HEALTH IN CODE (HIC) acquired by MERIEUX EQUITY PARTNERS
Context
Merieux Equity Partners acquired a significant minority stake in Health in Code, joining forces with Alantra and the management team. The transaction aims to provide the capital and industrial expertise needed to double the company's size, with a goal of reaching EUR100 million in revenue within five years. The strategic rationale focuses on aggressive international expansion into key European markets, enhancing the bioinformatics software suite, and pursuing selective M&A to consolidate the fragmented European genetics market.
HEALTH IN CODE (HIC), which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Healthcare & Pharma sector (14.3x).
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Target
Founded in 2020 through the high-profile merger of Health in Code, Imegen, Genycell Biotech, and later Genologica, the target is Spain s leading integrated clinical genetics platform. It provides end-to-end genetic testing services, leveraging Next-Generation Sequencing (NGS), proprietary diagnostic panels, and advanced bioinformatics software. A key part of its business model is the "Rental Reagent Program," a partnership-led system providing equipment and consumables to public hospitals. The company employs approximately 200 specialists and operates in over 30 countries.
Ent. Value
€50–100M
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
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| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2022 | MERIEUX EQUITY PARTNERS | THERAVIA | FRANCE | Generics / Labs |
REFERENCES
Revenue range: €50–100M
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of HEALTH IN CODE (HIC) by MERIEUX EQUITY PARTNERS are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Acquirer: merieux equity partners