Genomic and diagnostic testing company Prenetics Group and Artisan Acquisition have entered into a definitive merger agreement.
The transaction values Prenetics at an enterprise value of US$1.25 billion with a combined equity value of approximately US$1.7 billion, making Prenetics the first unicorn from Hong Kong to be publicly listed in any market if the deal is approved.
Terms call for Prenetics to receive up to $459 million, including the contribution of up to $339 million of cash currently in Artisan’s trust account, as well as a fully committed PIPE and forward purchase agreements of $120 million from Aspex, PAG, Lippo, Dragonstone, Xen Capital and others.
The deal is expected to close in the fourth quarter or the first quarter of 2022, pending shareholder approval. The combined company would then trade on the Nasdaq under PRE.
As part of the transaction, Prenetics’ existing equity holders will roll 100% of their equity into the merged enterprise. Read more.
