Congratulations to our client Foresight Group on its successful exit of Mologic to Global Access Health! We conducted the CDD on Foresight's initial investment in the healthcare diagnostics company and it's always a pleasure to see our clients achieve great returns on projects we've worked on.
Foresight Group LLP announced the successful sale of Mologic Limited, a World leading innovator in lateral flow and rapid diagnostic technologies and founder of Global Access Diagnostics. Mologic’s co-founder and Chief Scientific Officer, Paul Davis, was the originator of the Clearblue pregnancy test, the world’s first commercial application of lateral flow technology.
Mologic was sold to Global Access Health, a not-for-profit company financed by the Soros Economic Development Fund (“SEDF”), the impact investing arm of the Open Society Foundations, and a group of other philanthropic organisations and investors.
Since Foresight’s investment in 2018, it has worked with the management team and co-investor, Calculus, to strengthen the business, advancing the product portfolio, increasing turnover by 165% and increasing employees by over 40%. The Company has also developed a presence in the US through opening an office on the East Coast, and is exploring manufacturing partnerships in West Africa and in South Asia.
This strong exit, with more than 75% of the consideration payable immediately, delivers returns of up to 3.1x on Foresight’s investment. In addition, further consideration may be payable in the event of strong sales of certain of Mologic’s products."