LumiraDx, a next-generation point of care diagnostics testing company, and CA Healthcare Acquisition today revised their transaction terms to lower LumiraDx’s pro forma valuation in the combination to $3 billion from the original $5 billion at the time the deal was announced in April. The new valuation excludes the $115 million raised by CA Healthcare in its IPO.
The companies said the revision is based on various considerations, including the recent market environment for publicly traded diagnostic companies, general market declines in COVID-19 testing volumes, and feedback from CA Healthcare advisors and shareholders.
The deal is expectedto close sometime during the fall. If approved, LumiraDx is expected to trade on the Nasdaq under LMDX. Read more.
