Prenetics Limited is set to merge with Artisan Acquisition Corp. (NasdaqCM:ARTA), a special purpose acquisition company, in a deal that will value the new entity at $1.3 billion or more, according to a source close to the deal. The transaction is expected to close by the end of this year.

The SPAC is already traded on the Nasdaq under the ticker ARTAU. UBS, Citi, Credit Suisse and CICC are financial advisors on the potential de-SPAC transaction. Talks with additional pipe investors are said to be ongoing, with strong initial demand, the source said.