LumiraDx announces agreement to sell its cutting edge point of care technology platform to Roche

LumiraDx (the “Company”), a next generation point of care diagnostics company, announced the appointment of joint administrators for two of its subsidiaries. The administrators have signed a definitive agreement to sell certain companies of the LumiraDx 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 Limited and LumiraDx International, which together hold substantially all of the assets of the LumiraDx.

The appointed administrators entered into a definitive agreement for Roche to acquire certain companies of the LumiraDx 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 USD 295 million (subject to customary closing adjustments) and an additional payment of up to USD 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.

Veronique Ameye, Chief Executive Officer of LumiraDx said, “Since our founding, we have sought to transform community-based healthcare by consolidating multiple Point of Care tests on a single instrument. We are excited to enter into this agreement with Roche as it will enable us to continue our important work and increase the reach of our innovative technology around the globe. This will enable more patients to get fast and easy access to better diagnostic testing.”

It is anticipated that all of the sale proceeds of the transaction will be used to repay certain amounts outstanding under the Company’s senior secured loan agreement, and that no sale proceeds will be distributed to the Company or its shareholders. The appointment of the administrators and sale to Roche represent the culmination of LumiraDx’s previously announced strategic review process led by Goldman Sachs.

For additional information about the transaction and related events, please see the Form 6-K to be filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) on or around December 29, 2023.