Prenetics set to go public via merger with Artisan Acquisition

, Nikkei Asia

Hong Kong biotechnology startup Prenetics is set to be absorbed by Artisan acquisition backed by New World Development Chief Executive Adrian Cheng.

The deal with Cheng's Artisan Acquisition SPAC will value Prenetics, known for its COVID-19 screening work for the English Premier League as well as Hong Kong International Airport and London Heathrow Airport, at about $1.3 billion, according to three people familiar with the deal.

Founded by serial entrepreneur Danny Yeung, Prenetics has grown rapidly over the past year after pivoting to COVID-19 testing on top of its previous focus on genetic testing. Over the period, its workforce has expanded by about a third to around 400 staff in 10 countries.

Prenetics investors have included the Alibaba Hong Kong Entrepreneurs Fund, Lippo Group-backed Venturra Capital, Hong Kong-based fund Beyond Ventures, Yuantai Investment Partners and the venture capital arm of Ping An Insurance Group as well former Manchester United player Rio Ferdinand.

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