Mourant Advises on Pre-listing SPAC for first Hong Kong Unicorn to list on Nasdaq
Our Hong Kong team has advised Prenetics, a global leader in genomics and diagnostics testing, on its entry into a definitive merger agreement with Artisan Acquisition Corp., a special purpose acquisition company privately founded by renowned cultural entrepreneur Adrian Cheng. This landmark deal will allow Prenetics to publicly trade on the Nasdaq upon completion of the transaction.
The deal, valued at more than US$1.7 billion, enables Prenetics, now the leading genomics and diagnostics testing company in the United Kingdom and Hong Kong, to substantially expand its platform. Prenetics' multi-product healthcare ecosystem has witnessed significant growth since it was founded in 2014, performing more than five million tests globally, including rapid diagnostics for COVID-19. Estimated revenue growth is 215% in 2021, from US$65 million in 2020 to US$205 million in 2021.
Jessica Lee, Counsel in our Finance & Corporate team, said: "I'm really proud to be working alongside the first Hong Kong unicorn to be publicly listed in any market. Prenetics is a fantastic business and this deal is significant for them and the market. Working with a company at the forefront of Covid-19 testing and the decentralisation of healthcare globally at a time when the world needs it most, on their successful listing on the Nasdaq has been a career highlight. We wish Prenetics continued success in the future".
Our team advising on the merger include Counsel, Jessica Lee, Partner Paul Christopher and Associates, Jesslyn Leung and Jamie Tso.
Completion of the transaction is expected in the fourth quarter of 2021, or in the first quarter of 2022, and securities will be traded on the Nasdaq under the ticker symbol "PRE".