Bill Gates and George Soros support acquisition of UK diagnostic technology group Mologic

0

The Soros Economic Development Fund (SEDF), founded by George Soros, with support from the Bill & Melinda Gates Foundation and several philanthropic investors, has announced the launch of Global Access Health (GAH), a social enterprise that will seek to expand access to affordable medical technology.

As part of this initiative, the group financed the acquisition of the British company Mologic, a developer of lateral flow and rapid diagnostic technologies.

GAH members will invest at least £ 30million ($ 41million) in the deal.

WHY IS IT IMPORTANT

Mologic is developing tests that can help fight tropical diseases such as dengue fever, bilharzia and river blindness, as well as COVID-19.

SEDF’s investments in GAH and GAD are part of a portfolio of recent investments made in support of Open Society Foundations’ commitment to expanding global access to affordable public health products and technologies.

The initiative will aim to achieve this goal through decentralized research, development and manufacturing in and for the countries of the South.

The transaction will give the project the capacity to fill gaps in the provision of global diagnostics in low-income communities and regions.

“Testing, or diagnostics, is essential for daily public health needs, to enable physicians and healthcare professionals to provide patients with appropriate treatment as early as possible,” said Roxana Bonnell, public health expert at the Open Society Foundations. “As we saw during the COVID-19 pandemic, access to testing is absolutely essential to contain the spread of contagious diseases, an issue that ultimately affects us all.”

THE BROADER CONTEXT

Recently, Indian healthcare solutions provider HealWell24, together with actress and philanthropist Gul Panag, launched their latest web platform which provides a space for connection between doctors and patients.

ON THE RECORD

Sean Hinton, CEO of SEDF, said: “The COVID-19 pandemic has painfully demonstrated the fundamental inequalities in global public health, and in particular the critical importance of access in low- and middle-income countries to low and high prices. Quality diagnostic tools that save lives. In this unique transaction, philanthropic funds and investors work together with a knowledgeable and visionary management team in a truly innovative way to address at least part of this failure by allowing a leading commercial enterprise to focus all of its resources on solving one of the world’s most pressing public health problems.

Mark Davis, CEO of Mologic, said: “Mologic’s transition to a social enterprise is a deliberate, logical and natural step for a company focused on delivering affordable diagnostics and biotechnology to places that have been underserved by the world. relentless pursuit of profitability. With the support of our shareholders, donors and partners, we have come a long way; we believe we have the right people and skills for the challenges and opportunities ahead. And we hope this unique transaction will be an example for others to follow.


Source link

Leave A Reply

Your email address will not be published.