LumiraDx and CA Healthcare Acquisition Corp revise transaction terms, expanded strategic roadmap for next-generation point-of-care diagnostics
Revised transaction terms adjust LumiraDx’s pro forma valuation for the combined group from $5 billion to $3 billion (excluding $115 million raised by CA Healthcare Acquisition Corp (“CAHC”)in its initial public offering)
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Published - Aug 20, 2021, 03:04 PM ET
Last Updated - Jun 05, 2024, 12:45 AM EDT
By Pavankumar, 9:33 am ET-· Revised transaction terms adjust LumiraDx’s pro forma valuation for the combined group from $5 billion to $3 billion (excluding $115 million raised by CA Healthcare Acquisition Corp (“CAHC”)in its initial public offering).
· Terms establish a more attractive entry point for investors and a highly compelling investment thesis on an absolute and relative basis
· Factors considered in revising the valuation include: the recent market environment for publicly traded diagnostic companies, general decline in COVID-19 testing market, and feedback from CAHC’s advisors and shareholders
· LumiraDxhas a roadmap of 10 new test approvals over the next 24 months on its platform, including Troponin, Flu/COVID, and TB.
