Prenetics, which provides tests at Heathrow and counts Virgin Atlantic and Carnival Cruise Line among its travel clients, is set to merge with Hong Kong’s Artisan Acquisition Corp, creating combined equity value running to US $1.7 billion.
The deal is due to be completed in Q1 2022.
Together, Prenetics and Artisan say they hope "disrupt and decentralise" the global healthcare industry, valuing the opportunity at in excess of US $1.3 billion.
It is the latest indication of the huge value inherent in the global Covid testing market, with most travellers now obliged to take multiple tests to travel.
Proceeds from the merger, the new partners say, will allow Prenetics to continue growing, execute strategic acquisitions and expand deeper into various markets, including Europe.
The firm claims to be the "number one" genomics and diagnostics testing company in Hong Kong and the United Kingdom, with revenue projected to grow from US $65 million in 2020 to in excess of US $600 million in 2025.
Prenetics offers a wide range of testing services in the UK including Fit to Fly tests, Day 2 and Day 8 tests and home testing kits. Its Day 2 testing kits cost £79 and home antigen testing kits £30.
Last week, it was reported UK holidaymakers spent an estimated £1.1 billion on mandatory Covid testing this summer, from May when the UK’s traffic light regime came into effect through to the start of September.
