Prominent billionaires George Soros and Bill Gates are part of a group that is buying a company that does rapid COVID-19 tests.
The purchase of Mologic Ltd. published by Open Society Foundations, the company founded by Soros.
A liberate, release, free on the fund’s website says the purchase creates “Global Access Health (GAH), a social enterprise that will seek to expand access to affordable, modern health technology through research.” , decentralized development and production in and for the Global South . “
About $41 million will be purchased by parties, including the Soros Economic Development Fund and the Bill & Melinda Gates Foundation.
The release states that the company’s technology can be used to solve tropical diseases such as dengue, bilharzia and river blindness in addition to COVID-19.
The statement said the acquisition “transforms a world-class for-profit company into a social enterprise and allows it to fully reinvest its profits in pursuit of these goals. This transformation will give it the ability to address gaps in global diagnostic delivery in low-income communities and areas where a for-profit business has failed to address. OK “.
“The COVID-19 pandemic has painfully demonstrated fundamental inequalities in global public health, and especially the critical importance of access to lifesaving diagnostic tools,” said Sean. high quality and low cost living in low and middle income countries. Hinton, CEO of SEDF.
The acquisition means “a cutting-edge commercial enterprise to focus all of its resources on solving one of the world’s most pressing public health problems,” he added.
The company’s tests are basically Screening test designed to determine the presence of disease in asymptomatic individuals.
In the UK, where the tests are used, the company’s so-called lateral flow tests need to be confirmed with a second test before an official diagnosis is made, Forbes reported.
However, according to walkie talkie, the company said last month it plans to sue the UK government because Britain did not allow the test to be used as planned. The notice of sale statement does not provide information about the status of any lawsuits.
Roxana Bonnell, a public health expert with the Open Society Foundation, said testing needs to be ramped up in many parts of the world, such as Africa.
“As we have seen during the COVID-19 pandemic, access to testing is absolutely essential when it comes to stopping the spread of infectious disease – an issue that ultimately affects us all. ,” she said in the statement.
“Testing, or diagnostics, is critical to everyday public health needs, to enable physicians and health professionals to provide patients with appropriate treatment as soon as possible.”
Mologic was founded in 2003 by CEO Mark Davis and his father, Paul Davis, who serves as the company’s chief scientific officer. Paul Davis used the same technology used for COVID-19 testing to create the Clearblue home pregnancy test.
Mark Davis said in the statement: “Mologic’s transformation into a social enterprise is a deliberate, logical and natural step for a company focused on delivering biotechnology and diagnostics affordable guessing for places underserved by the relentless pursuit of profiteering.
“With the support of our shareholders, sponsors and partners, we have come a long way; We believe we have the people and skills needed for the challenges and opportunities ahead. And we hope this unique transaction will set an example for others to follow.”
https://www.westernjournal.com/george-soros-bill-gates-just-teamed-buy-covid-company/ | George Soros and Bill Gates just teamed up to buy a COVID company