SPAC Deal: CA Healthcare Acquisition (CAHC) taking LumiraDx public in $5 billion deal
CA Healthcare Acquisition (CAHC) is taking LumiraDx public in deal valued at $5 billion. LumiraDx counts The Bill and Melinda Gates foundation as early investors.
CA Healthcare Acquisition (CAHC) is taking LumiraDx public at a $5 billion Enterprise Value. Founded in 2014, LumiraDx is headquartered in the UK and develops, manufactures and commercializes a point of care diagnostic platform that rivals lab results.
A few highlights:
- This is the first SPAC deal for the CAHC team and only David Lang is active in another SPAC at this time
- All existing LumiraDx shareholders will roll their equity into the combined company
- CEO Ron Zwaniger will continue to lead the company and the LumiarDx's board will remain unchanged
- The deal is expected to close late Q2/early Q3
- The combined company will trade on the NASDAQ as LMDX
- Demand for low-cost, fast COVID-19 tests is a driver of current innovation and demand
- LumiraDx has raised $700 million since its founding
CA Healthcare (CAHC) closed trading yesterday just below NAV at $9.99, but has surged +20% in pre-market trading following the announcement.
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