Mologic recently announced its transition to a social enterprise with support from a group of philanthropic funds and investors led by the Soros Economic Development Fund, with support from the Bill & Melinda Gates Foundation.
Investors who are part of the new Global Access Health (GAH) are spending £ 30million ($ 41million) to acquire all of Mologic’s shares, the company said in a July 19 press release. Mologic, based in Bedford, UK, is a developer of lateral flow and rapid diagnostic technologies, including tests that can help fight tropical diseases such as dengue, bilharzia and river blindness, as well as for COVID-19.
“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 relentless pursuit of profitability,” said the Mologic CEO Mark Davis in the press release.
“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, ”said Davis.
GAH will combine Mologic and a sister nonprofit Global Access Diagnostics (GAD), which the founders of Mologic launched in April 2020 with support from the Soros fund and others. Mark Davis will continue as CEO of Molgoic and Paul Davis will remain the Scientific Director of the company.
“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 life-saving diagnostic tools at low cost and high quality, ”Soros said. Sean Hinton, CEO of the Economic Development Fund. “In this unique transaction, philanthropic funds and investors are working together with a capable 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 problems. the world’s most pressing public health problems.
