Benzinga | Jul 15, 2021 01:40PM EDT

Hong Kong's Prenetics Announces $1.3B SPAC Merger

* Citing sources close to the deal, CNBC reports that a Hong Kong biotech Prenetics is set to merge with Artisan Acquisition Corp (NASDAQ:ARTA), a special purpose acquisition company (SPAC), in a deal that will value the new entity at more than $1.3 billion.

* In the deal, Prenetics will get the $339 million raised in the SPAC and another $60 million in PIPE financing with investment firm Aspex and PAG.

* The merger is expected to be completed by the end of 2021, CNBC reported.

* Prenetics is a diagnostic and genetic testing company with significant operations in Hong Kong and the U.K.

* It was founded by serial entrepreneur Danny Yeung and will become the first billion-dollar start-up in Hong Kong to go public.

* The Company expects to clock over 200 million in 2021. Annual revenue is expected to reach $600 million by 2025, said the source.