Hong Kong biotech start-up Prenetics plans $1.3 billion SPAC merger

Signage for Prenetics, a Hong Kong-based biotechnology firm, on the firm’s laboratory in Hong Kong, China, on Jan. 26, 2018.

Anthony Kwan| Bloomberg | Getty Pictures

Hong Kong biotech firm Prenetics is about to merge with Artisan Acquisition, a particular objective acquisition firm, in a deal that can worth the brand new entity at $1.3 billion or extra, in response to a supply near the deal.

The transaction is predicted to shut by the top of this 12 months. The SPAC is already traded on the Nasdaq underneath the ticker ARTAU.

SPACs are shell corporations set as much as elevate cash by means of an preliminary public providing — their sole objective is to merge with or purchase an present personal firm and to take it public. They bypass Wall Avenue’s conventional IPO course of.

Artisan Acquisition is backed by Adrian Cheng, the CEO and Govt Vice Chairman of Hong Kong-listed New World Growth, a conglomerate with $88 billion in property.

Prenetics is a diagnostic and genetic testing firm with vital operations in Hong Kong and the U.Okay. It was based by serial entrepreneur Danny Yeung and can change into the primary billion-dollar start-up in Hong Kong to go public.

A technician handles a pattern at a Prenetics laboratory in Hong Kong, China, on Jan. 26, 2018.

Anthony Kwan | Bloomberg | Getty Pictures

UBS, Citi, Credit score Suisse and CICC are monetary advisors on the potential de-SPAC transaction.

Artisan raised $339 million within the SPAC, and has signed an additional $60 million ahead buy agreements with funding agency Aspex and PAG, a non-public asset supervisor for institutional traders, in response to the supply who requested anonymity as that particular person was not allowed to debate the knowledge publicly.

Talks with further pipe traders are mentioned to be ongoing, with robust preliminary demand, the supply mentioned.

The corporate has grown considerably since its founding in 2014, and 2021 income is projected to surpass $200 million. That may mark 400% development over the 12 months prior, in response to the supply.

Annual income is predicted to succeed in $600 million by 2025, mentioned the supply.

Correction: This text has been up to date to precisely mirror that the Artisan Acquisition SPAC is traded on the Nasdaq underneath the ticker ARTAU.

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