Akin Advised Pharmakon Advisors In $295 Million Sale Of LumiraDx’s Diagnostics Platform To Roche

Akin Advised Pharmakon Advisors In $295 Million Sale Of LumiraDx’s Diagnostics Platform To Roche

Akin advised Pharmakon Advisors, LP, a prominent investor in non-dilutive debt for the life sciences sector, along with its affiliated funds, in their role as senior secured lenders to the LumiraDx group. This advisory was in connection with the sale of LumiraDx’s 'Point of Care' diagnostics platform business to Roche for $295 million, subject to customary closing adjustments.

The sale was executed through a pre-packaged English administration, following the appointment of administrators in December 2023.

The transaction's closing was contingent on receiving various anti-trust, merger, and regulatory approvals, with the final approval granted in July 2024.

The Akin team was led by financial restructuring Partner Emma Simmonds, supported by Counsel Carone Huang and Associate Abigail Beardsworth.

The broader team included antitrust and international competition Partner Scott Pettifor; corporate Partner Simon Rootsey; finance Partner Mark Mansell; and tax Partner Geoffrey Secol.