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Health Care

Hong Kong tycoon's SPAC to buy COVID tester Prenetics

Deal with Adrian Cheng's Artisan Acquisition to value startup at $1.3bn

Prenetics is known for its COVID-19 screening work for the English Premier League as well as airports in Hong Kong and London. (Photo courtesy of Prenetics)

HONG KONG -- Hong Kong biotechnology startup Prenetics is set to be absorbed by a New York-listed special purpose acquisition company backed by New World Development Chief Executive Adrian Cheng.

The deal with Cheng's Artisan Acquisition SPAC will value Prenetics, known for its COVID-19 screening work for the English Premier League as well as Hong Kong International Airport and London Heathrow Airport, at about $1.3 billion, according to three people familiar with the deal.

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