Ratos

Ratos is a Swedish publicly listed industrial holding company and active owner of Nordic small and mid-sized businesses, rather than a biotechnology, pharmaceutical, or healthcare operating company. The group focuses primarily on technological and infrastructure solutions across industry, construction and services, and consumer markets. While one of its subsidiaries, TFS HealthScience, operates as a global contract research organization serving biotech and pharma clients, Ratos itself is not a drug developer and does not have a therapeutic pipeline. Ratos develops and owns subsidiaries under their own brands and management teams and is listed on Nasdaq Stockholm. For biotech diligence purposes, Ratos is best classified as a diversified listed holding company with some exposure to life sciences services through portfolio holdings rather than as a pure-play healthcare company.