Prenetics Global Ltd. (PRE.US), the combined company of Prenetics Group Ltd., the Hong Kong-based biotech firm, and Artisan Acquisition Corp., a special purpose acquisitions company (SPAC), has been successfully listed on NASDAQ on 18 May 2022. AVISTA Group is honored to be engaged in providing valuation services with regards to the first Hong Kong-based unicorn’s listing application on NASDAQ through SPAC merger.
Prenetics Group Ltd. is a global leader in genomic and diagnostic testing with significant operations in Hong Kong and the U.K. Known for its COVID-19 testing services, the billion-dollar start-up reported a record-high US$92 million in revenue for the first quarter of 2022, representing a 60.2% year-on-year growth.
Prenetics Group Ltd. has a robust product pipeline and has launched a range of new products in the first half of 2022, including ColoClear, a non-invasive stool DNA test for colon cancer screening, and Circle Snapshot, an at-home painless blood collection device with a user-friendly sample collection and result delivery system.
Artisan Acquisition Corp. (ARTAU.US) is a SPAC which searches globally for a target with operations or prospects focusing on high-growth healthcare, consumer and technology sectors, and companies that it believes can be well-positioned for success in Greater China.
The merger is expected to raise up to US$459 million proceeds for Prenetics upon the completion of de-SPAC transaction. UBS, Citi, Credit Suisse and CICC are financial advisors on the de-SPAC transaction.
Date: 18 May 2022