Roche enters into a definitive agreement to acquire LumiraDx's Point of Care technology combining multiple diagnostic modalities on a single platform
Basel, 29 December 2023 - Roche (SIX: RO, ROG; OTCQX: RHHBY) announced today the entry into a definitive agreement to acquire select parts of the LumiraDx group (NASDAQ GS: LMDX) related to LumiraDx’s innovative Point of Care technology. Following closing of the transaction, which is expected by mid-2024, the acquired entities will be fully integrated into Roche Diagnostics.
“The addition of the LumiraDx technology to our diagnostics portfolio will enable us to transform testing at the point of care.” said Matt Sause, CEO Roche Diagnostics. “LumiraDx has developed a highly versatile platform that delivers strong performance across multiple disease areas and technologies. We believe this will enable better patient access to timely results in decentralised healthcare settings worldwide.”
Veronique Ameye, Chief Executive Officer of LumiraDx added, “Since our founding, we have sought to transform community-based healthcare by consolidating multiple Point of Care tests on a single instrument. We are thrilled that Roche will continue this important work and increase its reach around the globe. This will enable more patients to get fast and easy access to better diagnostic testing.”
The transaction is part of Roche’s vision to enable more patient-centric healthcare, with Point of Care solutions that span the entire patient journey – from the home, pharmacy and general practitioner’s office to the emergency room, intensive care unit and beyond. The acquired technology platform offers a wide range of immunoassay and clinical chemistry tests, with great potential for additional high medical value tests in the future. These are capable of being stored at room temperature which enables convenient handling in a range of decentralised healthcare settings. By leveraging its extensive global reach and established affiliate network, Roche will be able to drive access to timely, accurate diagnostic results when and where patients need them most.
Terms of the acquisition
The transaction is subject to certain conditions including antitrust and regulatory approvals.
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 technology platform business until the closing of this acquisition. The transaction is part of a pre-packaged UK administration sale, with the full support of LumiraDx group’s senior secured lender.
About Roche
Founded in 1896 in Basel, Switzerland, as one of the first industrial manufacturers of branded medicines, Roche has grown into the world’s largest biotechnology company and the global leader in in-vitro diagnostics. The company pursues scientific excellence to discover and develop medicines and diagnostics for improving and saving the lives of people around the world. We are a pioneer in personalised healthcare and want to further transform how healthcare is delivered to have an even greater impact. To provide the best care for each person we partner with many stakeholders and combine our strengths in Diagnostics and Pharma with data insights from the clinical practice.
In recognising our endeavour to pursue a long-term perspective in all we do, Roche has been named one of the most sustainable companies in the pharmaceuticals industry by the Dow Jones Sustainability Indices for the fifteenth consecutive year. This distinction also reflects our efforts to improve access to healthcare together with local partners in every country we work.
Genentech, in the United States, is a wholly owned member of the Roche Group. Roche is the majority shareholder in Chugai Pharmaceutical, Japan.
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Source:- Roche
