LumiraDx to sell point of care technology platform to Roche for $295M

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LumiraDx has agreed to sell its point-of-care technology to Roche for $295 million, with an additional $55 million to fund the platform. The diagnostic testing system performs multiple lab-quality tests with a single device at the point of care, including coagulation, heart failure, inflammation, diabetes, and respiratory viruses. The acquisition is expected to close in 2024, and the proceeds will be used to repay debts rather than distributed to the shareholders. The company’s stock price fell after the announcement, and it also faced the possibility of delisting from NASDAQ due to failing to meet the minimum stock price requirement. LumiraDx also received a grant to develop a point-of-care molecular tuberculosis testing system.

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