Adrian Cheng Is Expanding His Healthcare Business With A $1.2 Billion Investment.

Key Sentence:

• Hong Kong-based genomics testing and diagnostics firm Prenetics Group and Nasdaq-listed Artisan.

Acquisition SPAC founded by entrepreneur Adrian Cheng announced a merger agreement on Wednesday that values ​​Prenetics at $1.2 billion. The deal will make Prenetics the first Hong Kong unicorn to be publicly listed on the market, according to a Prenetics press release.

Prenetics, of which Alibaba Group is an investor, will receive up to $459 million in cash. Which up to $339 million is in Artisan’s escrow account, and $120 million through purchase agreements from Aspex. PAG, Lippo, Dragonstone, and Xen Capital and others, along with other agents, said in a statement.

Cheng, a member of the billionaire Adrian Cheng clan in Hong Kong and CEO of New World Development. Focused on real estate, increased his stake in EC Healthcare, operator of the healthcare network in Greater China, in July (see article here).

EG and Prenetics also signed a cooperation agreement in July.

Pacifico Acquisition, which focuses on Asia SPAC, was added to the Nasdaq roster on Tuesday. The statement said it plans to focus on new energy, biotechnology, and education businesses in Asia apart from China.