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M&A

HEALTH IN CODE (HIC)

Acquired by

MERIEUX EQUITY PARTNERS

SPAIN Health Providers REV [1m EUR - 100m EUR] 02/2026

Target

HEALTH IN CODE (HIC)

Acquirer

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.

This transaction is part of the Healthcare & Pharma industry, which currently tracks an average EBITDA multiple of 13.4x since the beginning of 2026, 1.2% decrease compared to 2025. This data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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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

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

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EBITDA
EBIT
2025
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2024
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Other operations with HEALTH IN CODE (HIC)

mynth data is contributed by M&A / PE professionals and systematically cross-verified against private deal documents and official releases. All source materials are destroyed post-validation to guarantee data anonymity and compliance.