Hong Kong biotech company Prenetics is set to merge with Artisan Acquisition in a deal that will value the new entity at $1.3 billion or more, CNBC reports, citing a source close to the deal.
The transaction is expected to close by the end of this year. The SPAC trades on the Nasdaq under ARTAU.
Artisan Acquisition is backed by Adrian Cheng, the CEO and Executive Vice Chairman of Hong Kong-listed New World Development, a conglomerate with $88 billion in assets.
Prenetics is a diagnostic and genetic testing company with significant operations in Hong Kong and the U.K. It was founded by serial entrepreneur Danny Yeung and will become the first billion-dollar start-up in Hong Kong to go public. Read more.