Swedish biotech company AlexoTech achieves record turnover and sees significant growth potential

Swedish biotech company AlexoTech set a new turnover record in 2023 and predicts another strong performance this year. Citing Agrisera as a local role model, CEO and founder Anders Olofsson believes there are plenty of opportunities for the Umeå-based company to expand.

AlexoTech, originally a side project to his academic career, has been operating independently since 2014. Anders Olofsson is currently a university lecturer at the Department of Clinical Microbiology at Umeå University, and his flourishing biotech business is run by three employees.

“It's going well. We sell to companies and academia and currently have around 600 customers globally – mostly in Europe and the USA. We also have customers in China, India, and South America”, explains Anders.

AlexoTech specializes in the customized production of proteins and peptides, focusing on neurological research. It offers a catalog of products, and specialized services, including antibody production, CryoBank storage, and the ability to work with customer-supplied hybridomas.

Turnover increases by 65 percent
AlexoTech’s turnover was boosted in 2020 despite the Coronavirus pandemic. Following a small dip it rebounded strongly in 2023, when AlexoTech set a new record by increasing its turnover by 65 percent compared to 2022.

Its services continue to be in high demand and the company is now upgrading its machinery.

“We have invested in a new incubator shaker. It's an expensive but boring piece of equipment that basically shakes bacterial solutions, but it's as necessary for our business similar to a centrifuge or an HPLC”, says Anders.

Agrisera as a role model
Anders Olofsson has partnered with various local companies, notably Agrisera, which has been an inspiring model in numerous aspects. AlexoTech shares the same core values of high-quality standards, customer satisfaction, and a commitment to organic growth that Agrisera embraced during its development.

”Building a customer-centric business creates a foundation for long-term stability. Unlike many life science companies that rely on venture capital to fuel a few years of rapid growth, AlexoTech has a different vision. Our aim is a self-sustaining business that creates secure jobs and avoids the boom-and-bust cycle common in the industry”.

Anders puts the company’s current momentum down to consistency, successful marketing campaigns, and a small but well-organized team.

New research reagents being released
AlexoTech works with sales and consulting services. This autumn it is scheduled to appear at industry exhibitions, as well as launch a new group of products for in-demand research fields.

“We aim to increase our share regarding catalog products as this is easier to scale up compared to consulting. Our most popular products are research reagents for Parkinson's and Alzheimer's disease. This autumn, we are launching new products targeting additional areas in neuroscience research”.

Significant growth potential
If the current rate of growth continues, AlexoTech may look to expand its workforce based at Uminova Science Park at Tvistevägen 48 in Umeå. The company is located next door to, among others, Diduco, SpinChem, and Umeå Biotech Incubator.

"By enhancing our marketing efforts and developing new products, we have seen significant growth potential", concludes the CEO of AlexoTech.