Prenetics Global Limited is acquiring a majority stake in ACT Genomics Holdings Company Limited, an Asia based genomics company specializing in precision oncology with operations in Hong Kong, Taiwan, Japan, Singapore, Thailand and in the U.K.
“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 $230 million in cash and receivables on our balance sheet.”
Prenetics and ACT Genomics’ shared vision
“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 Tony Mok, chairman of the board of ACT Genomics.
“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. “
Hua Chien Chen, CEO of ACT Genomics, added: “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.”
Under the terms of the transaction agreement, Prenetics has agreed to issue 19.9 million shares of Prenetics’ class A ordinary shares and pay $20 million in cash for a majority stake in ACT. Prenetics expects ACT Genomics to contribute approximately $25-30 million in revenues in 2023.