Prenetics, a Covid-19 Testing Startup, to Go Public via merger with Artisan Acquisition Corp.
Prenetics Group Limited, a global leader in genomic and diagnostic testing, and Artisan Acquisition Corp, announced today they have entered into a definitive merger agreement.
Prenetics’ mission is to disrupt and decentralise the healthcare industry with a global opportunity of over US$1.3 trillion.
The transaction values Prenetics at an enterprise value of US$1.25 billion with a combined equity value of approximately US$1.7 billion.
The transaction is expected to provide a total cash proceeds of up to US$459 million, including a fully committed PIPE and forward purchase agreements of US$120 million from Aspex, PAG, Lippo, Dragonstone, Xen Capital and others, and up to US$339 million of cash currently held in the trust account of Artisan Acquisition Corp.
As part of the transaction, Prenetics’ existing equity holders will roll 100% of their equity into PubCo, demonstrating their continued commitment to Prenetics growth strategy.
UBS Securities is acting as sole financial advisor and exclusive capital markets advisor to Artisan Acquisition Corp. Citigroup Global Markets Asia Limited is acting as sole financial advisor to Prenetics. UBS Securities, Citigroup Global Markets., Credit Suisse Securities and China International Capital Corporation Hong Kong Securities Limited are serving as placement agents on the PIPE. Skadden, Arps, Slate, Meagher & Flom is serving as international legal counsel to Prenetics. Kirkland & Ellis is serving as international legal counsel to Artisan Acquisition Corp.
Through combining with Artisan, Prenetics will draw upon Adrian’s well-diversified business portfolio across retail, hospitality, healthcare, property and other strategic businesses, providing tremendous opportunities for closely aligned partnerships and allowing Prenetics to substantially expand its platform.Read more