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Dwindling COVID-19 Test Demand Forces LumiraDx Cut SPAC Deal Value

Benzinga
2021/08/21
  • Fall in demand for COVID-19 screening has led LumiraDx to slash $2 billion off the value of a planned reverse merger with a special purpose acquisition company (SPAC).
  • See: LumiraDx Withdraws $100M IPO In Favor Of $5B SPAC Merger. 
  • First announced in April, the U.K.-based diagnostics company aimed to debut on NASDAQ with the blank-check firm CA Healthcare Acquisition Corp (NASDAQ:CAHC) and had charted out a $5 billion pro forma enterprise value for the combination.
  • Now LumiraDx is knocking 40% off that projected valuation while also saying that the market environment for publicly traded diagnostic companies has changed and is following feedback from the SPAC’s advisors and shareholders.
  • LumiraDx also reduced its revenue guidance for 2021, from the $600 million to $1 billion it had been forecasting in April, down to $300 million to $500 million by the end of this year.
  • Related: LumiraDX COVID-19 Antibody Test Received FDA Emergency Use Nod.
  • Price Action: CAHC shares are up 0.29% at $9.90 during the market session on the last check Friday.

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