Friday, LumiraDx Limited (NASDAQ:LMDX) appointed joint administrators for two subsidiaries. The administrators signed a definitive agreement to sell certain companies of LumiraDx related to LumiraDx's point-of-care technology to Roche Holdings AG (OTC: RHHBY).

Separately, LumiraDx appointed Andrew Johnson, Lisa Rickelton, and Lindsay Hallam of FTI Consulting as joint administrators of two subsidiaries, LumiraDx Group Limited and LumiraDx International Limited, which together hold substantially all of the assets of the LumiraDx group.

Roche will pay $295 million and an additional payment of up to $55 million for the reimbursement of amounts to fund the point-of-care diagnostics platform business until the closing of the acquisition.

The completion of the transaction is subject to certain conditions, including antitrust and regulatory approvals, and is currently expected to close by mid-2024.

It is anticipated that all sale proceeds will be used to repay certain amounts outstanding under the loan agreement and that there will be no distribution to the company or its shareholders.

The appointment of the Administrators and sale to Roche represents the culmination of LumiraDx's previously announced strategic review process.

Price Action: LMDX shares are down 22.30% at $0.49 during the premarket session on the last check Tuesday.