Adrian Cheng Moves Deeper Into Healthcare Industry With Artisan Merger Of Prenetics At $1.2 Bln Valuation
Adrian Cheng, chief executive officer of New World Development. Photographer: Paul Yeung/Bloomberg
© 2021 BLOOMBERG FINANCE LP
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.)