Roche to Acquire LumiraDx's Point-of-Care Technology for $295 Mn

The newly acquired LumiraDx's platform aligns with Roche's patient-centric vision, offering immunoassay and clinical chemistry tests for comprehensive healthcare solutions.

Roche, a prominent biotechnology company, is set to acquire LumiraDx's Point of Care technology in a definitive agreement, integrating select parts of LumiraDx into Roche Diagnostics.

Anticipated to close by mid 2024, pending regulatory approvals, the deal, valued at $295 million, aligns with Roche's commitment to patient-centric healthcare. Headquartered in Basel, Switzerland, Roche aims to leverage LumiraDx's innovative technology globally, enhancing diagnostic capabilities in decentralised healthcare settings.

Commenting on the acquisition, Matt Sause, CEO of Roche Diagnostics, said, "The addition of the LumiraDx technology to our diagnostics portfolio will enable us to transform testing at the point of care."

He highlighted LumiraDx's versatile platform's capacity to deliver robust performance across various disease areas and technologies, foreseeing improved patient access to timely results in decentralised healthcare settings globally.

Sharing thoughts on the same, Veronique Ameye, LumiraDx's CEO, said, “Since our founding, we have sought to transform community-based healthcare by consolidating multiple Point of Care tests on a single instrument."

Roche's strategic vision aims to facilitate patient-centric healthcare through Point of Care solutions spanning the entire patient journey. This includes locations ranging from homes and pharmacies to general practitioner offices, emergency rooms, and intensive care units.

The ‘to-be’ acquired LumiraDx technology platform offers a wide array of immunoassay and clinical chemistry tests, with potential for additional high medical value tests in the future. Notably, these tests can be stored at room temperature, enhancing their practicality in decentralised healthcare settings.

The transaction is contingent on specific conditions, including antitrust and regulatory approvals. At the transaction's closing, Roche will pay a purchase price of $295 million, subject to customary closing adjustments.

An additional payment of up to $55 million will cover reimbursement amounts for funding the Point of Care technology platform business until the acquisition's completion. The transaction is part of a pre-packaged UK administration sale, supported by LumiraDx group's senior secured lender.

Founded in 1896, Roche has evolved into the world's largest biotechnology company and a global leader in in-vitro diagnostics. In September last year, AstraZeneca Pharma India partnered with Roche Diagnostics India, focusing on advancing breast cancer diagnostics, particularly in streamlining HER2 testing.

The collaboration emphasises Roche's dedication to cutting-edge cancer treatment and includes specialised training for pathologists and oncologists, underscoring Roche's commitment to elevating diagnostics in breast cancer care.

Likewise, Roche has acquired Carmot Therapeutics recently, a California-based anti-obesity drug developer, in a close to $3.1 billion deal. This move signifies Roche's entry into the rapidly growing market for weight loss treatments.

Roche's purchase of Carmot involves an initial payment of $2.7 billion, with an additional $400 million contingent on the achievement of specified milestones by the startup.

In another development, Genentech, a member of the Roche Group, has entered a multi-year strategic research collaboration with NVIDIA, a global leader in accelerated computing and artificial intelligence (AI) towards accelerated drug discovery and development.