  We present an analysis of the recent measurement of $\eta'$-meson production
by two virtual photons made by BaBar collaboration. It is the first measurement
of a transition form factor which is entirely within the kinematic regime of
the collinear factorization approach and thus provides a clean test of QCD
factorization theorem for distribution amplitudes (DAs). We demonstrate that
the data is in agreement with the perturbative QCD. Also, we show that it is
sensitive to power corrections to the factorization theorem and to the decay
constants. We discuss features of the meson production cross-section and point
out the kinematic regions that are sensitive to interesting physics. We also
provide an estimation of uncertainties on the extraction of DA parameters.
