Sale of Heat Elution Sample Prep Technology and Intellectual Property
|Date Announced:||August 2015|
Lumora is a UK-based leading developer of next-generation solutions in Molecular Diagnostics products and solutions. Lumora developed a highly differentiated proprietary methodology that will enable simple and automated nucleic acid isolation in minutes instead of hours called Heat Elution. The technology is environmentally friendly and can be applied to process a wide variety of sample types including whole blood, fecal matter, sputum, FFPE tissue and buccal swabs.
Convergence had been engaged by Lumora’s Board of Directors to help the Company assess strategic alternatives for the Company. Working with the senior team at Lumora, including CEO and Founder Laurence Tisi and Commercial Director Hayden Jeffreys, Convergence identified Heat Elution as a unique, value-added technology for Nucleic Acid Extraction that could be specifically interesting to companies competing in the sequencing sector given its workflow advantages. As part of this process, Convergence provided strategic advice regarding process, structure and valuation as Lumora pursued a sale of Heat Elution to Roche, and then a subsequent sale of the company.