Gates and Soros-backed organization buys U.K. Covid-19 testing company for $41 million

The U.K.-based maker of Covid-19 tests, Mologic, has been bought out by Global Access Health, a new Bill Gates and George Soros-backed consortium.

George Soros' Open Society Foundation confirmed the deal on Monday in a statement, which says Global Access Health members will invest 'at least' $41 million into the project. 

The Bill & Melinda Gates Foundation is also behind the initiative led by the Soros Economic Development Fund. 

Mologic was founded in 2003 and has previously worked with the Gates Foundation. 

Mologic is a developer of lateral flow and rapid diagnostic technologies and has also developed tests to help fight tropical diseases such as dengue, bilharzia and river blindness, as well as Covid-19.