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Filed by Prenetics Global
Limited |
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Pursuant to Rule 425 under the Securities Act of
1933, |
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as amended, and deemed filed pursuant to Rule
14a-12 |
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under the Securities Exchange Act of 1934, as
amended |
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Subject Company: Artisan Acquisition
Corp. |
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Commission File No.: 001-40411 |

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October
2021
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1 Disclaimer This
Presentation has been prepared by Artisan Acquisition Corp.(“SPAC”)
and Prenetics Group Limited (the “Company”) in connection with a
potential business combination involving SPAC and the Company (the
“Transaction”) and is preliminary in nature and solely for
informationpurposes and must not be relied upon for any other
purpose. This Presentation does not constitute (i) an offer or
invitation for the sale or purchase of the securities, assets or
business described herein or a commitment of the Company or SPAC
with respect to any of the foregoing or (ii) a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the Transaction, and this Presentation shall not form
the basis of any contract, commitment or investment decision and
does not constitute either advice or a recommendation regarding any
securities. Any offer to sell securities willbe made only pursuant
to a definitivesubscription agreement and willbe made in reliance
on an exemption from registration under the Securities Act of 1933
(the “Securities Act”) for offers and sales of securities that do
not involve a public offering. This Presentation does not purport
to contain all information that may be required or relevant to an
evaluation of the Transaction, and you will be responsible for
conducting any investigations and analysis that you deem
appropriate and for seeking independent advice as to the legal,
tax, accounting, financial, credit and other related advice with
respect to the Transaction. SPAC and the Company reserve the right
to amend or replace this Presentation at any time but none of SPAC
and the Company, their respective subsidiaries, affiliates, legal
advisors, financial advisors or agents shall have any obligation to
update or supplement any content set forth in this Presentation or
otherwise provide any additional information to you in connection
with the Transaction should circumstances, management’s estimates
or opinions change or any information provided in this Presentation
become inaccurate. Forward-LookingStatements This Presentation
contains certain forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act of 1934, and also contains certain financial forecasts
and projections. All statements other than statements of historical
fact contained in this Presentation, including statements as to
future results of operations and financial position, planned
products and services, business strategy and plans, objectives of
management for future operations of the Company, market size and
growth opportunities, competitive position and technological and
market trends, are forward-looking statements. Some of these
forward-looking statements can be identified by the use of
forward-looking words, including “anticipate,” “expect,”
“suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,”
“projects,” “should,” “could,” “would,” “may,” “will,” “forecast”
or other similar expressions. All forward-looking statements are
based upon current estimates and forecasts and reflect the views,
assumptions, expectations, and opinions of SPAC and the Company as
of the date of this Presentation, and are therefore subject to a
number of factors, risks and uncertainties, some of which are not
currently known to us. Some of these factors include, but are not
limited to: the success of the new product or service offerings of
the Company and its subsidiaries (the “Group”), the Group’s ability
to attract new and retain existing customers, competitive pressures
in the industry in which the Group operates, the Group’s ability to
achieve profitability despite a history of losses, the Group’s
ability to implement its growth strategies and manage its growth,
the Group’s ability to meet consumer expectations, the Group’s
ability to produce accurate forecasts of its operating and
financial results, the Group’s internal controls, fluctuations in
foreign currency exchange rates, the Group’s ability to raise
additional capital, media coverage of the Group, changes in the
regulatory environments of the countries in which the Group
operates, general economic conditions in the countries in which the
Group operates, the Group’s ability to attract and retain senior
management and skilled employees, the success of the Group’s
strategic alliances and acquisitions, changes in the Group’s
relationship with its current customers, suppliers and service
providers, disruptions to information technology systems and
networks, the Group’s ability to protect its brand and reputation,
the Group’s ability to protect its intellectual property, potential
and future litigation that the Group may be involved in, taxes or
other liabilities that may be incurred or required subsequent to,
or in connection with, the consummation of the Transaction. The
foregoing list of factors is not exhaustive. We undertake no
obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as required by law. In light of
these factors, risks and uncertainties, any estimates, assumptions,
expectations, forecasts, views or opinions set forth in this
Presentation should be regarded as indicative, preliminary and for
illustrative purposes only and should not be relied upon as being
necessarily indicative of future results. You should carefully
consider the risks and uncertainties described in the “Risk
Factors” section of this Presentation and the “Risk Factors”
section of the proxy statement/prospectus on Form F-4 relating to
the Transaction, which has been confidentially submitted to the
U.S. Securities and Exchange Commission (“SEC”), and other
documents filed from time to time with SEC. These filings identify
and address other important risks and uncertainties that could
cause actual events and results to differ materiallyfrom those
contained in the forward-lookingstatements. SPAC and the Company
assume no obligation and do not intend to update or revise these
forward-lookingstatements,whether as a result of new
information,future events or otherwise. Moreover, the Company
operates in a very competitive and rapidly changing environment,
and new risks may emerge from time to time. It is not possible to
predict all risks, or assess the impact of all factors on the
Company’s business or the extent to which any factor, or
combination of factors, may cause the Company’s actual results,
performance or financial condition to be materially different from
the expectations of future results, performance or financial
condition. In addition, the analyses of SPAC and the Company
contained herein are not, and do not purport to be, appraisals of
the securities, assets or business of the Company, SPAC or any
other entity. There may be additional risks that neither SPAC nor
the Company presently know or that SPAC and the Company currently
believe are immaterial that could also cause actual results to
differ from those contained in the forward-looking statements.
These forward-looking statements should not be relied upon as
representing the Company’s and SPAC’s assessment as of any date
subsequent to the date of this Presentation. Accordingly, undue
reliance should not be placed upon the
forward-lookingstatements.
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2 Disclaimer
(Cont’d) IndustryandMarketData This Presentation also contains
information, estimates and other statistical data derived from
third party sources (including Frost & Sullivan). Such
information involves a number of assumptions and limitations and
due to the nature of the techniques and methodologies used in
market research, and Frost & Sullivan cannot guarantee the
accuracy of such information. You are cautioned not to give undue
weight on such estimates. Neither SPAC nor the Company has
independently verified such third party information, and makes no
representation, express or implied, as to the accuracy,
completeness, timeliness, reliability or availability of such third
party information. SPAC and the Company may have supplemented such
information where necessary, taking into account publicly available
information about other industry participants. Use
ofProjectionsandHistoricalFinancialInformation The 2019 and 2020
historical financial data included in this Presentation has been
derived from Prenetics Limited’s 2019 and 2020 financial statements
prepared in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards Board
(“IFRS”) and are subject to updates based on an ongoing external
audit in accordance with the Public Company Accounting Oversight
Board standards. In addition, the Company’s quarterly financial
data included in this Presentation is based on financial data
derived from the Company’s management accounts that have not been
reviewed or audited and are subject to further review and updates.
This Presentation contains financial forecasts for the Company with
respect to certain financial results for the Company’s fiscal years
2021 through 2025 for illustrative purposes. Neither SPAC’s nor the
Company’s independent auditors have audited, studied, reviewed,
compiled or performed any procedures with respect to the
projections for the purpose of their inclusion in this
Presentation, and accordingly, they did not express an opinion or
provide any other form of assurance with respect thereto for the
purpose of this Presentation. These projections are forward-looking
statements and should not be relied upon as being necessarily
indicative of future results. In this Presentation, certain of the
above-mentioned projected information has been provided for
purposes of providing comparisons with historical data. The
assumptions and estimates underlying the prospective financial
information are inherently uncertain and are subject to a wide
variety of significant business, economic and competitive risks and
uncertainties that could cause actual results to differ materially
from those contained in the prospective financial information. While
such information and projections are necessarily speculative, SPAC
and the Company believe that the preparation of prospective
financial information involves increasingly higher levels of
uncertainty the further out the projection extends from the date of
preparation. Accordingly, there can be no assurance that the
prospective results are indicative of the future performance of the
Company or that actual results will not differ materially from
those presented in the prospective financial information. Inclusion
of the prospective financial information in this Presentation should
not be regarded as a representation by any person that the results
contained in the prospective financial information will be achieved.
