Special Purpose Acquisition Company Update
Sign up for myFT Daily Digest and become the first person to learn about special purpose acquisition company news.
The biotech startup that passed the Covid-19 test to help the Premier League survive the pandemic has merged with a special purpose acquisition company listed in the United States to become the first “unicorn” listed in Hong Kong.
The merging of Prenetics into the NASDAQ-listed Artisan Acquisition Blank Check Company valued genome and diagnostic biotechnology at US$1.25 billion. In addition to the funds already raised by Artisan Spac, which will be renamed Prenetics, the transaction also brings the entity’s total equity value to $1.7 billion.
Prenetics was founded in 2014 by Hong Kong entrepreneur Danny Yeung and received early investment from Alibaba. It has a high reputation in the field of genome testing and disease diagnosis, and sees billions of dollars in global opportunities in these fields.
The global health crisis has changed its destiny, especially since the company’sProject restart“The Premier League will try to resume the game under the blockade in May 2020, and avoid the loss of about $1 billion due to the cancellation of the entire season.
alliance Hire Prenetics Managing a regular testing system for players and staff, this transaction allows the Hong Kong company to generate $65 million in revenue in 2020 and achieve a forecast of $205 million in 2021.
Other sources of income include the provision of one-stop laboratory testing services for Hong Kong and Heathrow Airport And international working groups, The world’s largest flexible office company.
After deciding not to list locally, Yang described the deal as a “milestone moment” for Hong Kong start-ups. Prenetics will become the first “unicorn” from Hong Kong-or a start-up with a listed market value of more than US$1 billion, paving the way for others Follow the route Listed outside of China.
Craftsman support Adrian Cheng, The CEO of New World Development, a Hong Kong real estate and infrastructure group, established SPAC to find companies in healthcare-related industries with optimistic growth prospects in the Greater China region.
People close to the company said that Prenetics had discussed with “dozens” of other Spacs before reaching a deal with Cheng.
Prenetics predicts that its next phase of growth is the increase in demand for fast and accurate testing At home and office, In addition to the need to continue testing to combat the coronavirus outbreak.
The company used technology developed by the University of Oxford to produce a small device—Circle HealthPod—that can be purchased from a pharmacy for a one-time test of $20 and provide laboratory-quality diagnosis in about 20 minutes.
The company launched a $126 machine in shopping malls, office buildings, and residential developments in New World last month, offering only Covid-19 testing, but Prenetics envisions expanding its product range to include testing for sexually transmitted diseases.
Due Diligence Newsletter
Register here Directly sent to your inbox every Tuesday to Friday