Benzinga | Apr 7, 2021 12:23PM EDT

LumiraDx Withdraws $100M IPO In Favor Of $5B SPAC Merger: Bloomberg

* LumiraDx, a UK-based provider of point-of-care diagnostics, including COVID-19 tests, has withdrawn its initial public offering plans. It had planned to list on the NASDAQ under the symbol LMDX.

* It initially filed an IPO prospectus in January this year with a proposed deal size of $100 million.

* Jefferies, SVB Leerink, Evercore ISI, and Raymond James were the joint book runners on the deal.

* The withdrawal follows the announcement of a merger agreement between LumiraDx and special purpose acquisition company (SPAC), CA Healthcare Acquisition Corp (NASDAQ: CAHC), in a deal that values LumiraDx's equity at $5 billion.

* According to Bloomberg, no equity placement is attached to the transaction. Still, LumiraDx has secured a $300 million loan from BioPharma Credit Plc and an additional $100 million revolving credit facility from Capital One Financial Corp.

* At $5 billion, LumiraDx's deal is the largest of the past year by a healthcare company with a SPAC, according to data compiled by Bloomberg.

* As of December 31, 2020, it had placed more than 7,000 instruments with over 500 customers across more than 25 countries.

* LumiraDx's tests can process about 30 different tests in 12 minutes or less. The company is also developing a smaller device that will be available for home use.

* The company sees revenue between $600 million to $1 billion this year, compared with $139 million in 2020.

* CA Healthcare Acquisition raised $115 million in its January IPO.

* Price Action: CAHC units were trading 3.66% higher at $10.05 during the market trading session on the last check Wednesday.