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Prenetics to Go Public Through SPAC

Prenetics, a Hong Kong-based genomic and diagnostic company, is going public through a merger with Artisan Acquisition, a special purpose acquisition company, as 360Dx reports. According to the Wall Street Journal, the deal values the company at $1.25 billion.

Prenetics currently offers Circle HealthPod, a CE-marked point-of-care and at-home rapid testing system for infectious diseases, which began with a focus on COVID-19 testing but is expanding to encompass other conditions, 360Dx adds. As the Journal notes, the company provided COVID-19 testing at London's Heathrow airport as well as for soccer players and staff of the English Premier League. 360Dx adds that Prenetics is also offering consumer whole-exome sequencing through its CircleDNA.

Earlier this year, 23andMe went public through a merger with a SPAC, and other companies like Gingko Bioworks, Sema4, and SomaLogic have announced similar plans. As GenomeWeb reported in February, a SPAC approach has allowed companies to go public quickly and avoid some of the downsides of a traditional IPO. The Journal adds, though, that the SPAC frenzy has quieted down as the US Securities and Exchange Commission announced in April that it would be looking more closely at such companies.