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

Hong Kong biotech firm Prenetics goes public through a merger with Artisan Acquisition — a particular function acquisition firm, or SPAC — in a deal that may worth the mixed entity at $1.7 billion.

Roy Liu | Bloomberg | Getty Images

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

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

This will make Prenetics the first 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 below a brand new ticker image PRE upon completion.

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

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

Roy Liu | Bloomberg | Getty Images

Artisan Acquisition is backed by Adrian Cheng, CEO and Executive Vice Chairman of Hong Kong-listed New World Development. Prenetics seems to draw 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. To date, the firm has performed greater than 5 million Covid-19 checks for purchasers together with the Hong Kong authorities and London Heathrow Airport.

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

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

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