Mak­ing a name for it­self in Covid-19 test­ing, Hong Kong's Pre­net­ics is the lat­est biotech SPAC merg­er — re­port

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A Hong Kong biotech re­search­ing ge­net­ic se­quenc­ing and de­vel­op­ing rapid Covid-19 tests is re­port­ed­ly set to be­come the first bil­lion-dol­lar start­up in the city to go pub­lic.

Pre­net­ics will hop on­to Nas­daq through a SPAC, CN­BC re­port­ed ear­ly Thurs­day, in a deal that will val­ue the biotech at $1.3 bil­lion. Found­ed by en­tre­pre­neur Dan­ny Ye­ung, Pre­net­ics will re­verse merge with the SPAC Ar­ti­san Ac­qui­si­tion, which comes from the CEO of the Hong Kong con­glom­er­ate New World De­vel­op­ment.

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