All subsequent written and oral forward-lookingstatements
concerning the Company and SPAC, the Transaction or other matters
and attributable to the Company and SPAC or any person acting on
their behalf are expressly qualified in their entirety by the
cautionary statements above. Non-IFRSFinancialMeasures This
Presentation also includes references to non-IFRS financial
measures, such as the Company’s Adjusted EBITDA for 2019 and 2020.
Such non-IFRS measures should be considered only as supplemental
to, and not as superior to, financial measures prepared in
accordance with IFRS. SPAC and the Company believe these non-IFRS
measures of financial results provide useful information to
management and investors regarding certain financial and business
trends relating to the Company’s financial condition and results of
operations. SPAC and the Company believe that the use of these
non-IFRS financial measures provides an additional tool for
investors to use in evaluating ongoing operating results and trends
in and in comparing the Company’s financial measures with other
similar companies, many of which present similar non-IFRS financial
measures to investors. Management does not consider these non-IFRS
measures in isolation or as an alternative to financial measures
determined in accordance with IFRS. These non-IFRS financial
measures are subject to inherent limitationsas they reflect the
exercise of judgments by management about which expense and income
are excluded or included in determining these non-IFRS financial
measures. Additionally, to the extent that forward-looking non-IFRS
financial measures are provided, they are presented on a non-IFRS
basis without reconciliations due to the inherent difficulty in
forecasting and quantifying certain amounts that are necessary for
such reconciliations.
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3 Disclaimer
(Cont’d) AdditionalInformation If the Transaction is pursued, SPAC
will be required to file a preliminary and definitive proxy
statement, which may include a registration statement, and other
relevant documents with the SEC. You are urged to read the proxy
statement/prospectus and any other relevant documents filed with
the SEC when they become available because, among other things,
they willcontain updates to the financial,industry and other
informationherein as wellas important informationabout SPAC, the
Company and the Transaction. Shareholders willbe able to obtain a
free copy of the proxy statement (when filed), as well as other
filings containing informationabout SPAC, the Company and the
Transaction, without charge, at the SEC’s website located at
www.sec.gov. ParticipantsintheSolicitation SPAC and the Company,
and their respective directors and executive officers may be deemed
to be participants in the solicitation of proxies from SPAC’s
shareholders in connection with the Transaction.A list of the names
of such directors and executive officers and information regarding
their interests in the Transaction will be contained in the proxy
statement when available. You may obtain free copies of the proxy
statement as described in the preceding paragraph. The definitive
proxy statement will be mailed to shareholders as of a record date
to be established for voting on the Transaction when it becomes
available. Trademarks This Presentation may contain trademarks,
service marks, trade names and copyrights of other companies, which
are the property of their respective owners. Solely for
convenience, some of the trademarks, service marks, trade names and
copyrights referred to in this Presentation may be listed without
the TM, SM © or ® symbols, but such references are not intended to
indicate, in any way, that SPAC or the Company will not assert, to
the fullest extent under applicable law, their rights or the right
of the applicable licensor to these trademarks, service marks,
trade names and copyrights. Neither SPAC, the Company, nor any of
their respective directors, officers, employees, affiliates,
advisors, representatives or agents, make any representation or
warranty of any kind, express or implied, as to the value that may
be realized in connection with the Transaction, the legal,
regulatory, tax, financial, accounting or other effects of the
Transaction or the accuracy or completeness of the information
contained in this Presentation, and none of them shall have any
liability based on or arising from, in whole or in part, any
information contained in, or omitted from, this Presentation or for
any other written or oral communication transmitted to any person
or entity in the course of its evaluation of the Transaction, and
they expressly disclaim any responsibility or liability for direct,
indirect, incidental, exemplary, compensatory, punitive,special or
consequential damages, costs, expenses, legal fees or losses
(including lost income or profits and opportunity costs) in
connection with the use of the informationherein. By accepting this
Presentation, the recipient willbe deemed to have acknowledge and
agreed to the foregoing.
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4 Presenters
Stephen Lo, CPA, CFA Chief Financial Officer Danny Yeung CEO &
Co-Founder Ben Cheng Chief Executive Officer
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5 Adrian Cheng
Led Team Backed by Inspirational Independent Directors Dr. Adrian
Cheng Founder of Artisan Acquisition Corp. William Keller
Independent Director Mitch Garber, C.M. Independent Director Frank
Yu Independent Director Sean O’Neill Independent Director Ben Cheng
Chief Executive Officer of Artisan Acquisition Corp.
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6 Prenetics is a
Clear Fit for Artisan Acquisition Corp. Focus on disruptive
lifestyle technologies in healthcare, consumer, technology Strong
fundamentals with significant value creation opportunities
Well-positioned to deliver value and synergies in the group’s
global cultural ecosystem Growth upsides through tapping global
consumers’ unmet demands & burgeoning markets Target Criteria –
Clearly Met by Prenetics 1 2 3 4 5 Disrupting & decentralizing
global healthcare with large global opportunity of over US$1.3trn1
Strong R&D and product innovation capabilities backed by
experienced in-house team, strategic collaboration with Oxford
University and vibrant scientific ecosystem First-mover advantage
in target geographies with robust product pipeline and high growth
potential; well positioned to replicate U.S. success stories in its
target geographies Inspirational founder backed by strong
leadership team of tech, biotech, healthcare and consumer veterans
Strong financial profile and highly attractive expected valuation
relative to peers Source: Frost & Sullivan. Notes: 1. Global
opportunity as of 2030; represents global market sizes and target
addressable markets, except for colorectal cancer screening which
does not include mainland China. Investment Thesis for
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7 Significant
Synergies - Prenetics and Adrian Cheng’s Ecosystem Significant
Synergies • Healthcare channel and user access • Broad network of
locations covering healthcare, retail, hospitality and other
sectors • Extensive customer, user, and fan base across platforms •
Direct corporate use cases across eco-system Education & Sports
Healthcare & Wellness Hospitality Infrastructure & Aviation
Roads Logistics Construction Cultural Retail Residential Workspace
Services Culture & Social Innovation Adrian Cheng's 14M Members
Global Eco-system
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8 Transaction
Summary Illustrative Sources & Uses Assumes 0% redemption by
SPAC Shareholders Illustrative Ownership1 Transaction Overview1
Illustrative Enterprise Value1 Sources Existing Target Shareholder
Equity Rollover $1,150 Sponsor Promote4 100 Cash Available in SPAC
Trust Account 339 Forward Purchase Agreement 60 PIPE 60 Total
Sources $1,709 Uses Existing Target Shareholder Equity Rollover
$1,150 Sponsor Promote4 100 Transaction Expenses 40 Net Cash to
Balance Sheet 419 Total Uses $1,709 Share Price $10.00 Shares
Outstanding (mm) 170.92 Illustrative Post-Money Equity Value $1,709
(-) Net Cash to Balance Sheet3 $455 Illustrative Enterprise Value
$1,254 EV / 2022E Revenue 4.6x EV / 2023E Revenue 4.1x 25.3%2 7.5%
67.3% Prenetics Equity Rollover Artisan Shareholders PIPE Investors
(including the investors under FPAs) • Illustrative enterprise
value of $1.25 billion • Artisan Acquisition Corp. to merge with
Prenetics • An implied multiple of 4.6x 2022E Revenue and 4.1x
2023E Revenue • Concurrent with the transaction, $60mm raised in
the form of forward purchase agreements (“FPAs”) from Aspex and
PAG, in addition to another $60mm raised in a PIPE from Lippo,
Dragonstone, Xen Capital and others at $10.00 per share • 100% of
Prenetics existing shareholders roll into the new entity. No
existing shareholders are exiting • Proceeds to be used for
strategic acquisition or investments, R&D, product roll out,
geographic expansion and general corporate purposes Notes: USD/HKD
FX rate of 7.78. 1. Excludes (i) the impact of any equity awards
issued at or after the closing of the transaction, (ii) the
dilutive impact of 18.7mm warrants (11.3mm SPAC public warrants,
5.9mm of sponsor warrants, 1.5mm of FPA warrants) with a strike
price of $11.50 per share, and (iii) the impact of shares with
super-voting rights. Includes 9.98mm total Class B ordinary shares.
