Prenetics, the world's leading gene and diagnostic testing company, and Artisan Acquisition Corp, a subsidiary of New World Zheng Zhigang. It is announced that the general meeting of shareholders has approved the business merger of both parties. The business merger will be completed on May 18, and Prenetics will be listed on NASDAQ under the stock symbol "PRE" on the same day, becoming the first Hong Kong unicorn company to be listed on NASDAQ.
Prenetics will receive at least $260 million in business consolidation, cash and receivables to boost growth, according to the announcement.
It is reported that Prenetics announced its results for the first quarter of 2022 on May 4, 2022. Prenetics's revenue in the first quarter of 2022 hit an all-time high of $92 million, up 60.2 per cent from the same period last year. Its adjusted EBITDA was $12.7 million in the first quarter of 2022, compared with $12.5 million in the first quarter of 2021.
Prenetics: Hong Kong gene testing unicorn, won the strategic investment of BABA and Ping an
Founded in 2014, Prenetics is the world's leading genetic testing and health diagnostics company, and its business has now expanded to 10 cities around the world. According to TrustPilot Review, Prenetics ranks first among diagnostic / DNA testing companies based in Hong Kong and the UK in terms of the number of tests.
According to Prenetics, the company expects revenue to reach $205 million in 2021, up 215% from $65 million in 2020. The company is expected to maintain a significant revenue growth momentum in the future.Annual revenue in 2025 will exceed $600 million。
It is worth noting that since its inception, the company has received more than $85 million in strategic capital support from BABA Entrepreneur Fund, Ping an Venture Capital and Apis Partners.
Product matrix
Prenetics has a strong track record in commercializing cutting-edge science, focusing on prevention, diagnosis and personalized care, and developing it into commercial products and solutions to meet new market needs.
Prenetics's existing products include:
CircleDNA
Consumer genetic testing, using full exon gene sequencing, provides more than 500 valuable health reports.
Circle HealthPod
A CE-IVD certified care point or household rapid testing system, suitable for the current novel coronavirus (COVID-19) testing. After development and testing, it will be extended to influenza and sexually transmitted diseases (STDs) and will be launched in 2022.
Project Screen
For novel coronavirus's one-stop PCR nucleic acid testing solution, so far, Prenetics has conducted more than 5 million novel coronavirus tests in cooperation with the Hong Kong Government, Hong Kong International Airport, London Heathrow Airport, as well as Virgin Airlines, Carnival Cruise, SKY TV and many other multinational companies.
Research and development strength
Prenetics's internal team is experienced, led by scientists, has strong R & D and product innovation capabilities, members come from academia and have held key positions in other well-known healthcare companies such as Exact Sciences and EverlyWell.
In addition, Prenetics has a multi-year strategic R & D partnership with Oxford University, focusing on molecular diagnosis and new infectious disease detection (such as infectious diseases, STDs).
Artisan Acquisition: SPAC initiated by Zheng Zhigang, the head of New World
Artisan Acquisition, the SPAC company that acquired PreneticsLaunched by Zheng Zhigang, a well-known entrepreneur in Hong Kong, focusing on the high-growth global health care, consumer and technology industriesListed on NASDAQ on May 14, 2021.
Zheng Zhigang, the third generation heir to Zheng Yutong, one of the four families in Hong Kong, is now executive vice chairman and general manager of New World Development (00017.HK) and executive director of Chow Tai Fook Jewellery (01929.HK).
Zheng Zhigang is also the founder of the K11 brand and C Ventures. Has rich experience and excellent past performance in the field of investment. Among them, in the field of health care, Dr. Cheng led the completion of the HK $21.5 billion acquisition of Fortis Insurance in 2019 and launched a new health brand Humansa (Renshan excellent Society) to enter the health care market in 2018.
C Capital is an investment club for the world's most elite families and funds, with many outstanding investment cases in the global healthcare, consumer and technology sectors, including popular companies such as XPeng Inc., NIO Inc. Automobile, JD Logistics, Inc., Full Truck Alliance Co. Ltd. Group, Gojek, Little Red Book and Xiaoma Zhihang.
The cooperation mode between Prenetics and Artisan
Prenetics said the deal would bring significant synergies and that through its merger with Artisan, Prenetics could combine Zheng Zhigang's extensive business network, covering retail, hotel, healthcare, real estate and other strategic businesses, creating huge opportunities for close partners and significantly expanding Prenetics's business platform.
Mr. Yang Shengwu, Chief Executive Officer and Co-founder of Prenetics, said: "this announcement is an important milestone for both Prenetics and Hong Kong entrepreneurs. Prenetics's goal is to decentralize the health care industry to benefit millions of patients around the world. I am humbled and honored by Mr. Cheng Zhigang's trust in us, and we look forward to continuing to work closely with his business network to capitalize on the great potential to upend the healthcare market. With the existing strong business foundation, active product development and a clear M & A strategy for business expansion in the United States, we have the advantage of being a first mover and are well positioned to develop the next phase of our business. "
Mr. Zheng Zhigang, founder of Artisan, said: "our mission is to find companies with significant global influence and high growth. I am very happy to find Prenetics. Mr. Yang Shengwu has successfully established an excellent enterprise that is encouraging in all directions. I am proud to work with Prenetics to support it as the first Hong Kong unicorn to go public and to support local entrepreneurs. Our common idea is to provide more convenient and decentralized health care services to millions of Prometheans around the world. I look forward to witnessing this cooperation and jointly create more shared value for Dawei. "