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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