World

Bill Gates and George Soros join buyout of UK COVID-19 testing company

George Soros and Bill Gates are part of a consortium acquiring a British developer of rapid-testing technology, including for Covid-19 and tropical diseases, to turn it into a social enterprise.

The group, led by the Soros Economic Development Fund, an investment division of the billionaire philanthropist’s Open Society Foundations, is investing at least £30 million in Mologic, which develops lateral flow and fast diagnostic technologies. The transaction will include the buyout of all Mologic’s existing shares, including those held by two private investment managers, Foresight Group LLP and Calculus Capital.

Mologic was founded back in 2003 by Paul Davis and his son. Davis was one of the original developers of ClearBlue pregnancy tests which are used all over the world. Following the deal with Gates and Soros, Mologic will come to be known as Global Access Health. However, the Covid-19 test has yet to be approved for use in both the UK and the US.

Mologic recently received £1 million ($1.4 million) from the UK authorities for its Covid-19 tests development, but later accused the government of “stonewalling” the usage of the tests within the country. Mologic’s CEO Mark Davis welcomed the acquisition deal, stating that it means a transformation of his company into a social enterprise which he dubbed “a deliberate, logical and natural step focused on delivering affordable diagnostics and biotechnology to places that have been left underserved by the relentless pursuit of profiteering.”

ARTICLE: PAUL MURDOCH

MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: TELEGRAPH

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