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

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

Roy Liu | Bloomberg | Getty Photos

Hong Kong biotech firm Prenetics goes public thru a merger with Artisan Acquisition — a completely different reason acquisition firm, or SPAC — in a deal that will imprint the combined entity at $1.7 billion, the corporations announced Thursday.

Confirming CNBC’s earlier document, the 2 corporations talked about the transaction is expected to shut as early as the fourth quarter.

It goes to develop Prenetics the major Hong Kong unicorn, or billion-buck commence-up, to turn out to be a publicly traded firm.

The combined firm will be traded on the Nasdaq below a up to date ticker symbol PRE upon completion.

The merger is expected to present up to $459 million in money proceeds, that will plod toward strategic acquisitions, geographical expansion and research and pattern.

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

Roy Liu | Bloomberg | Getty Photos

Artisan Acquisition is backed by Adrian Cheng, CEO and Executive Vice Chairman of Hong Kong-listed Sleek World Pattern. Prenetics seems to be to be to be like to method upon Cheng’s enterprise portfolio which spans retail, hospitality, smartly being care, and property.

Hong Kong-based entirely Prenetics is a diagnostic and genetic testing firm which operates in 10 countries. To this level, the firm has performed greater than 5 million Covid-19 tests for clients including the Hong Kong executive and London Heathrow Airport.

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

The firm has grown a good deal since its founding in 2014. It tasks 2021 earnings to bounce three-fold 300 and sixty five days-on-300 and sixty five days to $205 million and hit $600 million by 2025.