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HomeWorldHong Kong start-up Prenetics to list in the U.S. through $1.7 billion...

Hong Kong start-up Prenetics to list in the U.S. through $1.7 billion SPAC deal

The Prenetics Ltd. brand is displayed on the firm’s laboratory in Hong Kong on July 31, 2020.

Roy Liu | Bloomberg | Getty Photographs

Hong Kong biotech firm Prenetics goes public by way of a merger with Artisan Acquisition — a particular objective 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 probably be traded on the Nasdaq underneath a brand new ticker image PRE upon completion.

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

A lab technician sporting protecting swimsuit processes RT-PCR Covid-19 checks at Prenetics Ltd.’s laboratory in Hong Kong on Friday, July 31, 2020.

Roy Liu | Bloomberg | Getty Photographs

Artisan Acquisition is backed by Adrian Cheng, CEO and Govt 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 nations. To this point, the corporate has carried out greater than 5 million Covid-19 checks for shoppers 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 tasks 2021 income to leap three-fold year-on-year to $205 million and hit $600 million by 2025.

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