Business

Hong Kong biotech start-up Prenetics to list in US through SPAC deal

Hong Kong biotech firm Prenetics goes public by means of a merger with Artisan Acquisition — a particular function acquisition firm, or SPAC — in a deal that can worth the mixed entity at $1.7 billion, the businesses introduced Thursday.

Confirming CNBC’s earlier report, the 2 firms stated the transaction is predicted to shut as early because the fourth quarter.

This may make Prenetics the primary Hong Kong unicorn, or billion-dollar start-up, to change into a publicly traded firm.

The mixed firm will likely be traded on the Nasdaq below a brand new ticker image PRE upon completion.

The merger is predicted to offer as much as $459 million in money proceeds, which can go towards strategic acquisitions, geographical growth and analysis and improvement.

Prenetics CEO Danny Yeung (left) and Artisan Acquisition’s founder Adrian Cheng, who can be CEO and Government Vice Chairman of New World Improvement. Prenetics goes public by means of a SPAC merger with Artisan Acquisition that can worth the mixed entity at $1.7 billion.

Supply: Prenetics

Artisan Acquisition is backed by Adrian Cheng, CEO and Government Vice Chairman of Hong Kong-listed New World Development. Prenetics appears to be like to attract upon Cheng’s enterprise portfolio which spans retail, hospitality, well being care, and property.

Hong Kong-based Prenetics is a diagnostic and genetic testing firm which operates in 10 international locations. So far, the corporate has performed greater than 5 million Covid-19 assessments for purchasers together with the Hong Kong authorities and London Heathrow Airport.

It counts names like Chinese language web firm Alibaba, and insurers Ping An and Prudential as strategic traders.  

The corporate has grown considerably since its founding in 2014. It initiatives 2021 income to leap three-fold year-on-year to $205 million and hit $600 million by 2025.

https://www.cnbc.com/2021/09/16/hong-kong-biotech-start-up-prenetics-to-list-on-nasdaq-through-spac-merger.html | Hong Kong biotech start-up Prenetics to checklist in US by means of SPAC deal

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