• GENESIS Biomed provides specialised services in the valuation and search for licensees or acquirers for biomedical projects.

• Its experience has been key in the case of Cells IA Technologies, advising on the assessment of its portfolio in pathological anatomy using AI.

• his work facilitated the majority acquisition of Cells IA by Laboratorios ROVI, which invested nearly 4 million euros, reaching a 94.995% stake.

In the biomedical innovation environment, when a spin-off or start-up is set up – usually as a result of technology transfer from universities, research centres or hospitals – the ultimate goal is not always to bring the product to market. Reaching this stage requires very high financial investments, as well as a robust commercial structure and strategic distribution and co-marketing agreements, factors that often exceed the initial capabilities of these emerging entities.

Therefore, success for many start-ups and spin-offs lies in achieving one of two milestones: acquisition by a larger company in the sector or the signing of a licensing agreement to exploit their development. This approach also applies to innovative projects born in academia, where Knowledge Transfer Units (KTUs) are also looking for potential licensees for the most promising technologies.

In this context, GENESIS Biomed offers a specialised service in the search for licensees or acquirers for innovative biomedical projects. This process includes several key phases:

1. Analysis of the product or technology: in-depth knowledge of its technical characteristics and applicability.
2. Competitor study: identification of similar technologies and relevant players in the market.
3. Deals analysis: review of similar transactions to identify acquisition or licensing trends.
4. Generation of a “Long List”: initial selection of potential stakeholders according to criteria such as activity in similar agreements and common therapeutic areas.
5. Short-listing: screening based on geographic location, financial ratios, market share and other strategic factors.
6. Contact with potential stakeholders: presentation of the innovation opportunity and opening of negotiations.

This work is supported by advanced tools such as Global Data and PitchBook, and is complemented by the preparation of an economic valuation report of the project or company, an essential step to establish a solid basis for negotiations.

Case Study: Cells IA Technologies

GENESIS Biomed’s experience and methodology have proven to be decisive in multiple successful operations, including the recent case of Cells IA Technologies.

Cells IA Technologies was a company belonging to the HT Médica group specialising in the development of artificial intelligence (AI) assisted diagnosis solutions in the field of pathological anatomy. In 2023, the company asked GENESIS Biomed for assessment services for its portfolio of projects related to the digital transformation of this medical discipline.

Thanks to the rigorous valuation analysis conducted by GENESIS Biomed, Cells IA was able to undertake a structured search for potential investors and acquirers, which led first to a capital increase in 2023 and culminated in January 2025 with a major transaction: ROVI, through its subsidiary Gineladius, acquired control of Cells IA Technologies.

In the words of Álvaro Berbís de Pedraza, who was Executive Director of Cells IA until its integration into ROVI: “The support of GENESIS Biomed in valuing the Cells IA portfolio allowed us to approach the negotiation process with confidence, facilitating the capital increase and subsequent incorporation of a first-rate partner such as the ROVI Group.”

The main data of this operation were:

• Rovi initially held a 26% stake in Cells IA following a capital increase in 2023.
• On 27 January 2025, by means of a new capital increase of EUR 2.25 million and additional sale and purchase transactions amounting to EUR 1.44 million (potentially expandable to EUR 1.56 million), representing an amount of approximately EUR 4 million of investment, Rovi increased its shareholding to 94.995% of the capital.

This strategic operation allows Rovi to strengthen its presence in the field of diagnostic imaging through artificial intelligence solutions, complementing its traditional business of contrast agents and hospital products.

GENESIS Biomed is proud to have contributed to the success of Cells IA, facilitating a strategic valuation that was key in the capital increase and subsequent attraction of a top industrial partner such as Rovi. This case not only exemplifies our ability to value and connect with the market, but also our commitment to driving innovation in the biomedical sector.