. 

Key takeaways from this interview

01. Aging populations. Patent cliffs. Unstoppable demand.
Three powerful forces are converging: the number of people over 60 will double by 2050, creating massive demand for new therapies; $300 billion in pharma revenue (roughly 40% of the total) is coming off patent by decade's end; and large pharma companies are racing to acquire innovative private biotech firms to replenish their pipelines. For investors, this translates into durable, structural deal flow. 

02. PhDs, Not gut feel: How EQT managesthe science risk
EQT's life sciences team deploys 22 PhDs who assess both the science and the commercial exit routes before any investment decision. At the portfolio level, Christoph describes a discipline of "balanced diversification" concentrating behind the highest-conviction companies while avoiding overexposure to unvalidated biological targets. 

Knowing the risk you own is the starting point. You need the right specialists making investment calls, and at portfolio level, you can manage risk very effectively if you pick the right companies. - Christoph Broja, EQT

03. AI is compressing drug development timelines
Artificial intelligence is shortening the path from discovery to clinic and China's emergence as a serious biotech innovation hub is adding further fuel. The result: more companies reaching clinical proof-of-concept faster, generating more liquidity events for investors in a shorter window. 

04. Back validated technologies, not long shots
Christoph's clearest forward-looking signal: capital will flow toward technologies that already have clinical proof (antibody-drug conjugates, targeted therapies, proven modalities) rather than speculative early-stage bets. The bar for "interesting science" has risen sharply, and the deals that will define this decade will be built on that foundation.