2. Includes SPAC directors. 3. Includes net cash to balance sheet
of $419mm post the transaction, and Prenetics balance sheet net
cash of $35.4mm, the pro-forma amount of which includes a cash
balance of $9.4mm as of 1Q 2021 and $26.0mm of proceeds from
pre-IPO fundraising. 4. Includes total 9.13mm Class B ordinary
shares held by the Sponsor, 0.75mm Class B ordinary shares held by
the FPA providers, and 0.1mm Class B ordinary shares held by SPAC
directors.
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9 Decentralizing
Healthcare Prevention, Diagnostics and Personalized Care
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10 Personalized
Care Diagnostics Prevention Existing Products Future Products
Personalized nutrition, hair & sexual health products Covid-19
testing, POCT / At-home diagnostic testing and medical genetic
testing Consumer genetic testing and early colorectal cancer
screening Decentralizing Healthcare 2025E Revenue $640mm 24.9%4
7.3%4 67.8%4 Global Opportunity: US$117 Billion+1 Global
opportunity: US$849 Billion+3 Global opportunity: US$376 Billion+2
Source: Frost & Sullivan. Notes: Global opportunity as of 2030.
1. Represents global target addressable market for early colorectal
cancer screening (except for mainland China) and global market size
for consumer genetic testing. 2. Represents global target
addressable market for hair loss and erectile dysfunction and
global market size for personalized nutrition. 3. Represents global
market size for medical device. 4. Represents each business segment
revenue as % of total revenue expected in 2025.
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11 Leading
Diagnostics / DNA testing company in HK and UK 11 Labs 7 mobile /
airport labs in HK & UK, and 4 fixed labs $85M Lifetime
Fundraising $205M 2021E Revenue 700+ Total Employees 5M+ Total
tests processed1 Notes: 1. Include CircleDNA and Covid-19 tests; as
of Sep 2021. 2. Assays to test other infectious diseases are
currently under development. Covid-19 PCR test enabled by in-house
developed, cloud-based, automated end-to-end solution with
capability to perform over 40K tests daily Covid-19 rapid testing
developed by the University of Oxford, utilizing NAAT Patent
pending POC & at-home rapid detection health monitoring system
(e.g. Covid-19 & other infectious disease testing2) On-going
development on at-home blood based testing for routine health check
Whole exome sequencing with proprietary 31mm DNA datapoint
algorithm The only NMPA approved non-invasive FIT-DNA colorectal
cancer screening test OX-LAMP Prevention Diagnostics
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12 Strategic
R&D Collaboration with Oxford University Prenetics Molecular
Diagnostics Research Center at Oxford University Oxford University
3-Year Research Grant OSCAR – Oxford Suzhou Centre for Advanced
Research Combined research with Oxford University enables Prenetics
to have its own research centre at Oxford University Prenetics
R&D team already works closely with Oxford team of Professors,
with collaboration further enabling us to commercialize novel
inventions Prenetics’ ROFR to acquire technology / IP Key research
directly with Oxford and the team of professors from March 2021
Initial focus: a) Improving sensitivity and time to results of
Covid-19 reagent b) Development of enzymes to lower cost c) Assay
development (e.g. infectious disease, STD) Key research directly
with the only overseas research centre by Oxford Initial focus will
be on a) HealthPod general development b) HealthPod for Clinicians
development Close Collaboration with Prenetics In-house R&D
Teams Dr. Lawrence Tzang, Ph.D. Co-founder & Chief Scientific
Officer Scientific & Laboratory team Dr. Senthil Sundaram, M.D.
Chief Clinical Officer Clinical & Bioinformatician team Dr.
Mike Ma, Ph.D. Head of R&D Clinical R&D team Dr. Peter
Wong, DPhil Chief Technology Officer Engineering & Development
team Dame Caroline Wilson (British ambassador to China) at OSCAR
opening – June 2021 Frank Ong, MD Chief Medical Officer Circle
Snapshot R&D & Setup
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13 World-class
Leadership Team of Tech, Biotech, and Healthcare Pioneers
Management Team Danny Yeung CEO & Co-Founder Stephen Lo, CPA,
CFA Chief Financial Officer Lawrence Tzang, PhD Chief Scientific
Officer & Co-Founder Avi Lasarow CEO – EMEA Mike Ma, PhD Head
of R&D Frank Ong, MD Chief Medical Officer Key Scientific
Advisers Prof. Zhanfeng Cui Donald Pollock Professor of Chemical
Engineering, University of Oxford Prof. Wei Huang Associate
Professor in Dept. of Engineering Science, University of Oxford Dr.
Monique Andersson Medical Advisor, Director of Microbiology, Oxford
University Hospitals, NHS Foundation Trusts Prof. Michael Yang
Chair Professor of Biomedical Sciences, Vice-President (R&D)
City University of Hong Kong
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CircleDNA The
World’s Most Comprehensive Consumer DNA Test Prevention Leading
Brand In Asia and UK consumer genomics 45-50x More data than the
competitors $19mm 2021E CircleDNA Projected Revenue 34% 2020A-2025E
Revenue CAGR 120k+ CircleDNA tests delivered since July 2019 launch
$16bn+ Global Market Size1 Source: Frost & Sullivan. Notes: 1.
Global market size for DTC molecular testing services based on
projection for 2030; Covid-19 testing service market is not
included while influence of Covid-19 has been considered in the
market sizing.
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16 CircleDNA — An
All-New Industry Standard in Genetic Testing Genotyping ~600k 125
Reports 31 million Whole Exome Sequencing 500+ Reports Genotyping
Technology ● High false negative rate: Will miss >90% mutations
associated with cancer and disease ● Pre-defined and specific SNP
Readings ● Limited Data, can only resolve single letter “typos” ●
Static, will need to test again as science evolves Our Next
Generation - Whole Exome Technology ● Read protein-coding genes ●
Clinical-grade consumer testing ● 45–50x more data over genotyping
● One test, a Lifetime of Value ● Identify up to 90% genetic
variants associated with cancer and other disease 23andMe DNA Data
Points Source: Company Website, Company Filings.
