HK’s COVID-testing lab Prenetics to merge with Adrian Cheng’s SPAC and list in the US

Prenetics CEO Danny Yeung (Left) and Artisan Acquisition founder Adrian Cheng

Hong Kong COVID-19 testing laboratory Prenetics has agreed to merge with Artisan Acquisition, a special purpose acquisition company (SPAC) founded by tycoon Adrian Cheng, to become the city’s first unicorn to go public.

Prenetics has reached an enterprise value of $1.25 billion in the transaction that will help it float shares on Nasdaq, according to a statement on Thursday. In addition to the funds already raised by the SPAC, the merger will value the combined equity at $1.7 billion.

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