Avacta Expands Diagnostics Portfolio with Acquisition of Rapid Test Maker Coris Bioconcept
Posted on 05 Jun 2023
Avacta Group plc (London, UK), a life sciences company developing oncology drugs and diagnostics, has acquired Coris Bioconcept SRL (Gembloux, Belgium) for an upfront cash consideration of GBP 7.4 million. The deal also includes an earnout, contingent on future business performance, which could amount to up to GBP 3 million in cash.
Avacta’s Diagnostics division is actively pursuing an M&A-led strategy, with the goal of supporting healthcare professionals and broadening access to high-quality diagnostics. This strategy is focused on making inroads into the diagnostics market and obtaining suitable IP-rich product portfolios. The first acquisition by the group, Launch Diagnostics, in October 2022, provided a well-established route to market in the centralized professional healthcare sector, mainly in the UK and France.
Established in 1996, Coris specializes in the development, manufacturing, and marketing of rapid diagnostic test kits, mainly lateral flow tests, for healthcare professionals. Coris' range of products includes diagnostic tests for respiratory, gastrointestinal, and blood-borne pathogens (including bacteria, viruses, and parasites) as well as for the detection of markers indicating antibiotic resistance. Among its offerings, Coris markets a COVID-19 lateral flow test. As a result, Avacta has made the strategic decision to halt the redevelopment of its own AffiDX SARS-CoV-2 antigen lateral flow test. Additionally, Avacta plans to relocate its lateral flow product development operations to Coris and support that activity by continuously developing Affimer reagents for new products or improving existing ones.
“The acquisition of Coris provides the Group with a broad, professional-use rapid test product portfolio. Complementing the acquisition of Launch Diagnostics last year, the Acquisition represents an important step in establishing a full-spectrum in-vitro diagnostics business covering centralized, pathology laboratory diagnostics, as well as decentralized, point-of-care testing solutions outside the hospital setting,” said Dr. Alastair Smith, Chief Executive Officer, Avacta Group plc.
“Antibiotic resistance is a major global challenge and we strongly believe that the market for antimicrobial resistance (AMR) testing is one with good future growth prospects. We are particularly pleased, therefore, to have added an AMR product portfolio to the Group with this acquisition,” added Dr. Smith. “With this acquisition, our Diagnostics division has taken another important step towards realizing its mission to support healthcare professionals and broaden access to high-quality diagnostics.”
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Avacta Group plc
Coris Bioconcept SRL
