RHHBY Roche Holdings Ltd AG (QX)

By Stephen Nakrosis

LumiraDx said Friday it will sell certain companies related to its point-of-care technology to Roche.

Andrew Johnson, Lisa Rickelton and Lindsay Hallam of FTI Consulting, who were named joint administrators the LumiraDx Group and LumiraDx International subsidiaries, signed a definite agreement for the sale of "certain companies of the LumiraDx group engaged in its point of care diagnostics platform business and certain related assets," the company said.

Under the terms of the deal, Roche will pay a purchase price of $295 million and up to $55 million more "for the reimbursement of amounts to fund the point of care diagnostics platform business until the closing of the acquisition," LumiraDx said. The deal is expected to close in mid-2024.

The company said the appointment of the administrators and the sale to Roche are the culmination of its previously announced strategic review led by Goldman Sachs.

LumiraDx expects all sales proceeds will be used to repay certain amounts of the company's senior secured loan agreement, with no proceeds being distributed to shareholders or the company, it said.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 29, 2023 16:52 ET (21:52 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.