Govt-approved test provider to trade on Nasdaq, valued at $1.7bn

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By Lisa James
Home » Govt-approved test provider to trade on Nasdaq, valued at $1.7bn

A COVID test provider on the UK Government’s approved list is to be publicly traded on the Nasdaq.

Hong Kong-based Prenetics, which counts Heathrow, Virgin Atlantic, Carnival Cruise Line and Hong Kong International Airport among its clients, will merge with acquisition specialist Artisan Acquisition Corp to create a combined equity value of US$1.7 billion.

Prenetics said it is the number-one genomics and diagnostics testing company in Hong Kong and the UK and is the first Hong Kong unicorn to go public. The transaction values Prenetics at an enterprise value of US$1.25 billion.

The company’s revenue is projected to grow at 215% year-on-year from US$65 million in 2020 to US$205 million in 2021.

Going forward, the company is expected to continue its significant revenue growth trajectory with projected annual revenues of more than US$600 million in 2025. 

The merger will be completed by the first quarter of 2022.

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