Prenetics jumps on plans to acquire stake in genomics company ACT

Prenetics Global

16/12/2022 18:49

** Shares of genetic testing company Prenetics Global Ltd
 PRE.O  up 8.8% at $2.10
    ** Co says it will acquire a majority stake in Asia-based
genomics company ACT Genomics Holdings Company Ltd to expand its
cancer diagnostic services 
    ** PRE has agreed to issue 19.9 mln shares of its class A
ordinary shares and pay $20 mln in cash 
    ** PRE expects ACT to contribute $25 mln - $30 mln in
revenue in 2023
    ** Co expects to complete the acquisition by around Dec.
30,2022
    ** Including session gains, PRE shares down ~70.8% YTD
 (Reporting by Mariam E Sunny)
 ((Mariam.ESunny@thomsonreuters.com;))