Genetic testing services provider Prenetics, a spinout of City University of Hong Kong, will hold a reverse merger at a $1.25bn valuation.
Prenetics, a China-based genetic testing services spinout from City University of Hong Kong, is set for a reverse merger with special purpose acquisition company Artisan Acquisition Corp.
Prenetics will be valued at approximately $1.25bn through the deal and will take over Artisan’s listing on the Nasdaq Capital Market, which it received through a $399m initial public offering in May this year.
Artisan was founded by Adrian Cheng, CEO of property conglomerate New World Development, and will provide Prenetics with access to Cheng’s network across the retail, hospitality, healthcare and property sectors.
The merger is supported by a $120m private investment in public equity transaction backed by conglomerate Lippo, Aspex Management, PAG, Dragonstone, Xen Capital and undisclosed investors.
Prenetics started as a provider of at-home DNA and blood testing services but pivoted to covid-19 testing at the onset of the pandemic. It has conducted more than 5…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
