Danny Yeung's Prenetics Plans US$1.3 Billion SPAC Merger

July 19, 2021 | | Portfolio
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Danny Yeung's Prenetics Plans US$1.3 Billion SPAC Merger 

Prenetics, the Hong Kong biotech company behind rapid Covid-19 tests, is about to become the first billion-dollar Hong Kong startup to go public.

Two prominent Hong Kong entrepreneurs are joining forces. Danny Yeung, a Gen.T honouree, is planning to take his biotech company Prenetics public on the Nasdaq stock exchange through a merger with Artisan Acquisition, a special purpose acquisitions company (SPAC) led by Adrian Cheng, the CEO and executive vice chairman of Hong Kong-listed New World Development.

The deal is reported to be worth US$1.3 billion and is expected to be completed by the end of the year. Artisan has already raised US$339 million and has agreed on another US$60 million with investment firm Aspex and PAG, according to CNBC. Companies such as UBS, Citi, Credit Suisse and CICC are reported to be serving as financial advisers on the deal.

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