Aliso Viejo-based Crossover Health Inc. secured a $92 million investment from Gurnet Point Capital in Cambridge, Mass.
Gurnet Point is a $2 billion healthcare investment fund set up by Swiss billionaire Ernesto Bertarelli to invest in healthcare and life sciences. Bertarelli is a scion of the family that founded Serono SA, a drugmaker that was based in Geneva until its $9 billion sale to Merck KgaA in 2007.Â
Chris Viehbacher, a former chief executive of Sanofi SA, the largest drugmaker in France, and a managing partner at Gurnet Point, will join Crossover Health’s board of directors. So will George Montgomery, a partner at Gurnet Point and a member of the board of portfolio company Boston Pharmaceuticals.
Crossover Health will use the funds for expansion and to redeem a portion of existing preferred and common shares in the privately held company. The deal makes members of Crossover Health’s management and Gurnet Point the principal shareholders in the company.
None of the executives involved in the deal could be reached for comment last week.
Crossover Health, founded in 2010, develops health centers on or near the premises of various employers. Its centers follow the “lifestyle medicine model,” offering primary care, physical therapy, behavioral health, and vision services.
The company operates centers in the Bay Area, Boston, Austin and San Antonio. It plans to expand in Southern California, Dallas, Chicago and New York. It has health centers serving a roster of companies that includes Microsoft Inc. and Intuit Inc.
Crossover Health also announced a deal with Willis Towers Watson, a global insurance brokerage and advisory company based in London, to develop additional sites in the Northern California Bay Area.
