Source: Prenetics Limited
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 molecular diagnostics in Asia," said Prof. Tony Mok, Chairman of the Board, of ACT. "ACT has achieved breakthrough success since its founding in 2014, and had joined forces with Sanomics since 2021 in pioneering and promoting precision medicine cancer treatment management. Our flagship ACTOnco+ has provided oncologists and cancer patients with valuable biomarker information for therapy selection. This transaction provides ownership in a combined company with enhanced financial strength and the commercial and R&D capabilities to continue to drive significant growth, especially in the Asia-Pacific region. I am incredibly proud and excited about the future impact of Prenetics and ACT on patient care."
Dr. Hua Chien Chen, CEO of ACT, says "We are very excited in joining the Prenetics family. The investment and partnership of Prenetics into ACT will significantly broaden our horizon in terms of product offerings, business strategy and vision. Our team is ready to make meaningful contributions to the enlarged group with our technical expertise, as well as our first-hand clinical experience. The synergy and combined resources will enable us to provide more comprehensive solutions and better services to more patients and pharmaceutical companies in greater geographies."
Mr. Albert Wong, Chief Executive Officer of Hong Kong Science and Technology Parks Corporation, said, "We are thrilled to witness this milestone, which is a clear vote of confidence in Hong Kong’s ambition to become a biomedical technology center of excellence. It was only last year when we saw the merger of two healthtech pioneers from the Hong Kong Science Park, ACT Genomics and Sanomics. The acquisition by Science Park incubatee, Prenetics, is a testament to the high-quality innovation ecosystem and translational research infrastructure that have been established at the Park over the past 20 years. Backed by government support and its unique advantages, Hong Kong is open to innovators from around the world who want to come and accelerate their future success."
