Covid-19 rapid test developer acquired

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Oxsed covid test

K&L Gates represented Hong Kong-based genetics and diagnostic health testing company Prenetics and its wholly-owned UK subsidiary DNAFit, in acquiring Oxsed, the developer of a rapid covid-19 testing method.

The Oxsed RaViD test provides test results within 30 minutes. Oxsed is led by two Chinese professors at Oxford University, chemical engineer Cui Zhanfeng and synthetic biologist Huang Wei. The Oxsed RaViD tests are already in use at London’s Heathrow airport and are planned for introduction at Hong Kong International Airport.

K&L Gates’ Hong Kong team in the deal was led by William Ho, with assistance from associates Eva Ying and Joey Liu. The firm’s London team was led by corporate partner Richard Dollimore with assistance from senior associate Sunny Kumar, associates Victoria Cormack, Emma Cooper and Keisha Phippen, and trainee solicitor Kira Green. UK partners Giles Bavister and Jennifer Marsh advised on UK tax aspects and regulatory aspects of the acquisition, respectively.

“It has been a great privilege to have assisted Prenetics in this transaction,” said Ho. “We are thrilled to see Prenetics playing an increasingly important role in the fight against the global pandemic, and we are excited to have played a small role in this fight.”

Previously, in September, Ho also led K&L Gates’ Hong Kong team in advising Prenetics on a recent US$15 million fundraising. The financing round was led by the UK-based private equity fund, Apis Partners. Existing investor Alibaba Hong Kong Entrepreneurs Fund also participated in the round. This brings the total funds raised by Prenetics to more than US$60 million since its inception in 2014.