LumiraDX Ltd., a point of care diagnostics testing company, is going public via a merger with special purpose acquisition corporation, or SPAC, CA Healthcare Acquisition Corp. , in a deal with a pro forma enterprise value of about $5 billion. London-based LumiraDX has raised $700 million in equity capital since its founding in 2014, and has raised funds from investors including Morningside Ventures, U.S. Boston Capital Corporation, The Bill & Melinda Gates Foundation, Petrichor Healthcare Capital Management, among others. The company has developed a high sensitivity antigen test for COVID-19 that is currently being used by the U.K. National Health Service, in emergency rooms in Italy and other parts of Europe, and in African countries backed by the Bill and Melinda Gates Foundation. The test has received emergency use authorization in the U.S. Ron Zwanziger will continue to lead the company, after founding several POC diagnostic companies that were sold to healthcare companies for more than $10 billion. LumiraDX has 1,200 employees across 17 countries. It expects 2021 revenue to come to $600 million to $1.0 billion. Once the deal has closed, the company will be renamed LumiraDX and trade under the ticker “LMDX.” The deal is expected to close late in the second quarter or early in the third quarter. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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