Beyond Ventures’ First Investment, Prenetics, Becomes First Hong Kong Unicorn to Go Public
Hong Kong-based venture capital firm Beyond Ventures is pleased to support today’s announcement by the firm’s first investee company, Prenetics, that Prenetics, a global leader in genomic and diagnostic testing is set to merge with Artisan Acquisition Corp. (Nasdaq: ARTAU, “Artisan”), to become Hong Kong’s first unicorn to list on NASDAQ.
Under the terms of the proposed transaction, Artisan Acquisition Corp. a special purpose acquisition company founded by renowned cultural entrepreneur Adrian Cheng, has entered into a definitive merger agreement with Prenetics. Through combining with Artisan, Prenetics will draw upon Adrian’s well-diversified business portfolio across retail, hospitality, healthcare, property and other strategic businesses, providing tremendous opportunities for closely aligned partnerships which may allow Prenetics to substantially expand its platform.
The transaction values Prenetics at an enterprise value of US$1.25 billion with a combined equity value of approximately US$1.7 billion, making Prenetics the first unicorn from Hong Kong to be publicly listed in any market.
Beyond Ventures led funding for Prenetics back in late 2017, when Beyond Ventures Fund I launched and Prenetics was starting its Southeast Asia business.
Today, Prenetics is the #1 genomics and diagnostics testing company in Hong Kong and the United Kingdom. Prenetics has grown significantly since it was founded in 2014. Its revenue is projected to grow at 215% year-on-year from US$65 million in 2020 to US$205 million in 2021. Going forward, the Company is expected to continue its significant revenue growth trajectory with projected annual revenues of more than US$600 million in 2025.
Lap Man, Co-founder and Managing Partner of Beyond Ventures, said: “We are proud to see our very first investment makes this important move to the capital markets. Serial entrepreneur Danny Yeung has transformed Prenetics from a local DNA-sequencing company to a truly significant biotech corporation on a global scale and has built Hong Kong’s first unicorn to go public.”
He added: “We believe Hong Kong will increasingly see success stories like Prenetics, that will give local start-up founders a boost in their entrepreneurial journey.”
Danny Yeung, CEO and Co-Founder, Prenetics said, “This merger agreement is a significant milestone for Prenetics and for Hong Kong entrepreneurs. We are glad to gain Beyond Ventures’ support in terms of capital and advice since 2017. Our goal is to decentralize healthcare by bringing it closer to millions of patients globally. I am humbled and honoured by Adrian’s trust in us, and we look forward to continuing to work closely across his extensive business network to deliver on the massive potential which exists to disrupt the healthcare market. With a strong existing business, an exciting product pipeline, and a clear M&A acquisition strategy for USA geographical expansion, we have first-mover advantage and are well-positioned for our next chapter of growth.”
With a world-class leadership team of tech, biotech and healthcare pioneers led by serial entrepreneur Danny Yeung, Prenetics is disrupting, decentralizing and reimagining the global US$1.3 trillion healthcare market through strong R&D and product innovation.
Most recently, Prenetics launched Circle HealthPod in Hong Kong, a CE-IVD point-of-care diagnostics and at-home rapid detection health monitoring system for infectious diseases, starting with COVID-19 and with R&D development work having begun on tests for influenza and STDs. With technology developed at the University of Oxford, individuals are provided with laboratory PCR-quality results in just 20 minutes on the device or on a smartphone, wherever they may be. Prenetics is seeking to get USA FDA EUA approval for the Circle HealthPod by Q1 2022.
The pandemic has provided biotech investors with a number of exit opportunities at a time when COVID-19 testing solutions, treatments, drugs and vaccines are entering the market.
Lap Man said: “The biotech sector offers a rich vein of investment opportunities in innovative fast- growing companies. Beyond Ventures will continue to look for potential biotech deals, as well as other opportunities in the deeptech, consumer, enterprise services and greentech sectors. We have a clear ambition to incubate yet more Hong Kong unicorns.”
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