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Illustration: Aïda Amer/Axios

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.

Go deeper

24 hours ago - Health

FDA authorizes mix-and-match for COVID booster shots

Photo: Francine Orr/Los Angeles Times via Getty Images

The Food and Drug Administration (FDA) on Wednesday gave its approval for Americans to get booster shots that are different from the COVID vaccine they initially received.

Why it matters: The recommendation from the FDA, which also authorized booster shots for people who received Moderna and Johnson & Johnson vaccines on Wednesday, paves the way for an expansion of booster shots.

Oct 20, 2021 - Health

In-N-Out refuses to follow San Francisco's vaccine mandate

Photo: James Leynse/Corbis via Getty Images

The California burger chain In-N-Out is refusing to follow San Francisco's vaccination mandate, which requires restaurants to check for customers' proof of vaccination to dine indoors, the Washington Post reports.

Driving the news: The San Francisco Public Health Department has had to remind employees multiple times to check for proof of vaccination since September, ultimately resulting in the city's only In-N-Out location getting shut down on Oct. 14. It is the only time the agency has ordered a restaurant's closure over a mandate violation, officials told the Post.

38 mins ago - World

Israel to approve new construction in West Bank settlements

Bennett (L) and Biden discussed the settlements issue. Photo: Nicholas Kamm/AFP via Getty

Israel will approve the construction of 4,400 new homes in the West Bank next week: 3,10o in the Jewish settlements and 1,300 in Palestinian villages.

Why it matters: This will be the first time Israel has approved new settlement building since President Biden assumed office, and it's the first time since 2007 that it approves a significant number of new homes for Palestinians in "Area C" of the West Bank, which is controlled by Israel.

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