PreneticsGenomic and diagnostic testing company Prenetics announced that it will merge with Artisan Acquisition Corp. and go public.

Artisan, a special purpose acquisition company (SPAC) will provide a business portfolio across retail, hospitality, healthcare, property and other strategic businesses for Prenetics to substantially expand its platform through the merger, according to a news release.

The transaction values Prenetics at approximately $1.25 billion with a combined equity value of approximately $1.7 billion. The Hong Kong- and UK-based diagnostics company says it projects 215% revenue growth year-on-year from $65 million last year to $205 million in 2021. Its 2025 revenue projections total more than $600 million.

Prenetics most recently launched Circle HealthPod in Hong Kong, a CE-IVD point-of-care diagnostic and at-home rapid detection health monitoring system for infectious diseases, starting with COVID-19. The R&D team is developing tests for influenza and STDs as well.

Using technology developed at Oxford University, results are provided in 20 minutes on a device or smartphone. The company seeks FDA emergency use authorization for the Circle HealthPod by the first quarter of 2022.

“This announcement is a significant milestone for Prenetics and for Hong Kong entrepreneurs,” Prenetics CEO & co-founder Danny Yeung said in the release. “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.”

“It was our core mission to seek out a high impact and high growth global company, and I am very pleased that we have found it with Prenetics,” added Artisan founder Adrian Cheng. “Danny has built a superb business with an inspirational team at all levels. I am also proud to support Prenetics in being the first Hong Kong unicorn to go public and to support local entrepreneurship. We share the vision to provide easily accessible and decentralized healthcare services to millions of people globally. I look forward to this ongoing partnership and, together, creating greater shared value for all.”