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Hong Kong biotechnology starter Prenetics plans to merge $ 1.3 billion in SPAC – News


On January 26, 2018, the signboard of Prenetics, a Hong Kong-based biotechnology company, was held at the company’s laboratory in Hong Kong, China.

Anthony Kwan | Bloomberg | Getty Images

Hong Kong biotechnology company Prenetics will merge with special-purpose acquisition company Artisan Acquisition to add value to the new entity to more than $ 1.3 billion, according to sources close to the deal.

The transaction is expected to close by the end of this year. SPAC is already trading on the Nasdaq under the ticker ARTU.

SPAC is a paper company established to raise funds through an initial public offering. Its sole purpose is to merge or acquire an existing private sector and make it public. They bypass the traditional Wall Street IPO process.

Artisan Acquisition is backed by Adrian Cheng, Hong Kong-listed CEO and Executive Vice President. New World Development, A conglomerate with $ 88 billion in assets.

Prenetics is a diagnostic and genetic testing company with significant operations in Hong Kong and the United Kingdom. Founded by serial entrepreneur Danny Yeung, it will be the first billion-dollar start-up in Hong Kong.

On January 26, 2018, a technician will process a sample at the Prenetics Lab in Hong Kong, China.

Anthony Kwan | Bloomberg | Getty Images

UBS, Citi, Credit Suisse and CICC are financial advisors to potential de-SPAC transactions.

Craftsmen have raised $ 339 million in SPACs and have requested anonymity with investment firm Aspex and institutional investor private asset manager PAG because they are not allowed to discuss information, according to sources. Publicly signed a $ 60 million futures purchase agreement.

Negotiations with additional pipe investors are underway and there is strong initial demand, sources said.

The company has grown significantly since its inception in 2014 and is projected to generate revenues in excess of $ 200 million in 2021. According to sources, it will record 400% year-on-year growth.

Annual sales are expected to reach $ 600 million by 2025, sources said.

Source link Hong Kong biotechnology starter Prenetics plans to merge $ 1.3 billion in SPAC

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