Adrian Cheng, chief executive officer of New World Development. Photographer: Paul Yeung/Bloomberg

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Prenetics Group, a Hong Kong-based genomic and diagnostic testing firm, and Artisan Acquisition, a Nasdaq-listed SPAC founded by businessman Adrian Cheng, on Wednesday announced a merger agreement that would value Prenetics at $1.2 billion.

The transaction would make Prenetics the first unicorn from Hong Kong to be publicly listed in any market, according to a Prenetics press release.  

Prenetics, whose investors include Alibaba Group, will receive up to $459 million in cash, including up to $339 million of cash currently held in Artisan's trust account, and $120 million through purchase agreements from Aspex, PAG, Lippo, Dragonstone, Xen Capital and others, along with other funding, the statement said.

Cheng, a member of Hong Kong’s Cheng billionaire clan and the CEO of real-estate focused New World Development, in July added to his stake in EC Healthcare, the operator of a healthcare services network in Greater China (see post here). EC and Prenetics also signed a cooperation agreement in July.

Pacifico Acquisition, an Asia-focused SPAC, listed on the Nasdaq on Tuesday. It plans to focus on new energy, biotech, and education business in Asia excluding China, a statement said. (See post here.)