The Life Sciences and Special Purpose Acquisition Companies (SPACs) teams advised LumiraDx Limited on its definitive merger agreement with SPAC CA Healthcare Acquisition Corp (Nasdaq: CAHC). The combination reflects a value of $5.0 billion for LumiraDx’s existing equity, before giving effect to the transaction.
LumiraDx a next-generation point of care diagnostics testing company aimed at transforming community base care by providing a broad menu of tests, with lab-comparable performance, at low cost within minutes on the same Platform. LumiraDx has various test already on the market, including its high sensitivity antigen test for COVID-19 on the LumiraDx Platform. The test is currently being used by the National Health Service and Boots in the UK, CVS Health in the U.S., a significant number of accident and emergency rooms in Italy and other parts of Europe and is being deployed in partnership with the Bill and Melinda Gates Foundation in a growing number of African countries where access to laboratory diagnostics is limited.
CA Healthcare Acquisition Corp is a special purpose acquisition company focused on investing in a growth-oriented healthcare company.
Upon closing of the merger, LumiraDx and its common shares are expected to trade on Nasdaq under the ticker symbol "LMDX." The transaction is currently expected to close late Q2, early Q3 this year, subject to approval by the securityholders of each of CAHC and LumiraDx and satisfaction of customary closing conditions.
The Goodwin team was led by Edwin O’Connor, Paul Rosie, and Kathryn Weston, and included and Owen Remeika (Corporate), Jocelyn Arel and Mike Patrone (SPAC), Duncan Greenhalgh and Megan Gustafson (IP), Andy Barton and Andre Amorim (ERISA), Sarah Wicks (Regulatory), with invaluable assistance from Elena Hera. Paul Schwartz leads Goodwin’s ongoing counsel to LumiraDx.