CA Healthcare Acquisition Corp, a special purpose acquisition company is merging with London-based LumiraDx, a point of care (POC) diagnostics testing company.
LumiraDx has R&D and manufacturing centres in Scotland, England and the US, and sales and marketing operations across Western Europe, the US, Japan, South Africa, Colombia and Brazil. The company has more than 1,200 employees across 17 countries.
The merger reflects a value of $5 billion for Lumira’s existing equity. Since its founding, LumiraDx has raised $700 million in equity capital including investments by Morningside Venture Capital, U.S. Boston Capital Corporation, The Bill & Melinda Gates Foundation, Petrichor Healthcare Capital Management and other global partners.
LumiraDx has developed a high sensitivity antigen test for Covid-19 on its platform and the test is currently being used by the National Health Service and Boots in the UK, CVS Health in the US, a number of accident and emergency rooms in Italy and other parts of Europe, and is being deployed in partnership with the Bill and Melinda Gates Foundation in a growing number of African countries where access to laboratory diagnostics is limited.
The LumiraDx Covid-19 antigen test has received Emergency Use Authorization from the US Food and Drug Administration and achieved CE Mark. The LumiraDx platform and Covid-19 antigen tests are also available in Japan and Brazil and being rolled out in more than 60 countries globally.
The LumiraDx platform menu also includes point of care tests for Covid-19 Antibody, INR and D-Dimer – with high levels of accuracy comparable to central lab-based tests – all of which have achieved CE Mark and are commercially available in Europe. The platform is designed to go wherever the patient is, whether in a hospital, medical setting, pharmacy, or in other areas such as schools or airports.
Ron Zwanziger, chairman and chief executive of LumiraDx, said: “LumiraDx is at the tipping point of driving a transformation in diagnostic testing. This new public recognition will solidify our already growing presence in the point of care testing market. Covid-19 has demonstrated how important it is to have rapid and highly accurate diagnostic tests, at mass scale, and available everywhere. It has validated the performance of our platform and enabled us to partner with governments, health systems, retail chains and other customers to expand testing across community care settings both in high and low-and middle-income countries. This access to increased testing will change the way care pathways are currently practised, improving patient outcomes and saving human lives.”
Larry Neiterman, chairman and chief executive of CA Healthcare Acquisition Corp, said: “LumiraDx’s next-generation point of care solutions provide a significant opportunity for our shareholders. Ron and his management team have decades of entrepreneurial success in innovative diagnostics businesses and the LumiraDx Platform and testing menu offer healthcare providers and other customers major advantages over traditional central labs. LumiraDx has a clear strategy for addressing the large and underpenetrated testing market to increase next-generation POC market share. In the near-term, demand for fast, low-cost Covid-19 tests is driving strong and transformational growth for LumiraDx’s solutions.”
International law firm Sidley Austin is representing CA Healthcare Acquisition Corp on the deal.
Date published: April 7, 2021