UK rapid diagnostics company Mologic will convert into a social enterprise after being acquired by a group of philanthropic funds and investors, in what experts predict may become an increasingly popular trend.
The British biotech Mologic will entirely reinvest any profits into widening global access to affordable medical technology after being acquired in a deal worth at least €35M (£30M). Following the takeover, Mologic will become part of Global Access Health (GAH)—an altruistic initiative led by George Soros’ Economic Development Fund (SEDF) and supported by the Bill and Melinda Gates Foundation.
The move to become a social enterprise — a company focused on social goals over profit — is unusual in the biotech industry. However, the concept is becoming more prominent amid growing recognition of global health inequalities during the Covid-19 pandemic and the role biotech can play in addressing them. In addition, investors are increasingly drawn to sustainable and responsible investment practices that recognize the importance of environmental, social, and corporate governance.
“Mologic’s transition into a social enterprise is a deliberate,
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