Mourant advises Prenetics on $200m early cancer detection venture ‘Insighta’
Mourant has acted as Cayman Islands counsel to Prenetics Global Limited on its establishment of a US$200 million landmark joint venture ‘Insighta’ with globally renowned scientist Professor Dennis Lo, the molecular biologist who pioneered non-invasive prenatal testing.
Under the terms of the transaction, Prenetics will receive a 50% equity stake in Insighta, a Cayman Islands incorporated company, and Professor Dennis Lo’s party will have a 50% equity stake. Insighta is powered by technology developed by the Centre for Novostics which is supported by the InnoHK Initiative of the Innovation and Technology Commission of the Hong Kong government.
Insighta plans to introduce its revolutionary test, Presight, for lung and liver cancers in 2025, and to expand with Presight One, a multi-cancer early detection test for more than ten types of cancers in 2027. This represents an unprecedented opportunity to save lives and bolster Hong Kong’s standing as a global hub for life sciences innovation.
Prenetics Global Limited is a Cayman Islands company founded in 2014, which listed on NASDAQ in 2022, via a de-SPAC transaction that was supported by Mourant as Cayman legal counsel. This latest venture cements Prenetics’ expansion as a major global diagnostics and genetic testing organisation.
Managing Partner of the firm’s Hong Kong office and Practice Leader of the Hong Kong Corporate and Investment Funds team, Paul Christopher, and Partner Jessica Lee led the deal for Mourant, working in association with Senior Legal Manager Jesslyn Leung and Legal Manager Libby Chau. Baker McKenzie acted as Prenetics’ international counsel on the transaction.
Paul Christopher commented: “It’s been a pleasure to continue our partnership with Prenetics on this latest venture, which could revolutionise the prevention, early detection, and treatment of cancer; a disease which blights so many lives. Prenetics really is the market leader in their field, and we wish them every success with this landmark development.”
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