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Hong Kong biotechnology start-up Prenetics listed on the US through SPAC transactions

Prenetics, a Hong Kong biotechnology company, will be open to the public in a transaction valuing the merged entity at $ 1.7 billion in a merger with Artisan Acquisition (Special Purpose Acquisition Company (SPAC)).

Roy Liu | Bloomberg | Getty Images

Hong Kong biotechnology company Prenetics announced Thursday that the merger with Artisan Acquisition (SPAC) will open the door to a deal valuing the merged entity at $ 1.7 billion.

Checking CNBC’s previous reportThe two companies said the deal is expected to close in the fourth quarter at the earliest.

This makes Prenetics the first Hong Kong unicorn to go public, a billion-dollar start-up.

The merged company will trade on NASDAQ with the new ticker symbol PRE upon completion.

The merger is expected to generate up to $ 459 million in cash revenue for strategic acquisitions, geographic expansion and research and development.

The inspector in a protective suit was Prenetics Ltd of Hong Kong on Friday, July 31, 2020. Process the RT-PCR Covid-19 test in our laboratory.

Roy Liu | Bloomberg | Getty Images

Artisan Acquisition is backed by Adrian Cheng, Hong Kong-listed CEO and Executive Vice President. New World Development.. Prenetics aims to leverage Cheng’s business portfolio across retail, hospitality, healthcare and real estate.

Based in Hong Kong, Prenetics is a diagnostic and genetic testing company with operations in 10 countries. To date, the company has conducted over 5 million Covid-19 tests on clients such as the Hong Kong government and London Heathrow Airport.

It counts names like Chinese internet companies Alibaba, And insurance companies PingAn and Prudential as strategic investors.

The company has grown significantly since its establishment in 2014. Revenues in 2021 are projected to triple year-on-year to $ 205 million and reach $ 600 million by 2025.

Hong Kong biotechnology start-up Prenetics listed on the US through SPAC transactions

Source link Hong Kong biotechnology start-up Prenetics listed on the US through SPAC transactions

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