(Reuters) - Hong Kong biotech company Prenetics will go public through a merger agreement with Artisan Acquisition, a special purpose acquisition company (SPAC), valuing the combined company at $1.7 billion, they said in a statement.
“The transaction values Prenetics at an enterprise value of $1.25 billion with a combined equity value of approximately $1.7 billion, making Prenetics the first unicorn from Hong Kong to be publicly listed in any market,” the companies said in a joint statement late on Wednesday.
The combined company will be traded on the Nasdaq and Prenetics will receive proceeds of up to $459 million in cash, the companies added.
The deal is expected to close in the fourth quarter of 2021 or the first quarter of 2022, they said.
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