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17 Family
Planning Early Detection Precision Medicine Health & Disease
Origins Talents & Performance Traits Diet & Lifestyle
CircleDNA – the Forefront of Health Diagnostics & Disease
Prevention Covering Screening, Wellness, Proactive and Preventive
Measures 500+ Reports Discovered Across 20 Categories A Snapshot of
CircleDNA Tests Family Planning & Disease 375 reports Diet,
Wellness, Lifestyle 69 reports Traits 70 reports 103 Reports Drug
Response 157 Reports Carrier Screening 36 Reports Cancer Risk 6
Reports Dementia & Brain Health 65 Reports Disease Risk 8
Reports Common Health Risk 8 Reports Stress & Sleep 14 Reports
Skin 20 Reports Nutrition 5 Reports Pollution Sensitivity 15
Reports Diet 7 Reports Well-Being 15 Reports Ancestry 4 Reports
Gender Traits 18 Reports Sports & Fitness 5 Reports Behavioral
Traits 9 Reports Success Traits 12 Reports Physical Traits 2
Reports Music & Dance 5 Reports Personality Traits
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18 CircleDNA
Product Offering USD 189 14 Categories – 125 Reports Diet,
Nutrition, Fitness, Stress, Ancestry, Skin, and More 30 Mins Phone
Consultation USD 499 USD 499 USD 629 1 Category – 163 Reports
Carrier Screening of recessive genetic diseases 30 Mins Phone
Consultation 4 Categories – 115 Reports Cancer, Common Health
Risks, Disease Risks, Dementia & Brain Health 30 Mins Phone
Consultation 20 Categories – 500+ Reports Vital + Family Planning +
Health Bundle + Drug Response 30 Mins Phone Consultation (2x) Vital
Health Premium Family Planning Retail Price
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19 CircleDNA
Marketing Strategy Social Media Celebrity Ambassadors ATL Marketing
Vaness Wu Actor & singer 15M+ social media followers G.E.M.
Asia’s Taylor Swift 50M+ social media followers Gigi Leung Actor,
singer & mother 20M+ social media followers TRAM WATSONS TAXI
BILLBOARD
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20 - 250 500 750
1,000 1,250 1,500 1,750 T+0 T+1 T+2 T+3 T+4 T+14 CircleDNA —
Extraordinary Growth with Significant Runway Forecasted Growth
Trajectory after Launch1 (# of Cumulative Tests Sold, ’000) 623k
(by 2025E) ~12M Market Size4 US$8.8 bn APAC / EMEA Consumer DNA
Test Market Size4 US$5.1 bn US Consumer DNA Test 14 19 21 42 52 62
2020E 2021E 2022E 2023E 2024E 2025E CircleDNA Revenue (US$
millions) 2020 2021 2019 10,000 23andMe took 4 years to sell 100k
tests, which Prenetics achieved in less than 2 years Source: Frost
& Sullivan. Trust Pilot Review. Notes: 1. Blue dotted line
denotes management forecast; grey dotted line is extrapolation of
23andMe. 2. Market data as of August 31, 2021. 3. As of July 12,
2021. 4. Market size for DTC molecular testing services based on
projection for 2030; Covid-19 testing service market is not
included while influence of Covid-19 has been considered in the
market sizing. 23andMe Market cap of $3.5bn2 2020A Rating on Trust
Pilot3 23andMe 1.9 / 5.0 4.6 / 5.0
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Project Screen
Covid-19 Testing $32bn+ Global Market Size2 11 Labs 7 Mobile /
Airport Labs in HK & UK, and 4 Fixed Labs 5M+ Covid-19
Molecular Test Performed1 Diagnostics $51mm 2020A Covid-19 Testing
Revenue 77% 2020A-2022E Revenue CAGR Blue Chip Clientele of
Governments & Corporates Source: Frost & Sullivan. Notes:
1. As of September 20, 2021. 2. Based on projection for 2021;
represents global market size; only consists of tests performed in
independent clinical laboratories. Prenetics laboratory inside Hong
Kong International Airport
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22 Prenetics
Response To Covid-19 • Airport testing in Hong Kong and the United
Kingdom, including HKIA1, Heathrow, Manchester, Stansted, London
City, and East Midlands airports • Converted smoking lounge to an
ISO-15189 laboratory at the HKIA1.Prenetics is the only Covid-19
testing provider with operating lab in HKIA1 • Provides daily
testing service for more than 3,000 players and club staffs for
English Premier League on a regular basis • ~3M tests serviced for
HK government as of 2Q 2021 Community Testing Hospital Authority
Department of Health Food and Environmental Hygiene Department
(FEHD) HK Government English Premier League Airport Testing to
International & Local Airports Note: 1. Hong Kong International
Airport. Extensive Partnerships Across Sectors • Prenetics has
become Virgin Atlantic's preferred at- home testing provider, with
customers able to order a complete end-to-end travel testing
bundle, tailored to their destination + Virgin Atlantic Travel
(2022E Revenue $89M) Entertainment & Sports (2022E Revenue
$15M) Virgin Atlantic, Carnival Cruise Line, Cruise line operation
of an entertainment company, Hong Kong International Airport,
Heathrow Airport, London Luton Airport, London Stansted Airport,
Manchester Airport, Gatwick Airport, London City Airport, East
Midlands Airport English Premier League, Professional Darts
Corporation, England and Wales Cricket Board, British Academy Film
Awards, Sky TV, Global Media & Entertainment Company, American
Film & TV Studio Key Highlights
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23 Significant
Upside as Travel “Resumes” Covid-19 Testing Revenue Breakdown (US$
millions) 2020A 2021E Travel Others $51 $173 2% 98% 98% 55% 45% 799
# of Tests (’000) 5,688 Source: Frost & Sullivan. Notes: 1.
2020 financials based on management accounts – excludes airline
& cruises revenue in EMEA as breakdown is not available. 2.
Include entertainment & sports, community testing &
screening, corporate B2B testing, etc. 3. Based on projection for
2021; represents global market size; only consists of tests
performed in independent clinical laboratories. 2 $32bn+ Global
Market Size3 1 3.4x
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24 Major COVID-19
Testing Technologies Comparison Through-put & Scalability
Use-Case Availability Mobility & Lab Required Accuracy Speed
Nucleic Acid Amplification Test (RT-LAMP) Reaction time: 15 – 20min
Higher: 96% No Need Laboratory No Lab Technicians Yes Symptomatic
& Asymptomatic Highly Scalable Antigen Test (Proteins) Reaction
time: 15 - 30min Symptomatic: 90% or above Asymptomatic: 27% No
Need Laboratory No Lab Technicians Yes Symptomatic (7 days of
infection) Highly Scalable Nucleic Acid Amplification Test (RT-PCR)
Reaction time: 4 – 6 Hours Highest: 99% Need Laboratory Lab
Technicians Yes Symptomatic & Asymptomatic Not scalable
PCR-Quality Technology from Oxford Source: Frost &
Sullivan.
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25 Game Changing
POC / At-Home PCR-Quality Testing Technology from Oxford University
Rapid 15 – 20 mins1 (positive will be faster) Speed that PCR can
never achieve and scale Accurate 95.6% Sensitivity 100% Specificity
Point-of-Care Technology Application of advanced thermo-technology
that enables POC application and self-administration Low Cost
Enabling frequent testing Scalable No lab or specialist equipment
Throat or nasal swabs OX-LAMP Approvals / Recognitions MHRA2 in UK
CE IVD3 in EU for POC use • Application for US FDA in process;
Expected by 1H 2022 Inside Oxford Lab Developing 30-minute
Coronavirus Test Notes: 1. Reaction time. 2. Medicines and
Healthcare products Regulatory Agency. 3. Approved CE Marketing on
In-Vitro Diagnostic medical devices.
