LumiraDx to merger with CA Healthcare Acquisition Corp.
CA Healthcare Acquisition Corp. (NASDAQ: CAHC) and LumiraDx, a next-generation point of care (POC) diagnostics testing company announced a definitive business combination agreement.
The transaction implies a pro forma enterprise value of the combined company is approximately $5 billion. Since its founding, LumiraDx has raised $700 million in equity capital including investments by Morningside Ventures, U.S. Boston Capital Corporation, The Bill & Melinda Gates Foundation, Petrichor Healthcare Capital Management, and other global strategic partners.
LumiraDx has developed its high sensitivity antigen test for COVID-19 on the LumiraDx Platform and has received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) and achieved CE Mark.
LumiraDx also announced that it has secured $400 million in new debt financing, $300 million funded senior loan facility and a commitment letter for up to a $100 million for an asset-based revolving credit facility to further support its growth strategy and commercial ramp.
On closing, LumiraDx and its common shares are expected to trade on Nasdaq under the ticker symbol "LMDX"
The transaction is expected to close in late Q2 or early Q3 this year.Read more