Deals

Prenetics to Merge With Hong Kong Tycoon Adrian Cheng’s SPAC

Hong Kong-based laboratory pivoted to Covid-19 testing
Billionaire Cheng’s SPAC raised $339 million in May IPO

Operations Inside the Prenetics Ltd. Laboratory — Photographer: Roy Liu/Bloomberg

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By Filipe Pacheco and Julia Fioretti

September 15, 2021 at 10:18 PM UTC

Updated on

September 16, 2021 at 2:12 AM UTC

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Hong Kong Covid-19 testing laboratory Prenetics Ltd. has agreed to merge with tycoon Adrian Cheng’s U.S.-listed blank-check company Artisan Acquisition Corp.

Prenetics has an enterprise value of $1.25 billion in the deal to take it public, according to a statement Thursday. The special purpose acquisition company, or SPAC, is also raising $120 million to support the transaction. Investors in the private investment in public equity, or PIPE, include Aspex, PAG, Lippo, Dragonstone and Xen Capital, among others.