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26 Source:
Company Website. Please view Circle HealthPod Product video here:
https://circlepod.co/.
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Circle HealthPod
A Lab. In Your Pocket Official Launch in Hong Kong by End 2021
Followed by EU, US, and Southeast Asia Diagnostics <30min Time
to result $849bn+ Global Market Size1 95.6% / 100%2 Sensitivity /
Specificity Mobile & Scalable No lab or specialist equipment
Painless Pain-free nasal swab Detects Covid-19 with NAAT
PCR-Quality Technology Influenza / Flu STDs Future Assays: Source:
Frost & Sullivan. Notes: 1. Represents global market size for
medical device based on the projection for 2030. 2. According to
trials done primarily by professors and scientists of University of
Oxford. CE-IVD Marked Expect to receive US FDA EUA by 1H
2022
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28 Successful
Commercialization Case Study: Cue Health Source: Company Filings,
Cue Health Company Website, Bloomberg, Reuters, CNBC. Notes: 1. Per
Bloomberg, as of December 2020. The Cue Health Monitoring System •
The Cue Health Monitoring System is a fast, compact, highly
portable testing platform with high performance and accuracy,
utilizing molecular diagnostic technology • Cue Health's COVID-19
cartridge test is authorized by the US FDA for home use with no
prescription in Mar 2021. The company filed for a US IPO on
September 1, 2021 Over $2bn Valuation1 $481mm Contract Granted from
US Gov’t Go-to-Market Strategy: Key Partners & Target Clients
Enterprise Healthcare Provider Direct-to-Consumer Public Sector
Henry Schein Fortune 500 Companies Mayo Clinic Hospitals / Private
Clinics E-commerce In-store US Department of Defense Government
Agencies $202mm 1H 2021 Revenue
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29 • In-patient
and out- patient on-site screening • Regular testing for healthcare
workers & family • For hotel guests as a complimentary item for
their stay or as a paid in-room service • Must-have for every homes
to for a peace of mind • At-home testing • On the go testing (with
portable charger) Use Case Hospitals & Clinics Hotels &
Apartments Private Use NGO Community Screen Schools Sports &
Entertainment • Rapid testing for schools • Regular testing for
students and teachers • Easy and simple test for NGO’s • Regular
testing for community members • Rapid at-home testing for attendees
• Regular testing for players and staffs
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30 Illustrative
Representation of Diagnostic-testing Supply Chain Assay consumables
Subtier supply chain Testingsites Providers Home/personal Labs
Point-of-caresystems Analyzer production Reagents Collection
consumables Manufacturingequipment/integration Analyzer components
Cartridgecomponents High-throughput analyzers
Point-of-careanalyzers Home-use cartridges Rapid-result cartridges
To labs, testing sites, in-home test kits, providers,and others
Assay kits Level of vertical integration varies based on OEM,
technology, and platform Test/kit production Sample processing
Sample collection Degree of supply-chain constraint (e.g., capacity
limitations, small number of suppliers) Less constrained More
constrained Circle HealthPod
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31 Circle
HealthPod B2B Stations Circle HealthPod Dashboard Partners App
Multiple Circle HealthPods
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32 Circle
HealthPod Marketing Strategy – Partnering with International Actor
Donnie Yen on Extensive ATL Marketing Campaigns TRAM BILLBOARD MTR
TAXI BUS STATION TVC Notes: Initial marketing campaign focusing
only for Hong Kong market.
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ColoClear The
Only Non-Invasive Colon Cancer Screening Test Approved by NMPA
$101bn+ Addressable market1 Successful Model Comparable to
ColoGuard in the US Cost Effective Comparing to Colonoscopy 96%
Sensitivity - Highly Accurate Launching in 1H 2022E Prevention
Source: Frost & Sullivan. Notes: 1. Global target addressable
market for colorectal cancer screening based on projection for
2030, except for mainland China; target population is the age group
of 40-74 years old.
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35 Significant
Whitespace in Asia Markets Presents Attractive Growth Opportunities
10 27 50 98 2022E 2023E 2024E 2025E 39 99 266 454 810 2015A 2016A
2017A 2018A 2019A Source: Frost & Sullivan. Notes: 1. Before
Exact Science’s acquisition of Genomic Health in November 2019,
ColoGuard is the only major revenue source for Exact Sciences. 2.
Market data as of August 31, 2021. Colorectal Cancer Screening
Market in US (2019) Colorectal Cancer Screening Market in HK &
SEA (2019) 93.0M Addressable Population 128.2M Addressable
Population 16.5% Tested 5.7% Tested 83.5% Unscreened 94.3%
Unscreened Revenue of ColoGuard for Exact Sciences1 (US$ mm)
Projected Revenue of ColoClear for Prenetics (US$ mm) 60 160 300
600 104 244 572 1,680 934 Volume (’000) Volume (’000) Key
addressable market for (Market cap of $17.9+bn2) Key addressable
market for
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36 Strategic
Technology Transfer from New Horizon to Launch ColoClear
Establishment of Strategic Partnership with New Horizon Health to
Commercialize ColoClear Source: Company Filings. Notes: USD/HKD FX
rate of 7.78. 1. Market data as of August 31, 2021. 2. Gross profit
= Gross Revenue – COGS for products sold – COGS for lab testing
services – Sales & Marketing Expenses (including sales
incentives and logistics costs). Exclusive rights granted to sell
& process ColoClear in Hong Kong, Macau, and the Philippines;
plan to expand to Taiwan and other countries and regions of SE Asia
Under a profit sharing agreement, Prenetics and New Horizon will
equally share gross profits2 from sales of ColoClear 5 years of
initial term renewable for another 5 years by mutual consent
Completed technology transfer from New Horizon; certified by New
Horizon to perform ColoClear testing at its lab Exclusive 50:50 5+5
Years Technology Transfer + (Listed on HKEX with market cap of
US$2.6bn1 and FY2020 revenue of US$10mm)
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37 Non-invasive
Tests Sensitivity Specificity Detection limitations Sample size
needed Dietary restrictions CRC AA gFOBT (Hemoccult II) 40% 12% 98%
Intermittent bleeding 3 bowel movements Yes FIT (Faecal
Immunochemical Test) 70% 22% 95% Intermittent bleeding Single
sample No FIT-DNA (ColoGuard) 92% 65% 92% CRC and AA continuously
exfoliate cells Single sample No FIT-DNA (ColoClear) 96% 64% 87%
CRC and AA continuously exfoliate cells Single sample No Diagnostic
Invasive Test Sensitivity Specificity CRC AA Colonoscopy >95%
95% 90% FIT-DNA has higher sensitivity when comparing with other
non-invasive Colon Cancer screening tests. Closest CRC sensitivity
to actual colonoscopy standards ColoClear – Industry Leading
Performance Sensitivity=True positive /(True positive + False
negative)*100%; Specificity=True negative /(True negative + False
negative)*100%. Source: Company filings, Colorectal cancer
development and advances in screening. Clin Interv Aging. 2016 July
19; 967-976.
