Baker McKenzie is advising Prenetics Global Limited (“Prenetics”), a leading genomics-driven health sciences company listed on Nasdaq, on the creation of a USD 200 million joint venture named “Insighta” with globally renowned scientist Professor Dennis Lo, to offer multi-cancer early detection screening. For more details about the deal, please refer to the official joint press release here.
Insighta is expected to begin a multi-country 5000-patient clinical trial of its breakthrough test, Presight, in early 2024. The initial Presight tests, which focus on liver and lung cancer, are set to be made commercially available in Mainland China and Hong Kong in 2025. The company plans to launch Presight One, a multi-cancer early detection test capable of detecting more than 10+ different types of cancer in 2027.
The market demand for early detection cancer screenings is estimated to reach 30 million tests in Asia annually and a market value of USD 6 billion by 2030. Insighta’s Presight and Presight One are poised to save lives through the pioneering multi-cancer early detection technologies and bolster Hong Kong’s standing as a global hub for life sciences innovation.
Baker McKenzie fielded a cross-border, cross-practice team for the deal, offering advice on corporate, intellectual property and US securities law matters. The team is led by Hong Kong Private Equity/M&A Partners Derek Poon and Tracy Wut, and IP and Technology Partner Isabella Liu, who co-leads the Healthcare & Life Sciences Industry Practice in Hong Kong with Tracy. They were supported by team members that included Special Counsel (RFL) Xinxing Chen (Private Equity/M&A, Hong Kong); Partners Abe Sun (IP & Technology, Bangkok), Cecile Baumé (Capital Markets, Sydney) and Steven Canner (Capital Markets, New York); Special Counsels Grace Wong (IP & Technology, Hong Kong) and Stephanie Glass (Capital Markets, Sydney); Senior Associate Helen Pang and Associates Brian Chu, Sunny Li and Jenny Chen.
Commenting on the deal, Derek, said: “This transaction exemplifies Prenetics' strategic foresight in developing innovative services for the improvement of global health in the Hong Kong, Mainland China and Asia region. We could not have been more honoured to be able to play a role in this important transaction, and be able to assist our client on multi-faceted aspect of the deal by leveraging our international network and multi-disciplinary expertise as well as deep sector knowledge of the healthcare & life sciences industry. We look forward to continue supporting Prenetics with their legal and business needs as they continue on their mission to enhancing life through science.”
Baker McKenzie's Asia Pacific Healthcare & Life Sciences Industry Practice is highly regarded, with a Band 1 ranking from Chambers Asia Pacific for 10 consecutive years. The team, which includes professionals with scientific backgrounds, is recognized by clients and industry peers for the premium quality advice it provides across all aspects of legal issues that healthcare and life sciences, biotechs and medical devices companies face, including M&A, reorganizations; carve-outs; divestitures; collaborations; licensing and other commercial arrangements; tax; regulatory compliance; data and technology; IP; advertising and promotion; employment and compensation; ESG and sustainability; competition; supply chains; trade; product safety and liability; and litigation.
Mourant provided advice to Prenetics as Cayman counsel