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Axios Pro Rata

London-based LumiraDx has slashed $2 billion off the size of a proposed takeover by a SPAC, citing decreases in COVID-19 testing volume.

Why it matters: The move tracks with reduced sales forecasts by industry giants like Abbott and Quest Diagnostics, but also feels like it's on a bit of a lag. 

On April 7, the day LumiraDx first announced what was supposed to be a $5 billion deal, there were 1.2 million coronavirus tests conducted in the U.S., per Johns Hopkins University data, 

That number bottomed out in the 150k range in early July, but has since rebounded, topping 2 million U.S. tests on Aug. 16. 

LumiraDx slashes takeover price, citing a slowdown in COVID testing

COVID testing is again on the rise, but providers are being valued on a lag.

Illustration of a no symbol with a q-tip as the crossbar. 

COVID-19

Coronavirus

London-based LumiraDx has slashed $2 billion off the size of a proposed takeover by a SPAC, citing decreases in COVID-19 testing volume.Why it matters: The move tracks with reduced sales forecasts by industry giants like Abbott and Quest Diagnostics, but also feels like it&#x27;s on a bit of a lag.

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LumiraDx slashes takeover price, citing a slowdown in COVID testing

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