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Circle SnapShot
Your annual health check at home Launching in 2022E Diagnostics 50+
Wide Range of Tests for Everyone Digital Health Platform Track your
Health Progress Successful Model Comparable to Everlywell,
Letsgetchecked $6bn+ Global Market Size1 Painless Blood collection
at home Source: Frost & Sullivan. Notes: 1. Global market size
for at-home health testing based on projection for 2030; does not
include home testing kits which do not require lab tests; Covid-19
at-home test has not been considered.
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40 Successful
Commercialization Case Study: Everlywell Source: Everlywell Company
Website, Bloomberg. Notes: 1. Per Bloomberg news article, as of
March 2021. Innovative at-home Health Testing • Everlywell’s
portfolio of 30+ at-home tests offer simple sample collection and
physician-reviewed results and insights sent to your device in 5 to
7 business days • In March 2021, Everlywell announced its
acquisition of PWNHealth and Home Access Health Corp. in a cash and
stock deal. The combined companies, re-branded as Everly Health,
expects to support more than 20 million people annually in the US
$2.9bn Valuation1 ~$200mm 2020 Revenue1 Popular Everlywell Tests
Metabolism Indoor & Outdoor Allergy Sexually Transmitted
Disease Food Sensitivity Measure free testosterone, cortisol and
TSH levels Test for 40 common indoor and outdoor allergens Screens
for 7 common sexually transmitted infections Measure body’s immune
systems’ IgC antibody reactivity to 96 foods
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Circle Medical
Genetic Testing for Physicians $59bn+ Global Market Size1
Successful Model Comparable to Invitae, Natera 20+ Wide range of
tests for everyone Launching in 2023E Diagnostics Next Generation
Sequencing Advanced Technology Source: Frost & Sullivan. Notes:
1. Global market size for clinical molecular test service based on
projection for 2030; Covid-19 testing service market is not
included while influence of Covid-19 has been considered in the
market sizing.
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42 68 148 217
2017A 2018A 2019A 4.6 10.6 Today (2021E) 2025E 4.6 9.2 2016A Today
(2021E) Significant Growth Potential in Asia / Europe Markets
Present Attractive Growth Opportunities Medical Molecular Testing
Market in US (US$ bn) Medical Molecular Testing Market in HK / SEA
/ Europe (US$ bn) Source: Frost & Sullivan. Notes: 1. Billable
volume for 2018 – 2019. Accessioned volume for 2017. 2. Market data
as of August 31, 2021. 3. While its geographic scope is not limited
to certain regions, it is expected to predominantly generate
revenue in Hong Kong, SE Asia and Europe during the projection
period. 2.0x 2.3x Revenue for Invitae (US$ mm) Projected Revenue of
Circle Medical for Prenetics3 (US$ mm) 26 38 56 2023E 2024E 2025E
150 292 469 Volume1 (’000) Volume (’000) Target market size for 100
150 225 (Market cap of $6.4bn2) US market size for
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Circle One / F1x
/ Fem Testing into personalized care Launching in 2023E
Personalized Care Source: Frost & Sullivan. Notes: 1. Based on
CircleDNA customer survey conducted in Feb 2020. 2. Represents
global target addressable market for hair loss and erectile
dysfunction and global market size for personalized nutrition based
on projection for 2030. Data-based Personalized solution based on
data analytics Cross Selling Leverage existing CircleDNA customer
base Recurring Revenue Subscription model 63% of CircleDNA
customers want Circle One1 $376bn+ Addressable market2
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44 Successful
Commercialization Case Study: Roman Source: Roman Company Website,
Bloomberg, PR Newswire, Fortune. Notes: 1. Per Bloomberg, as of
March 2021. Represents the post-money valuation of Ro, the operator
of Roman. 2. Per Bloomberg, as of March 2021. Represents the
lifetime fundraising of Ro, the operator of Roman. Roman – Digital
Health Clinic for Men • Roman provides personalized solutions to
men for the treatment of erectile dysfunction, hair loss, premature
ejaculation, etc. • Roman’s daily vitamins and supplements are
available in 4,600+ Walmart stores across the United States $5bn
Valuation1 $876mm Lifetime Fundraising2 Key Partners
Pharmaceuticals Retailers Healthcare Sports & Entertainments
Pfizer Greenstone Walmart Ribbon Health Quest Diagnostics
MLB
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46 2020 &
Earlier Lab Tests Required Covid-19 Testing CircleDNA Circle
HealthPod 2021 Circle Snapshot Circle Medical Medical Community
Recognition Customer & Data Sets Covid-19 STD, Influenza
Prevention Diagnostics (same lab supporting multiple tests) Extend
Consumer Journey / Lifetime Value (“LTV”) ColoClear Circle One /
F1x / Fem Personalized Care 2021 2022 2023 Product Extension
Physician Detailing Product Extension Personalized nutrition, hair
& sexual health products At Home Health Tests Medical Genetic
Testing Future Pipelines Post 1Q 2022 2022 2022 2023 2023 Product
Pipeline Built on a Robust Existing Foundation
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47 13 1 (38) (26)
18 (169) (118) (157) (218) (489) (100) (121) (123) (244) (652) (96)
(134) (115) (131) (216) 205 272 307 429 640 99 266 454 876 1,491 25
68 148 217 280 217 211 258 302 391 US$ millions Revenue1 Operating
Profit (Loss)1 2016A 2017A 2018A 2019A 2020A Prenetics Delivering
Favorable Metrics vs. US Peers 5 Years Ago $1.3bn4 $17.9bn5
$0.25bn4 $6.4bn5 Multiple Product & Pipeline Single Product2:
Colorectal Cancer Screening Single Product2: Medical Genetic
Testing $1.25bn3 Enterprise Value Notes: USD/HKD FX rate of 7.78.
1. 2021-2025 financials based on management forecast. Exact
Sciences, Invitae and Natera historical financials sourced from
company filings. 2. Indicates primary product focus. 3. Please
refer to Transaction Summary page for further details. 4. Market
data as of December 31, 2016. 5. Market data as of August 31, 2021.
Substantial revenue with robust product pipeline Efficient cost
structure 2016A 2017A 2018A 2019A 2020A 2016A 2017A 2018A 2019A
2020A 2021E 2022E 2023E 2024E 2025E $0.6bn4 $11.1bn5 Dual Product2:
NIPT & Carrier Screening Market Cap c. 14x c. 26x c.
18x
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48 $1.3bn+
$0.25bn+ Synergistic & Technology-enabling Bolt-on Acquisition
Opportunities Liquid Biopsy Bioinformatics Long-read Sequencing
$17.9bn+ $6.4bn+ Notes: 1. Market data as of December 31, 2016. 2.
