Prenetics Acquires ACT Genomics

16 December 2022 | Friday | News

Creating a Leader in Comprehensive Cancer Genetics and Precision Oncology
Image Source : Public Domain

Image Source : Public Domain

  • Acquisition to bring germline and somatic testing, cell-free DNA-based (liquid biopsy), and tissue-genomic profiling onto a single platform
  • Cancer genomics testing is now standard practice for cancer care and has shown to be highly successful such as Foundation One (acquired by Roche), Grail (acquired by Illumina), Exact Sciences, Guardant Health and more
  • Expects ACT to contribute US$25-30 million in revenues in 2023
  • Positions Prenetics solidly within the US$80+ billion global precision oncology market
  • Acquisition expected to complete on or around December 30, 2022, subject to normal closing conditions


 -- Prenetics Global Limited (NASDAQ: PRE), a leader in genomic and diagnostic testing, today announced that it is acquiring a majority stake in ACT Genomics Holdings Company Limited ("ACT"), an Asia based genomics company specializing in precision oncology with operations in Hong KongTaiwanJapanSingaporeThailand and in the UK.

"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 US$230 million+ in cash and receivables on our balance sheet."

In connection with the acquisition, Prof. Tony Mok will be appointed to Prenetics Scientific Advisory Board, effective January 1, 2023. Prof. 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 (AZN LON), and an independent director of HUTCHMED (China) Limited (Nasdaq/AIM: HCM; HKEX:13).

"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 Prof. Tony Mok, Chairman of the Board, of ACT. "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. "

Dr. Hua Chien Chen, CEO of ACT, says "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."

Mr. Albert Wong, Chief Executive Officer of Hong Kong Science and Technology Parks Corporation, said, "We are 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. 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, Hong Kong is open to innovators from around the world who want to come and accelerate their future success."

Creating a Leader in Comprehensive Cancer Genetics and Precision Oncology

  • Transforming 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.
  • Positioning Prenetics as a Leader in a US$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 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 KongKyoto UniversityNational University of Singapore, and more.  


Stay Connected

Sign up to our free newsletter and get the latest news sent direct to your inbox


Forgot your password?



Lost your password? Please enter your email address. You will receive a link to create a new password.

Back to log-in