LumiraDx Group Limited and LumiraDx International Limited - Administration

LumiraDx Group Limited and LumiraDx International Limited, subsidiaries of next generation point of care diagnostic company LumiraDx Limited (NASDAQ: LMDX), entered administration on 29 December. Andrew Johnson, Lisa Rickelton and Lindsay Hallam of FTI Consulting were appointed joint administrators, and immediately completed a sale of the subsidiaries, which collectively hold substantially all of the assets of the LumiraDx group, to Swiss drugmaker Roche. The consideration for the deal is $295 million to be paid at the close of the transaction, which is expected to occur by mid-2024. Biopharma Credit PLC has registered charges against both companies.