The U.K.-based maker of Covid-19 tests, Mologic, has been bought out by Global Access Health, a new Bill Gates and George Soros-backed consortium.
George Soros’ Open Society Foundation confirmed the deal on Monday in a statement, which says Global Access Health members will invest ‘at least’ $41 million into the project.
The Bill & Melinda Gates Foundation is also behind the initiative led by the Soros Economic Development Fund.
Mologic was founded in 2003 and has previously worked with the Gates Foundation.
Mologic is a developer of lateral flow and rapid diagnostic technologies and has also developed tests to help fight tropical diseases such as dengue, bilharzia and river blindness, as well as Covid-19.
The Soros-Gates social enterprise intends to “expand access to affordable state-of-the-art medical technology through decentralized research, development, and manufacturing in and for the Global South.”
“Mologic’s transition into 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 left underserved by the relentless pursuit of profiteering,” Mologic CEO Mark Davis said of the deal.
Davis will continue to serve as CEO of Mologic, and his father Paul Davis will continue his role as chief scientific officer.
While the two billionaires continue to invest their money in initiatives worldwide, some remain skeptical of their long-term global motives, which are now appearing to merge together.