Covid testing biotech Prenetics merges with US Spac in $1.25bn deal


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The biotechnology start-up that helped the Covid-19 test overcome the pandemic and help the English Premier League merged with a US-listed special-purpose acquisition company to become the first listed “Unicorn” in Hong Kong.

The deal to absorb Prenetics into a Nasdaq-listed Artisan Acquisition blank check company valued genomic and diagnostic biotechnology at $ 1.25 billion. In addition to the funds already raised by Artisan Spac, renamed Plenetics, the transaction will give companies a total share value of $ 1.7 billion.

Founded in 2014 by Hong Kong entrepreneur Danny Yeung and receiving an early investment from Alibaba, Prenetics has built a reputation for genomic testing and disease diagnosis, a multi-billion dollar area of ​​global opportunity. I did.

Its fate is especially “Resuming the projectThe May 2020 English Premier League effort will resume competition despite the blockade and prevent an estimated $ 1 billion hit from canceling the entire season.

league Hired Prenetics A transaction that helped a Hong Kong company generate $ 65 million in revenue in 2020 and achieve a $ 205 million forecast in 2021 to manage a regular testing system for players and staff.

Other sources of revenue include the provision of one-stop lab test services for Hong Kong and Heathrow airports. And IWG, The world’s largest flexible office company.

Yeung explained that the deal, following the decision not to go public, is a “monumental moment” for Hong Kong start-ups. Prenetics will be the first “unicorn” from Hong Kong, a startup with a listed market value of over $ 1 billion, and others Follow the route List outside China’s territory.

Craftsmen are supported by Adrian ChenFounded Spac to find companies in the healthcare sector with optimistic growth in Greater China, Chief Executive Officer of New World Development, a real estate and infrastructure conglomerate in Hong Kong.

People near the company said Plenetics had been discussing with other “dozens” of Spacks before deciding to sign a deal with Chen.

Prenetics predicts the next stage of growth due to the growing demand for rapid and accurate testing. At home or in the officeIn addition to continuous testing, you need to fight the outbreak of the coronavirus.

Using technology developed at Oxford University, the company underwent a $ 20 disposable test available from a pharmacy and manufactured a small device, Circle HealthPod, that provides lab-quality diagnostics in about 20 minutes.

The $ 126 machine that the company launched in New World’s shopping malls, office buildings and home development last month will only offer the Covid-19 test, but Prenetics expects to expand its offering to test for sexually transmitted diseases. doing.

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Covid testing biotech Prenetics merges with US Spac in $1.25bn deal Source link Covid testing biotech Prenetics merges with US Spac in $1.25bn deal


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