Market data as of August 31, 2021. 3. Please refer to Transaction
Summary page for further details. Market Cap (2016)1 ~10
Acquisitions Market Cap (Now)2 Tremendous Value Potential for
Prenetics to be Unlocked via Synergistic Acquisitions ~13
Acquisitions $1.25bn3 Enterprise Value
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Financial
Information
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|
50 2019A Revenue
$9mm 2021E Revenue $205mm 2025E Revenue $640mm Prenetics Continues
To Transform Itself, Now At An Incredible Rate Notes: USD/HKD FX
rate of 7.78. For financial projections, please refer to the "Use
of Projections" portion of the disclaimer. 1. 2019 and 2020
financials based on audited accounts – Prevention segment revenue
includes other service fees and adjustments. 2021 and 2025
financials based on management forecast. Revenue Evolution1
Multiple Shots on Goal, While Benefiting from Significant Customer
and Operational Synergies Across Platform 2 Commercialized Product
Lines 4 Commercialized Product Lines 7 Commercialized Product Lines
CAGR of 58% 9.7% 90.3% 24.9% 7.3% 67.8% Diagnostics Personalized
Care Prevention 1 Commercialized Product Line 2020A Revenue $65mm
21.9% 78.1% 100%
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51 Driven by
Robust Organic Growth and Product Launch Strategies Diagnostics
Personalized Care Prevention 9 14 20 31 69 102 159 51 185 236 215
290 434 4 23 37 47 9 65 205 272 307 429 640 2019A 2020A 2021E 2022E
2023E 2024E 2025E Revenue in US$ millions Notes: USD/HKD FX rate of
7.78. For financial projections, please refer to the "Use of
Projections" portion of the disclaimer. 1. 2019 and 2020 financials
based on audited accounts – Prevention segment revenue includes
other service fees and adjustments. 2021-2025 financials based on
management forecast. Product Launch Year Personalized Care 124%
CAGR (22E-25E) Diagnostics 54% CAGR (20A-25E) Prevention 61% CAGR
(19A-25E)
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52 COVID-19: An
Opportunity to Better Reimagine Healthcare Testing the New Norm
Self Care a Necessity Brand & Trust Network Time to Market New
Technology 159 434 47 2019A 2020A 2021E 2022E 2023E 2024E 2025E
Prevention Diagnosis (ex. Covid-19 Testing) Personalized Care
Covid-19 Testing Revenue in US$ millions1 We conservatively assumed
COVID-19 testing market is not here to stay. Instead, it has
allowed us the opportunity to build the tools and expand our
platform in order to better serve the new world order of healthcare
Notes: USD/HKD FX rate of 7.78. For financial projections, please
refer to the "Use of Projections" portion of the disclaimer. 1.
2019 and 2020 financials based on audited accounts – Prevention
segment revenue includes other service fees and adjustments.
2021-2025 financials based on management forecast.
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53 High Operating
Efficiency Leading to High Growth • Revenue growth driven by robust
organic expansion and product launch strategies • Significant
market opportunity in multiple verticals; Pipeline products
expected to benefit from customer and operational synergies across
platforms Notes: USD/HKD FX rate of 7.78. For financial
projections, please refer to the "Use of Projections" portion of
the disclaimer. 1. 2019 and 2020 financials based on audited
accounts. 2021-2025 financials based on management forecast. 2.
Excludes depreciation and amortization expenses. 3. Profit sharing
to New Horizon for ColoClear is also included. 4. Non- operating
expenses primarily attributable to fair value adjustments for ESOP
and convertible securities issued by the Company. Includes tax
expense and tax credit. • Significant positive momentum is expected
from 2024 onwards as most products are in their high growth stage
Financials in US$ million1 2019A 2020A 1Q21A 2021E 2022E 2023E
2024E 2025E Revenue 9 65 57 205 272 307 429 640 YoY % NA 606% 1315%
215% 33% 13% 40% 49% Gross Profit2 3 27 22 85 118 137 185 295 Gross
Margin % 33% 41% 39% 41% 43% 45% 43% 46% Sales & Marketing
Expenses2 5 6 2 16 41 72 80 107 Research & Development
Expenses2 2 2 1 30 36 50 64 83 Administrative and Other Expenses2,3
9 14 6 19 27 36 48 65 Adjusted EBITDA (Non-GAAP) (12) 4 12 21 14
(21) (7) 39 Adjusted EBITDA Margin % (131%) 7% 21% 10% 5% (7%) (2%)
6% Depreciation and Amortization 2 2 1 8 13 17 20 21 ESOP &
Other Non-Operating Expenses4 6 4 9 54 16 18 25 37 Net Profit /
(Loss) (20) (2) 2 (41) (15) (56) (52) (19) Net Profit Margin %
(219%) (3%) 3% (20%) (6%) (18%) (12%) (3%)
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Transaction
Overview
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55 c. 420 (Circle
SnapShot & Circle Medical) Sum-of-the-Parts Valuation: Today
(in US$ millions unless otherwise noted) EV / CY23E Revenue1 3 4
8.0x 6.0x 6.4x2 4.1x2 Intrinsic Enterprise Value of Prenetics
Illustrative Enterprise Value of Prenetics 3 7.0x c. 1,970 c. 860
(Circle HealthPod) c. 550 c. 1,280 c. 140 1,254 Notes: USD/HKD FX
rate of 7.78. 1. Prenetics’ 2023 net revenue, which takes into
account GST and transaction costs, from the management forecast
used to calculate the implied sum-of-the-parts valuation. 2.
EV/CY2023E revenue calculated based on 2023E total net revenue
including net revenue from Project Screen. 3. 23andMe, Invitae,
Natera, Exact Sciences and New Horizon Health were referenced for
EV/revenue multiples on Prenetics’ prevention and personalized care
business segment. 4. Autobio Diagnostics, Dr. Pal PathLabs,
Invitae, Metropolis Healthcare and Quidel were referenced for
EV/revenue multiples on Prenetics’ diagnostics business segment.
Project Screen business was not taken into account in the valuation
of the diagnostics business given the phaseout of the business from
2022 onwards.
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56 Peers’ Proven
Successes Supported by Substantial Valuation Prevention Diagnostics
Personalized Care Prenetics Products Peers1 Current Valuation /
Market Capitalization2 $3.5bn3 $2.6bn3 $2.0bn4 $2.9bn5 $6.4bn3
$5.0bn6 Roman Health Source: Bloomberg. Notes: 1. Select companies
with comparable products focused in the US / China. 2. Market cap
for listed companies, or latest private round valuation. 3. Market
cap as of August 31, 2021. 4. Valuation reportedly discussed in the
latest private round; per Bloomberg, as of December 2020. 5.
Valuation after the acquisition of PWNHealth; per Bloomberg, as of
March 2021. 6. Post-money valuation for $500mm fundraising; per
Bloomberg, as of March 2021.
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57 4.1x 15.8x
11.8x 7.3x 7.7x 7.8x 13.7x 9.3x 7.3x 7.1x 4.1x Prenetics New
Horizon Health Natera Invitae Exact Sciences 23andMe Dr. Lal
PathLabs Metropolis Healthcare Invitae Quidel Autobio Diagnostics
4.6x 14.4x 9.6x 9.1x 9.0x 15.3x 10.5x 9.6x 7.1x 5.3x Prenetics New
Horizon Health Natera Invitae Exact Sciences 23andMe Dr. Lal
PathLabs Metropolis Healthcare Invitae Quidel Autobio Diagnostics
Benchmarking Analysis Source: Company disclosures, broker reports
and FactSet as of August 31, 2021 1. Prenetics’ EV/revenue
multiples are based on illustrative enterprise value of $1.254bn EV
/ CY2022E Revenue Multiples EV / CY2023E Revenue Multiples
Prenetics Prevention / Personalized Care Diagnostics CY2022E
Average: 16.1x CY2022E Average: 9.6x CY2023E Average: 10.1x CY2023E
Average: 8.3x 1 1 38.5x
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58 Select
Precedent Transactions EV/LTM Date Acquiror Target Public / Private
EV1 (US$m) Sales (x) EBITDA (x) Apr-21 Private 3,000.0 –– Apr-21
Public 1,624.3 3.9 22.3 Mar-21 Public 1,729.0 10.1 – Feb-21 Private
3,500.0 11.5 – Oct-20 Private 1,700.0 –– Oct-20 Private 410.0 ––
Sep-20 Private 780.0 10.8 24.1 Sep-20 (80%) Private 309.6 –– Jun-20
Private 886.0 17.7 nm2 Mar-20 Private 95.0 –– Feb-20 Public 51.5
3.8 nm2 Jan-20 (Oncology) Private 37.0 3.7 – Mean 1,343.5 8.8 23.2
Median 833.0 10.1 23.2 Notes: Public filings, Dealogic and
MergerMarket. 1. Excludes earnout. 2. EV / LTM EBITDA multiple less
than 0.0x.
|
Forward-Looking Statements
This document contains forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act that are based on beliefs and assumptions and on
information currently available to Artisan Acquisition Corp.
