Lumiradx, a UK start-up of new coronavirus testing products, said on Wednesday it would go public through a merger with a special purpose acquisition company with a valuation of $5 billion.
Lumiradx’s device is about the size of a brick and can complete about 30 different tests in 12 minutes, including tests for the new coronavirus. The company is also developing a smaller home device.
The company has R & D and support offices in Waltham, Massachusetts and San Diego, California. In January, the company filed an initial public offering with the securities and Exchange Commission.
Lumiradx expects revenue to be between $600 million and $1 billion this year, compared with $139 million in 2020. Its clients include CVS health Corp., NHS and the bill and Melinda Gates Foundation.