Billionaires Bill Gates and George Soros are teaming up to buy out the UK covid testing company Mologic
The billionaires are part of a consortium which is set to buy the UK based company that has develpoed a 10-minute covid test.
The group, led by the Soros Economic Development Fund, an investment division of the billionaire philanthropist’s Open Society Foundations, is investing millions in Mologic, which develops lateral flow and fast diagnostic technologies.
Sputnik reports: Their consortium will reportedly invest nearly £30 mln into Mologic to focus on development of the low-cost tests for tropical diseases such as dengue fever and river blindness. Founded in 2003, the company is currently owned by Foresight Group LLP and Calculus Capital.
Although the company has received a CE mark (Conformité Européenne) for its tests, they have yet to be approved for use in the UK or the US. Mologic was earlier given £1 mln by the UK government to develop its tests, but has accused the authorities of “stonewalling” its efforts to get the test used en mass in the country.
British media earlier reported that a group of philanthropists, including Gates and Soros, will offset the fallout from the UK government’s decision to reduce this year’s spending on overseas aid from 0.7 percent of national income to 0.5 percent.