Test Maker LumiraDx to Go Public in $5 Billion SPAC Deal

(Bloomberg) — LumiraDx Ltd., a diagnostic company that produces Covid-19 tests, is going public through a reverse merger with a blank-check company.

The U.K.-based firm will combine with CA Healthcare Acquisition Corp. in a deal that values LumiraDx’s equity at $5 billion, the companies said in a statement.

While there is no equity placement attached to the transaction, LumiraDx has secured a $300 million loan from BioPharma Credit Plc and an additional $100 million asset-based revolving credit facility from Capital One Financial Corp., according to the statement.