LumiraDx Limited – a next-generation point-of-care diagnostics company – recently announced the appointment of joint administrators for two of its subsidiaries. And the administrators have signed a definitive agreement to sell certain companies of the LumiraDx group related to LumiraDx’s innovative point-of-care technology to Roche.
LumiraDx also revealed that Andrew Johnson, Lisa Rickelton, and Lindsay Hallam of FTI Consulting LLP have been appointed as joint administrators of two of its subsidiaries, LumiraDx Group Limited and LumiraDx International Limited, which together hold substantially all of the assets of the LumiraDx group.
These appointed administrators entered into a definitive agreement for Roche to acquire certain companies of the LumiraDx group engaged in its point-of-care diagnostics platform business and certain related assets. At the closing of the transaction, Roche will pay a purchase price of $295 million (subject to customary closing adjustments) and an additional payment of up to $55 million for the reimbursement of amounts to fund the point-of-care diagnostics platform business until the closing of the acquisition. The deal’s completion is subject to certain conditions, including antitrust and regulatory approvals, and is currently expected to close by mid-2024.
The appointment of the administrators and sale to Roche represents the culmination of LumiraDx’s previously announced strategic review process led by Goldman Sachs & Co. LLC.
KEY QUOTE:
“Since our founding, we have sought to transform community-based healthcare by consolidating multiple Point of Care tests on a single instrument. We are excited to enter into this agreement with Roche as it will enable us to continue our important work and increase the reach of our innovative technology around the globe. This will enable more patients to get fast and easy access to better diagnostic testing.”
- Veronique Ameye, Chief Executive Officer of LumiraDx
