NEW YORK — Prenetics Global said on Friday that it will acquire a majority stake in Hong Kong-based precision oncology firm ACT Genomics.
In exchange for the undisclosed stake, Prenetics, also headquartered in Hong Kong, will issue 19.9 million shares of its ordinary stock to ACT and pay $20 million in cash. Additional terms were not disclosed.
ACT provides a range of genomic testing services for major solid tumor types to help guide clinicians' treatment decisions. It also offers biomarker discovery and company diagnostic development services to academic and industry partners. The company — which maintains operations in Hong Kong, Taiwan, Japan, Singapore, Thailand, and the UK — merged with lung cancer diagnostic developer Sanomics last year.
"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," Prenetics Cofounder and CEO Danny Yeung said in a statement. "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."
Prenetics said that ACT is expected to contribute between $25 million and $30 million in revenues next year.