CRB Bio II, a life sciences–focused fund managed by CRB Health Tech (formerly CRB Inverbio), has completed its divestment from Health in Code (HiC), closing a full value creation cycle that began with its initial investment in 2013 and has transformed the company into one of Europe’s leading references in clinical genomics.
For CRB, this divestment represents the natural conclusion of a cycle of strategic support, from an early expansion phase through to its consolidation as a European platform.
“Health in Code fully reflects our investment model: identifying differentiated technology emerging from the Spanish scientific ecosystem, actively supporting its professionalization and scaling, and generating a complete value creation cycle that combines financial returns with healthcare and social impact. This divestment confirms that it is possible to transform scientific excellence into companies with international scale,” says Enrique Castellón, founding partner of CRB.
Founded in 2008 by renowned physician Lorenzo Montserrat, Health in Code was created with the aim of developing a platform integrating advanced genetic sequencing and clinical analysis, designed to improve diagnostic accuracy and support therapeutic decision-making. Initially focused on cardiology, the company became a pioneer in Spain in the genetic diagnosis of cardiomyopathies and later expanded its platform into other medical specialties, establishing itself as a benchmark in diagnostic innovation.
CRB Bio II acquired a significant stake in 2013 — alongside XesGalicia — and assumed an active role in the company’s strategic direction and corporate development. Under CRB’s leadership, Health in Code professionalized its management structure, strengthened its technological base, expanded its scientific infrastructure, and laid the foundations for a scalable model with international ambition.
During this phase, the company increased its revenues eightfold, significantly expanded its team and operational capacity, and began its internationalization process. By 2019, international markets accounted for nearly 30% of total revenues, mainly in major European countries.
In 2020, following this growth and consolidation phase led by CRB, Alantra Private Equity took control of the company through a buy-and-build strategy, integrating Health in Code with Imegen, Genycell Biotech and later Genologica, creating a fully integrated clinical genomics platform.
Since then, under Alantra’s continued ownership, the company has more than doubled its revenues — from €24 million to over €50 million — consolidated its leadership in the domestic market, and scaled its organization to approximately 200 employees, serving customers in more than 30 countries.
The current transaction, in which Alantra Private Equity has increased its stake through a continuation vehicle led by Hayfin Capital Management and backed by a diversified base of institutional investors, provides liquidity to existing investors at a three-times multiple of invested capital and brings in Mérieux Equity Partners as a minority shareholder with a 20% stake. This new phase aims to drive both organic growth and growth through strategic acquisitions, with the ambition of reaching €100 million in revenues within five years.
“This case demonstrates that technology transfer, when supported by specialized capital and strategic management, can become a structural driver of economic development. Spain has first-class clinical and scientific research; the challenge is to put in place the right mechanisms to turn it into globally competitive companies,” adds Castellón.
The transaction highlights the role of early-stage specialized funds as catalysts for the biotech ecosystem, facilitating the transition from scientific innovation to solid, scalable business models capable of attracting international capital.
About CRB Health Tech
CRB Health Tech, founded in 2008 by Enrique Castellón and Ángel Santos, is an independent private equity manager that operates funds investing in innovative, technology-based companies in the life sciences sector, particularly in Biomedicine, Medical Technologies and Digital Health. The firm has a long track record in technology investment
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