EXCLUSIVE: Prenetics, Professor Dennis Lo Aim To Make Early Cancer Detection 'Universally Accessible Necessity' With $200M Joint Venture

Prenetics Global Limited PRE, a genomics and precision oncology company, and Professor Dennis Lo announced Sunday they have entered a partnership to establish an early cancer detection screening joint venture, Insighta. 

The $200M Life Sciences Deal: According to the agreement, Prenetics will receive a 50% equity stake, while Lo's party will receive the remaining 50% equity stake. 

With a transaction value of $200 million, this deal stands as the largest private life sciences agreement in Hong Kong's history, according to Prenetics. 

The joint venture will be governed by a six-person board of directors composed of three directors from each side, with Lo as the chairman while Danny Yeung, the CEO of Prenetics, will be the CEO of Insighta, the statement said.  

Per the agreement, Prenetics will provide consideration of $100 million, with $80 million in cash and $20 million in stock. The significant outlay by the company demonstrates a shared belief in Insighta's potential and will be directly utilized to fast-track clinical trials and the commercialization of the breakthrough technology, Prenetics said. 

The Cancer Early Detection Effort: Insighta's first test, Presight, is set to begin a multicountry, 5,000-patient clinical trial in early 2024. The initial Presight tests will be focused on liver and lung cancer, "with it first being made commercially available in mainland China and Hong Kong in 2025," according to a press release.  

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Liver and lung cancers are the first and second most lethal cancers in mainland China and pose a significant health threat across Asia. In 2027, Insighta plans to launch Presight One, a multicancer early detection test capable of detecting more than 10 cancers, the statement said.  

Lo, who is known for his groundbreaking work in non-invasive prenatal testing and in liquid biopsy, said: "We are driven by the profound potential to save countless lives, and together, we will make a significant stride towards a healthier future for all."

Yeung said cost is key with any breakthrough science. 

"Presight has been engineered with cost as a critical factor. With a target price of less than $200 per test, Insighta exemplifies our commitment to advancing science for the betterment of global health. Our objective is to transform early cancer detection from a luxury to a universally accessible necessity."

Insighta is powered by the Centre for Novostics, which is supported by the InnoHK Initiative of the Innovation and Technology Commission of the Hong Kong SAR Government. 

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Courtesy photo.