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Prenetics Acquires ACT Genomics, Creating a Leader in Comprehensive Cancer Genetics and Precision Oncology
Acquisition to bring germline and somatic testing, cell-free DNA-based (liquid biopsy), and tissue-genomic profiling onto a single platformCancer genomics
About this update from Prenetics Global Limited
[{"type":"text","content":"Acquisition to bring germline and somatic testing, cell-free DNA-based (liquid biopsy), and tissue-genomic profiling onto a single platformCancer genomics testing is now standard practice for cancer care and has shown to be highly successful such as Foundation One (acquired by Roche), Grail (acquired by Illumina), Exact Sciences, Guardant Health and moreExpects ACT to contribute US$25-30 million in revenues in 2023Positions Prenetics solidly within the US$80+ billion global precision oncology marketAcquisition expected to complete on or around December 30, 2022, subject to normal closing conditions LONDON and HONG KONG, Dec. 16, 2022 (GLOBE NEWSWIRE) -- Prenetics Global Limited (NASDAQ: PRE), a leader in genomic and diagnostic testing, today announced that it is acquiring a majority stake in ACT Genomics Holdings Company Limited (“ACT”), an Asia based genomics company specializing in precision oncology with operations in Hong Kong, Taiwan, Japan, Singapore, Thailand and in the UK. \"With the addition of ACT’s technologies, capabilities and team, Prenetics will be well-positioned to accelerate the utilization of genetic information throughout a cancer patient's journey. Starting from risk profiling and diagnostic testing, moving to therapy optimization, monitoring and recurrence surveillance, Prenetics will be able to deliver the information needed to enable best-in-class personalized cancer care,\" said Danny Yeung Co-founder and Chief Executive Officer of Prenetics. \"Every year in Asia, there are 9 million+ cancer patients with limited options, it is our goal to democratize testing and make cancer genomics accessible to all. Lastly, we are actively in close discussions on additional M&A opportunities as we still have more than US$230 million+ in cash and receivables on our balance sheet.\" In connection with the acquisition, Prof. Tony Mok will be appointed to Prenetics Scientific Advisory Board, effective January 1, 2023. Prof. Mok currently serves as Chair Professor of the Department of Clinical Oncology of Chinese University of Hong Kong, is a non-executive director of AstraZeneca plc (AZN LON), and an independent director of HUTCHMED (China) Limited (Nasdaq/AIM: HCM; HKEX:13). \"We are very pleased to join forces with Prenetics, a company and team with which we have a shared vision to revolutionize and promote cancer molec...