Hong Kong biotech company Prenetics to go public via $1.7 bln SPAC deal

Prenetics Global

16/09/2021 02:45

Sept 15 (Reuters) - Hong Kong biotech company Prenetics will
go public through a merger agreement with Artisan Acquisition
 ARTA.O , a special purpose acquisition company (SPAC), valuing
the combined company at $1.7 billion, they said in a statement.
    "The transaction values Prenetics at an enterprise value of
$1.25 billion with a combined equity value of approximately $1.7
billion, making Prenetics the first unicorn from Hong Kong to be
publicly listed in any market," the companies said in a joint
statement late on Wednesday.
    The combined company will be traded on the Nasdaq and
Prenetics will receive proceeds of up to $459 million in cash,
the companies added.
    The deal is expected to close in the fourth quarter of 2021
or the first quarter of 2022, they said.

 (Reporting by Kanishka Singh in Bengaluru; Editing by Himani
Sarkar)
 ((Kanishka.Singh@thomsonreuters.com; +91 8061822801;))