Calculus and Foresight successfully exit Mologic by sale to new Soros-backed philanthropic entity, Global Access Health

Calculus Capital and Foresight Group LLP successfully exit Mologic, a world leading innovator in lateral flow and rapid diagnostic technologies.

Mologic was acquired by Global Access Health, a not-for-profit company financed by the Soros Economic Development Fund, the impact investing arm of the Open Society Foundations, and a group of other philanthropic organisations and investors.

Alexander Crawford, Co-head of Investments at Calculus, said, “The acquisition of Mologic by Global Access Health, working with SEDF, demonstrates that the venture capital industry has an important part to play in developing companies that can ultimately deliver significant benefits in the “not for profit” world. To simultaneously deliver above target returns to our investors and drive substantial global health improvements is something we’re incredibly proud of.”

Calculus Capital, which pioneered the tax-efficient investment industry, and Foresight Group LLP, an award-winning listed infrastructure and regional private equity investment manager have been involved in Mologic since 2015 and 2018 respectively.

This positive cash exit, with more than 75% of the consideration payable immediately, delivers returns of up to 3.6x on Calculus equity investments and 3.1x on Foresight’s investment. In addition, further consideration is payable in the event of strong sales of certain of Mologic’s products.

Mark Davis, CEO of Mologic, said: “The support Calculus has provided to Mologic in 2015 and 2018 has been transformational in stabilising the company from its previous divestment, invigorating the product portfolio and advancing the business into a cash generative position through service delivery and commercialisation.

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.

The Soros Economic Development Fund and its consortia members will be strong strategic partners for Mologic, further cementing its position as a sustainable social enterprise, targeting a diverse range of epidemics and neglected diseases, particularly in resource limited settings, such as dengue fever, onchocerciasis and schistosomiasis.

Under this unique partnership Mologic will continue to offer end-to-end contract development and manufacturing services alongside commercialisation of its first in class COPD, sepsis and women’s health products, using the revenue from these activities to sustainably support investment in diagnostics for epidemics and neglected tropical diseases.

Since Calculus’ initial investment in 2015 and Foresight’s in 2018, they have worked to strengthen the business, advancing the product portfolio, increasing turnover by 150% and increasing employees by over 170%. 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.

Mark Davis, CEO of Mologic, continued, “Without [the support from Calculus], the transition into a sustainable social enterprise would not have been possible and would have seriously limited capacity to take on the diversity of disease targets. We are looking forward to our next stage with Global Access Health and serving the communities that most deserve a healthier, brighter and independent future.”

Alexandra Lindsay, Investment Director at Calculus, said “The management team at Mologic has led the company over the last five years to a stable and strong business that, under its new ownership structure, can deliver tangible benefits to the world in responding to epidemics and preparing for the next pandemic.”

Calculus Shareholders were advised by Shoosmiths & Peregrine Law

This Week’s Most Read

  • Baronsmead VCTs exit first sterling unicorn after Ideagen sale

    Gresham House’s Baronsmead VCTs have exited their stake in compliance software business Ideagen following its sale to private equity firm Hg Capital. The deal values

  • Fund Research Governance: is ‘fine’ good enough?

    Written by Laura Bampfylde, Director, Global Assets – Wealth, at Redington One of the most enlightening books I’ve read was written by husband-and-wife psychologists, Alan

  • ONS: Repossessions by county court bailiffs increase from 45 to 770 (1,611%)

    Following the latest Mortgage and landlord possession statistics published this morning, which reveal repossessions by county court bailiffs increased from 45 to 770 (1,611%) between

  • Creating a profitable HNW/LNW advice service in specialist markets

    By Simon Binney, Business Development Director, Wealth Wizards For financial planning firms targeting new clients, often the problem is not attracting clients to their business,

  • PIMCO: US CPI Preview

    By Tiffany Wilding, North American Economist, and Allison Boxer, Economist at PIMCO  This week focus turns to inflation, where recent commodity price weakness will become

  • #Podcast episode 7: JM Finn’s Sir John Royden on his superhuman swim for The Brain Tumour Charity

    This week’s podcast episode is something a bit different for IFA Talk…but certainly not an episode to be missed! Sue and Bex talk to Sir

  • FCA issues letter to alternative investment firms’ CEOs – experts comment

    The FCA has today issued a six page letter to CEOs of alternative investment firms about their supervisory strategy for such firms. David Newman, chief

  • Tackling Burnout in Financial Services

    Financial services professionals are increasingly suffering with stress which can often lead to burnout – a state of physical and emotional exhaustion. Latest research tells

  • PIMCO’s Tiffany Wilding: The Era of Kinder, Gentler Central Banks Is Over

    By Tiffany Wilding, PIMCO’s North American Economist Last week, the Bank of England (BoE) was the first major central bank to admit that it is

  • Advisers concerned clients are risking HMRC fines over trusts

    Advisers are concerned about their clients risking HMRC fines, by failing to register trusts with the Trust Registration Service (TRS) by 1st September, according to

Latest IFA Magazine Podcast Episodes

Keep updated on the most important financial events 

Make sure you are an informed

wealth professional..

Adblock Blocker

We have detected that you are using

adblocking plugin in your browser. 

IFA Magazine