Hong Kong-based Prenetics Global Ltd (NASDAQ: PRE) has announced the acquisition of a majority stake in Taiwan-based ACT Genomics Holdings Co., Ltd, aiming to establish a powerhouse Asia-based genomics and precision oncology firm. The transaction involves a USD 20 million cash payment and the issuance of 19.9 million common Prenetics shares (estimated by Fineline Info & Tech to be worth approximately USD 42 million at the time of the deal announcement).
ACT Genomics Profile and Services
ACT operates from Taipei, with sites in Hong Kong, Singapore, Tokyo, Bangkok, and the United Kingdom. The firm offers Next-Generation Sequencing (NGS), CAP-accredited laboratories, bioinformatics, and proprietary AI algorithms. Its services include optimal cancer treatment planning, immunotherapy evaluation, cancer relapse and drug resistance monitoring, and cancer risk assessment services to medical professionals.
Prenetics Profile and Services
Prenetics, meanwhile, operates in the United Kingdom, India, South Africa, and Southeast Asia in addition to Hong Kong. The firm offers consumer genetic testing and early colorectal cancer screening, as well as COVID-19 testing, rapid point of care and at-home diagnostic testing, alongside a medical genetic testing service.
Future Prospects and Strategic Implications
The aim of the acquisition is to provide a full range of cancer molecular diagnostics for the 9 million + cancer patients diagnosed in Asia each year. ACT is expected to immediately begin contributing USD 25-30 million in revenues during 2023. This strategic move positions Prenetics to further expand its presence in the genomics and precision oncology market, addressing significant unmet medical needs and improving patient outcomes through advanced diagnostic solutions.-Fineline Info & Tech
