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Prenetics Acquires DNAFit for $10M

NEW YORK (GenomeWeb) – Prenetics has acquired UK-based DNAFit for $10 million, the company said today.

The deal is the first for Hong Kong-based Prenetics and marks its foray into the consumer genomics space. The firm has built a genetic testing business throughout Asia, serving customers with pharmacogenomics, nutrigenomics, cancer, and reproductive health tests.

London-based DNAFit markets itself as a wellness genetics company and provides clients with diet, nutrition, and fitness plans based on their genomic profiles obtained from a saliva collection kit.

Prenetics CEO Danny Yeung said in a statement that the acquisition fits in with his firm's "international growth strategy to help people lead healthier, more active lives."

Prenetics closed a round of series B financing in October worth $40 million, which made the acquisition of DNAFit feasible. The company announced a $10 million series A round in 2016 to support sales of its iGenes test, which relies on a patient's genetic profile to guide prescription drug choices and dosages.

Following its acquisition by Prenetics, DNAFit will maintain its own brand. The company's CEO Avi Lasarow will continue to lead DNAFit as well as serve as CEO of Prenetics International and join Prenetics' board. Prenetics has also renamed itself Prenetics Group, and now considers itself to be headquartered in both Hong Kong and London. Yeung will serve as CEO of the rechristened entity, overseeing more than 120 people in 10 countries.

DNAFit also plans to expand sales to corporate clients going forward and intends to embed its services in partners' human resources programs to improve their employee benefits. DNAFit has previously worked with LinkedIN Global, Disney Europe, BNP Paribas, and Alexander McQueen on such programs, the companies said.