A consortium backed by George Soros and Bill Gates has joined a buyout of Mologic, a COVID-19 testing company.
The Soros Economic Development Fund, an arm of Soros’ Open Society Foundations, confirmed in a July 19 statement that it has partnered with the Bill & Melinda Gates Foundation. The Soros–Gates collaboration is part of the Global Access Health initiative, which will invest “at least” $41.1 million in the project, according to the statement.
“The group has financed the acquisition of Mologic Ltd, a world-leading innovator in the development of lateral flow and rapid diagnostic technologies including tests that can help combat tropical diseases such as dengue, bilharzia, and river blindness, as well as for COVID-19,” the statement reads, noting that the purchase is an attempt to “expand access to affordable state-of-the-art medical technology through decentralized research, development, and manufacturing” in developing countries.
Founded about two decades ago by the father-and-son team of Mark and Paul Davis, Mologic previously worked with Gates’s foundation, establishing the Advanced Rapid Diagnostics in 2016. Paul Davis is also known for creating the Clearblue pregnancy test in 1988, which, according to the company, is the first application of lateral flow technology.
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