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

Prenetics Global

16/09/2021 03:23

(Adds details from statement on revenue projection, holdings in
combined company in graphs 5,6)
    Sept 16 (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 on Thursday.
    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.
    As part of the deal, Prenetics' existing equity holders will
roll 100% of their equity into the combined company, the
statement added.
    Prenetics' revenue is projected to grow at 215% year-on-year
from $65 million in 2020 to $205 million in 2021, according to
the joint statement. Prenetics has projected annual revenue of
more than $600 million in 2025.


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