Prenetics Global Limited, a United States-listed genomic and diagnostic testing firm, has announced that it is acquiring a majority stake in ACT Genomics Holdings Company Limited, an Asia based genomics company specializing in precision oncology.
“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,” said Danny Yeung, Co-Founder and Chief Executive Officer of Prenetics.
Starting from risk profiling and diagnostic testing, moving to therapy optimization, monitoring and recurrence surveillance, he said Prenetics will be able to deliver the information needed to enable best-in-class personalized cancer care.
“Every year in Asia, there are nine 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 merger and acquisition (M&A) opportunities as we still have more than $230 million+ in cash and receivables on our balance sheet,” he added.
In connection with the acquisition, Professor Tony Mok will be appointed to Prenetics Scientific advisory board, effective January 1, 2023.
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, and an independent director of HUTCHMED (China) Limited.
“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,” said Mok, Chairman of the Board, of ACT.
According to him, the firm’s 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 research and development (R&D) capabilities to continue to drive significant growth, especially in the Asia-Pacific region, he added.
Meanwhile, Dr. Hua Chien Chen, Chief Executive Officer of ACT, said the investment and partnership of Prenetics into ACT will significantly broaden the group’s 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,” he added.
Albert Wong, Chief Executive Officer of Hong Kong Science and Technology Parks Corporation, said he is 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,” he said.
According to him, 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, he said Hong Kong is open to innovators from around the world who want to come and accelerate their future success.
According to the statement, the acquisition will transform the Future of cancer diagnostics.
The Prenetics R&D team has developed robust clinical and evidence generation capabilities, which are complemented and enhanced by the addition of the ACT R&D engine which specializes in next-generation sequencing (NGS) and bioinformatics in both tissue and liquid biopsy.
The combined R&D team’s impact will be amplified by Prenetics’ financial strength and commercialization capabilities, including established partnerships with leading institutions, including the University of Oxford, and Chinese University of Hong Kong.
The deal will also position Prenetics as a Leader in a $80 billion+ market.
The need to prevent and detect the deadliest cancers at earlier, more treatable stages is urgent, and cancer genomic profiling can be an impactful solution for cancer treatment.
Since 2015, ACT has been a research and commercialization partner-of-choice for leading pharmaceutical companies and oncology institutes.
With the acquisition of ACT, Prenetics would also have the scientific rigor necessary to bring tests to patients at every step of their cancer journey, from prevention, and screening to minimal residual disease, recurrence monitoring, and therapy selection.
ACT has had success with strong operating metrics: 30,000+ clinical tests to date; 2,200+ collaborating doctors, including 900+ oncologists; 55+ pharma research partners including AstraZeneca, Bayer, Merck; collaborations with leading research institutes including the Chinese University of Hong Kong, Kyoto University, National University of Singapore, National Health Research Institute of Taiwan and more.
ACT Genomics is an innovation-driven cancer solution provider with offices in Taipei, Hong Kong, Singapore, Tokyo, Bangkok and United Kingdom.
With its Next-Generation Sequencing (NGS) technology, CAP-accredited laboratories, experienced bioinformatics team, and proprietary artificial intelligence (AI) algorithms, the firm provides optimal cancer treatment planning, immunotherapy evaluation, cancer relapse and drug resistance monitoring, as well as cancer risk assessment services to medical professionals.
Founded in 2014, Prenetics is a major global diagnostic and genetic testing listed in the United States.
The firm is led by visionary entrepreneur, Danny Yeung, with operations across nine locations, including The United Kingdom, Hong Kong, India, South Africa, and Southeast Asia. Prenetics becomes Hong Kong’s first unicorn to list on NASDAQ after merging with blank cheque company Artisan Acquisition Corp.
The firm develops consumer genetic testing and early colorectal cancer screening and provides COVID-19 testing, rapid point of care and at-home diagnostic testing and medical genetic testing.
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