A consortium of investors led by the Soros Economic Development Fund (SEDF) and the Bill & Melinda Gates Foundation are buying UK-based COVID testing company, Mologic, which has developed a 10-minute coronavirus test – and is best known for its deep-nostril swab test for the virus.
According to Forbes, citing a Monday press release, the buyout was done to increase access to “affordable state-of-the-art medical technology” via a rapid ‘lateral flow’ test, which offers an early-warning screening for Covid-19, as negative tests are going to be increasingly required to go back to ‘normal life’ – along with one’s vaccine passport of course.
We're pleased to announce the launch of Global Access Health following our acquisition. This transition expands Mologic’s capabilities to provide affordable #diagnostics to countries left underserved. Read more here: https://t.co/yDRWrFaVoL @gatesfoundation @OpenSociety pic.twitter.com/XwFKfn6beP
— Mologic (@mologic) July 19, 2021
The Gates-Soros collaboration is part of a new initiative, Global Access Health (GAH), which will invest “at least” $41 million in the deal, according to the statement. The transaction will feature a buyout of all Mologic’s existing shares – including investments held by Foresight Group LLP and Calculus Capital.
Soros and Gates are part of the billionaire community looking to direct their philanthropic efforts to the so-called global south, referring broadly to the regions of Latin America, Asia, Africa and Oceania that many fear will be left behind as the more affluent West accelerates its program of vaccinations, testing and biosecure bubbles in the years ahead. Sean Hinton, the CEO of the Soros fund, said in a statement that the pandemic has “painfully demonstrated the fundamental inequities” in global public health, adding that this “unique transaction” has brought philanthropic funds and investors together to address the issue.
Roxana Bonnell, a public health expert from Soros’ Open Society Foundations, which claims to be the world’s largest private funder of human rights and social justice advocacy groups, said, “As we have seen during the Covid-19 pandemic, access to testing is absolutely essential when it comes to containing the spread of contagious disease—an issue that ultimately affects us all.” -Forbes
Founded in 2003 by father-son team Mark Davis (CEO) and father Paul (Chief Scientific Officer), Mologic has worked with Gates’ philanthropic arm in the past – establishing the Center for Advanced Rapid Diagnostics (CARD) in 2016 with a backing of the Gates Foundation. Paul Davis is also known for inventing the Clearblue pregnancy test in 1988 – the world’s first application of lateral flow technology according to the company.
This isn’t the first time Gates and Soros have ‘collaborated.’ In 2015, a Jeffrey Epstein-funded think tank, the International Peace Institute, hosted a “Preparing for Pandemics” conference in Geneva – with senior officials from the Gates Foundation, Open Society, WHO, CDC, Red Cross and Pasteur Institute in attendance.
Epstein-funded think tank International Peace Institute hosted a "Preparing for Pandemics" conference in Geneva 2015 with senior officials from Gates Foundation, Soros' Open Society, WHO, Red Cross, CDC, Pasteur Institute, several govt health ministershttps://t.co/fNvdhkE1a1 pic.twitter.com/BxpGcoK47c
— PC (@pc_432) May 6, 2021
Soros Economic Development Fund acquires Mologic Ltd – ReInvestmentNews
A group of philanthropic funds and investors led by the Soros Economic Development Fund (SEDF), with support from the Bill & Melinda Gates Foundation, has announced the launch of Global Access Health (GAH), a social enterprise that will seek to expand access to affordable state-of-the-art medical technology through decentralized research, development, and manufacturing in and for the Global South.
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 members of GAH will invest at least £30 million ($41 million) in this deal.
The transaction is important in that it transitions a world-class for-profit company into a social enterprise and allows it to entirely reinvest its profits in pursuing these goals.
This transformation will give it the ability to address gaps in the provision of global diagnostics in low-income communities and regions that profit-focused business has failed to address.