The merger that values LumiraDx at $3bn enables it to become publicly traded company
LumiraDx develops, manufactures and commercialises an advanced diagnostic platform. (Credit: Bokskapet from Pixabay)
UK-based next-generation point of care (POC) diagnostics testing company LumiraDx has completed the merger with special purpose acquisition company (SPAC) CA Healthcare Acquisition (CAHC).
The merger, which values LumiraDx at $3bn, enables the diagnostics firm to become publicly traded company.
Established in 2014, LumiraDx is involved in the development, manufacturing and commercialisation of an advanced diagnostic platform.
The company’s product portfolio consists of more than 30 assays for common health conditions, including infectious diseases, cardiovascular diseases, diabetes, and coagulation disorders.
CVS Pharmacy in the US and the National Health Service and Boots in the UK are already using the LumiraDx platform.
The platform is also used by a significant number of accident and emergency rooms in Italy and other parts of Europe, hospital systems in Japan and across South America.
At present, the company offers five LumiraDx Platform tests, including Covid-19 testing solutions. It also has 10 testing solutions that are scheduled for regulatory submission or clearance by the end of 2022, including tests for troponin, flu/Covid, and congestive heart failure.
LumiraDx chairman and CEO Ron Zwanziger said: “LumiraDx was founded to disrupt current point of care diagnostic options by providing rapid and highly accurate results wherever the patient is.
“Our testing technology, which allows us to rapidly scale and offer lab-comparable testing with fast results across health conditions, is impacting healthcare across market segments, including the physician’s office, retail pharmacy, emergency care, and global health.”
LumiraDx has supplied over 15,000 platforms to more than 90 countries across the globe. Its Covid-19 antigen and antibody tests have secured emergency use authorisation (EUA) from the US Food and Drug Administration (FDA) and recived CE mark.
In addition, the firm’s INR, D-Dimer and Covid-19 pooling tests have secured CE mark and are commercially distributed in Europe.