Berry Genomics, a China-based prenatal genetic testing company backed by conglomerate Legend Holdings, has completed a reverse merger with Shenzhen-listed automotive parts manufacturer Chengdu Tianxing Instrument and Meter, China Money Network reported today.
The transaction valued Berry Genomics at RMB4.3bn ($653m), down from its 2015 valuation of RMB10bn. Tianxing issued approximately 203 million new shares priced at RMB21.
The reverse merger had been in the works since December 2016.
Founded in 2010, Berry Genomics offers non-invasive prenatal genetic testing and diagnostics such as DNA sequencing for disease screening.
The company previously closed a RMB330m series D round in 2015 from Dingfent Asset and Haitong Securities, adding to a RMB200m series C round supplied by Legend Capital, an investment arm of Legend Holdings, earlier that same year.
Legend Capital had also participated in a $25m series B round in 2013 alongside Qiming Venture Partners and Boyu Capital. In 2011, Legend Capital injected $17.8m in series A capital.