LumiraDx to Go Public in $5 Billion SPAC Deal


Date: 30.04.2021

LumiraDx Ltd., a diagnostic company that produces Covid-19 tests, is going public through a reverse merger with a blank-check company.

The U.K.-based firm will combine with CA Healthcare Acquisition Corp. in a deal that values LumiraDx’s equity at $5 billion, the companies said in a statement.

While there is no equity placement attached to the transaction, LumiraDx has secured a $300 million loan from BioPharma Credit Plc and an additional $100 million asset-based revolving credit facility from Capital One Financial Corp., according to the statement.

At $5 billion, LumiraDx’s deal is the largest of the past year by a health-care company with a special purpose acquisition company, or SPAC, according to data compiled by Bloomberg.

LumiraDx’s machines, roughly the size of a brick, are designed to process about 30 different tests, including for Covid-19, in as little as 12 minutes. The company is also developing a smaller device that will be available for home use.

Based on: Bloomberg

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