HK start-up Prenetics to list in the U.S. through $1.7bn SPAC deal

Hong Kong biotech company Prenetics is going public through a merger with Artisan Acquisition — a special purpose acquisition company, or SPAC — in a deal that will value the combined entity at $1.7 billion, the companies announced Thursday.

Confirming CNBC’s earlier report, the two companies said the transaction is expected to close as early as the fourth quarter.

This will make Prenetics the first Hong Kong unicorn, or billion-dollar start-up, to become a publicly traded company.

The combined company will be traded on the Nasdaq under a new ticker symbol PRE upon completion.

The merger is expected to provide up to $459 million in cash proceeds, which will go toward strategic acquisitions, geographical expansion and research and development.