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Prenetics Acquires ACT Genomics; First M&A Deal since IPO, Set to Expand Footprint in Cancer Genomics
HONG KONG, Dec 16, 2022 - (ACN Newswire) - - Prenetics Global Limited (NASDAQ: PRE) ("Prenetics" or the "Company"), a global leader in genomic and diagnostic
About this update from Prenetics Global Limited
[{"type":"text","content":"HONG KONG, Dec 16, 2022 - (ACN Newswire) - - Prenetics Global Limited (NASDAQ: PRE) (\"Prenetics\" or the \"Company\"), a global leader in genomic and diagnostic testing, is acquiring a majority stake of ACT, an Asia based genomics company specializing in precision oncology with operations in Hong Kong, Taiwan, Japan, Singapore, Thailand and the UK, for an upfront consideration consisting of 19.9 million shares of Prenetics common stock and US $20 million cash (the \"transaction\"). That is the first M&A deal Prenetics is to make since its listing, which will expand its footprint in the cancer genomics space, bringing it closer to realizing the vision of building an end-to-end health ecosystem. With the acquisition well underway, effective from January 1, 2023, Professor Tony Mok, Chairman of ACT, will join Prenetics Scientific Advisory Board.Boasting cutting-edge technologies in cancer genomics and bioinformatics, ACT has a multi-diagnostic technology platform and offers a comprehensive range of products in clinical services with high pan-Asia coverage. In November 2021, ACT merged with Sanomics Holdings Limited (\"Sanomics\"), both of which were awarded the Elite Program funding by Hong Kong Science and Technology Parks Corporation (\"HKSTP\"), where the strongest technical ecosystem is provided locally to its park companies to grow and thrive. HKSTP is home to over 200 health tech related start-ups and several international research clusters in healthcare.With the continuous support from HKSTP and the government, Prenetics will have an extended reach to the healthcare technology market in the Greater Bay Area and beyond. Financially, ACT's revenue is expected to grow at a CAGR of 60% between FY2022 and FY2026. Prenetics expects ACT to contribute revenues of approximately US$25-30 million in 2023. When the acquisition is completed, leveraging ACT's R&D engines which specializes in next-generation sequencing and bioinformatics in both tissue and liquid biopsy, Prenetics will have the scientific rigor to offer tests to patients throughout their cancer journey. This will also position Prenetics solidly within the US$80+ billion global precision oncology market.Danny Yeung, Chief Executive Officer and Co-founder of Prenetics, said, \"This is a significant move for Prenetics, as it is our first M&A deal since listing and is set to ...