(“Artisan”) and Prenetics Group Limited (“Prenetics”) and also
contains certain financial forecasts and projections.
All statements other than statements of historical fact contained
in this document, including, but not limited to, statements as to
future results of operations and financial position, Prenetics’
plans for new product development and geographic expansion,
objectives of management for future operations of Prenetics,
projections of market opportunity and revenue growth, competitive
position, technological and market trends, the sources and uses of
cash from the proposed transaction, the anticipated enterprise
value of the combined entity (“PubCo”) following the consummation
of the proposed transaction, anticipated benefits of the proposed
transaction and expectations related to the terms of the proposed
transaction, are also forward-looking statements. In some cases,
you can identify forward-looking statements by the following words:
“may,” “will,” “could,” “would,” “should,” “expect,” “intend,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,”
“potential,” “continue,” “ongoing,” “target,” “seek” or the
negative or plural of these words, or other similar expressions
that are predictions or indicate future events or prospects,
although not all forward-looking statements contain these words.
These statements are based upon estimates and forecasts and reflect
the views, assumptions, expectations, and opinions of Artisan and
Prenetics, which involve risks, uncertainties and other factors
that may cause actual results, levels of activity, performance or
achievements to be materially different from those expressed or
implied by these forward-looking statements. Any such estimates,
assumptions, expectations, forecasts, views or opinions, whether or
not identified in this document, should be regarded as indicative,
preliminary and for illustrative purposes only and should not be
relied upon as being necessarily indicative of future results.
Although each of Artisan, Prenetics and PubCo believes that it has
a reasonable basis for each forward-looking statement contained in
this document, each of Artisan, Prenetics and PubCo caution you
that these statements are based on a combination of facts and
factors currently known and projections of the future, which are
inherently uncertain. In addition, there will be risks and
uncertainties described in the proxy statement/prospectus on Form
F-4 relating to the proposed transaction, which has been
confidentially filed by PubCo with the U.S. Securities and Exchange
Commission (the “SEC”), and other documents filed by Artisan or
PubCo from time to time with the SEC. These filings may identify
and address other important risks and uncertainties that could
cause actual events and results to differ materially from those
expressed or implied in the forward-looking statements.
Forward-looking statements in this document include statements
regarding the proposed transaction, including the timing and
structure of the transaction, the proceeds of the transaction and
the benefits of the transaction. Neither Artisan, Prenetics nor
PubCo can assure you that the forward-looking statements in this
document will prove to be accurate. These forward-looking
statements are subject to a number of risks and uncertainties,
including the ability to complete the business combination due to
the failure to obtain approval from Artisan’s shareholders or
satisfy other closing conditions in the business combination
agreement, the occurrence of any event that could give rise to the
termination of the business combination agreement, the ability to
recognize the anticipated benefits of the business combination, the
amount of redemption requests made by Artisan’s public
shareholders, costs related to the transaction, the impact of the
global COVID-19 pandemic, the risk that the transaction disrupts
current plans and operations as a result of the announcement and
consummation of the transaction, the outcome of any potential
litigation, government or regulatory proceedings and other risks
and uncertainties, including those to be included under the heading
“Risk Factors” in the registration statement on Form F-4 that has
been confidentially filed by PubCo to the SEC and those included
under the heading “Risk Factors” in the final prospectus of Artisan
dated May 13, 2021 and in its subsequent quarterly reports on Form
10-Q and other filings with the SEC. In light of the significant
uncertainties in these forward-looking statements, you should not
regard these statements as a representation or warranty by Artisan,
Prenetics, PubCo, their respective directors, officers or employees
or any other person that Artisan, Prenetics or PubCo will achieve
their objectives and plans in any specified time frame, or at all.
The forward-looking statements in this document represent the views
of Artisan, Prenetics and PubCo as of the date of this document.
Subsequent events and developments may cause those views to change.
However, while Artisan, Prenetics and PubCo may update these
forward-looking statements in the future, Artisan, Prenetics and
PubCo specifically disclaim any obligation to do so, except to the
extent required by applicable law. You should, therefore, not rely
on these forward-looking statements as representing the views of
Artisan, Prenetics or PubCo as of any date subsequent to the date
of this document. Accordingly, undue reliance should not be placed
upon the forward-looking statements.
Important Additional Information Regarding the Transaction
Will Be Filed With the SEC
In connection with the proposed transaction, PubCo has
confidentially filed a registration statement on Form F-4 with the
SEC that included a prospectus with respect to PubCo’s securities
to be issued in connection with the proposed transaction and a
proxy statement with respect to the shareholder meeting of Artisan
to vote on the proposed transaction. Shareholders of Artisan and
other interested persons are encouraged to read, when available,
the preliminary proxy statement/prospectus as well as other
documents to be filed with the SEC because these documents will
contain important information about Artisan, Prenetics and PubCo
and the proposed transaction. After the registration statement is
declared effective, the definitive proxy statement/prospectus to be
included in the registration statement will be mailed to
shareholders of Artisan as of a record date to be established for
voting on the proposed transaction. Once available, shareholders of
Artisan will also be able to obtain a copy of the F-4, including
the proxy statement/prospectus, and other documents filed with the
SEC without charge, by directing a request to: Artisan Acquisition
Corp., Room 1111, New World Tower 1, 18 Queen’s Road, Central, Hong
Kong. The preliminary and definitive proxy statement/prospectus to
be included in the registration statement, once available, can also
be obtained, without charge, at the SEC’s website
(www.sec.gov).
Participants in the Solicitation
Artisan, Prenetics and PubCo and their respective directors and
executive officers may be considered participants in the
solicitation of proxies with respect to the potential transaction
described in this document under the rules of the SEC. Information
about the directors and executive officers of Artisan and their
ownership is set forth in Artisan’s filings with the SEC, including
its final prospectus dated May 13, 2021 and subsequent filings on
Form 10-Q and Form 3. Additional information regarding the persons
who may, under the rules of the SEC, be deemed participants in the
solicitation of Artisan’s shareholders in connection with the
potential transaction will be set forth in the registration
statement containing the preliminary proxy statement/prospectus
when it is filed with the SEC. These documents are available free
of charge at the SEC’s website at www.sec.gov or by directing a
request to Artisan Acquisition Corp., Room 1111, New World Tower 1,
18 Queen's Road, Central, Hong Kong.
No Offer or Solicitation
This document is not a proxy statement or solicitation of a proxy,
consent or authorization with respect to any securities or in
respect of the potential transaction and does not constitute an
offer to sell or a solicitation of an offer to buy any securities
of Artisan, Prenetics or PubCo, nor shall there be any sale of any
such securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of the Securities Act.
Artisan Acquisition (NASDAQ:ARTA)
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From Apr 2022 to May 2022
Artisan Acquisition (NASDAQ:ARTA)
Historical Stock Chart
From May 2021 to May 2022