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LumiraDx, a British diagnostics startup that makes COVID-19 tests, has agreed to merge with special purpose acquisition company (SPAC) CA Healthcare Acquisition Corp. in a deal valued at $5 billion, the companies announced Tuesday.

Details: LumiraDx has also secured a $300 million loan from BioPharma Credit and another $100 million from Capital One Financial, per the statement.

  • It previously planned to go public via an IPO, filing with the Securities and Exchange Commission in January.
  • The company, whose clients include the United Kingdom's National Health Service, and the Bill & Melinda Gates Foundation, has placed 2021 revenue estimates at $600 million to $1 billion, up from $139 million in 2020, Bloomberg notes.

What they're saying: LumiraDx CEO Ron Zwanziger told Bloomberg the pandemic had driven demand for the company's machines, but the "broader focus" was on "bringing point-of-care tests to patients."

  • "Fundamentally we’re about transforming community-based care," he said

The big picture: SPACs have seen a boom in the past year, with companies in a wide range of sectors opting for this route to hit the public market.

  • Though the majority have been based in the U.S., a growing number of European companies have also begun to merge with American SPACs.

Editor's note: This story has been corrected to show the price was $5 billion not $5 million.

Go deeper

Coinbase posts monster Q1 results ahead of direct listing

Illustration: Sarah Grillo/Axios

Cryptocurrency company Coinbase posted $1.8 billion in revenue for Q1 2021—more than it brought in for all of 2020, ahead of its direct listing next week.

Why it matters: Coinbase's public listing is hotly anticipated and seen by insiders as an event that will bring validation to the industry.

Dan Primack, author of Pro Rata
Apr 7, 2021 - Technology

VCs plow money into creator economy companies

Illustration: Rae Cook/Axios

Venture capitalists are plowing money into startups that help content creators to directly monetize their work.

Driving the news: Patreon, a platform that connects creators with fans, today will announce $155 million in fresh funding at a $4 billion valuation.

Super typhoon Surigae explodes to Cat. 5 intensity

Super Typhoon Surigae seen on satellite imagery Saturday morning east of the Philippines. (CIRA/RAMMB)

Super Typhoon Surigae surged in intensity from a Category 1 storm on Friday to a beastly Category 5 monster on Saturday, with maximum sustained winds estimated at 190 mph with higher gusts.

Why it matters: This storm — known as Typhoon Bising in the Philippines — is just the latest of many tropical cyclones to undergo a process known as rapid intensification, a feat that studies show is becoming more common due to climate change. It weakened slightly, to the equivalent of a strong Category 4 storm, on Sunday.