LumiraDx Agrees To Sell Point-of-Care Tech Platform To Roche

(RTTNews) - LumiraDx Limited (LMDX) Friday announced it will sell certain companies related to LumiraDx's innovative point-of-care technology to Roche.

The company announced 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.

The 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.

Under the terms of the agreement, at the closing of the transaction Roche will pay a purchase price of $295 million 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 completion of the transaction is subject to certain conditions, including antitrust and regulatory approvals, and is currently expected to close by mid-2024.