High-profile billionaires George Soros and Bill Gates are part of a group that is buying a company that makes rapid COVID-19 tests.
The purchase of Mologic Ltd. was announced by Open Society Foundations, which Soros founded.
A release on the foundation’s website said the purchase creates “Global Access Health (GAH), a social enterprise that will seek to expand access to affordable state-of-the-art medical technology through decentralized research, development, and manufacturing in and for the Global South.”
About $41 million will be ponied up by the buyers, which include the Soros Economic Development Fund and the Bill & Melinda Gates Foundation.
The release said that the company’s technology can be used to address tropical diseases such as dengue, bilharzia and river blindness in addition to COVID-19.
The statement said the purchase “transitions a world-class for-profit company into a social enterprise and allows it to entirely reinvest its profits in pursuing these goals. This transformation will give it the ability to address gaps in the provision of global diagnostics in low-income communities and regions that profit-focused business has failed to address.” – READ MORE
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