Business
Avacta acquires Coris Bioconcept
Avacta acquires Coris Bioconcept.
About this update from Avacta Group Plc
[{"type":"text","content":"\n\n \n \n01 June 2023\n \nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ('MAR'). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ('RIS'), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \nAvacta Group plc\n \n(\"Avacta\" or the \"Company\" and, together with its subsidiary undertakings, the \"Group\")\n \nAvacta acquires Coris Bioconcept, adding a broad range of marketed professional-use rapid tests to the Group\n \n \nAcquisition consistent with Avacta Diagnostics M&A strategy and complements earlier acquisition of Launch Diagnostics\n \nAvacta Group plc (AIM: AVCT), a life sciences company developing innovative, targeted oncology drugs and powerful diagnostics, is pleased to announce that it has acquired Coris Bioconcept SRL (\"Coris\") for an upfront cash consideration of £7.4 million (on a debt-free/cash-free basis and subject to customary working capital adjustments), with an earnout based on future business performance, payable in cash, of up to £3.0 million (the \"Acquisition\").\n \nAvacta's Diagnostics division is driving ambitious growth through an M&A-led strategy with the aim of supporting healthcare professionals and broadening access to high quality diagnostics. The strategy is focused on both acquiring routes into the diagnostics market and appropriate IP-rich product portfolios. The first acquisition, Launch Diagnostics, in October 2022 provides the group with a well-established route to market in the centralised professional healthcare market, primarily in the UK and France.\n \nCoris, based in Gembloux, Belgium and established in 1996, develops, manufactures and markets rapid diagnostic test kits, mainly lateral flow tests, for use by healthcare professionals. Coris is ISO 13485 certified and markets its products through distributors in Europe, Asia, South America, Africa and Oceania. Coris' revenue splits for the year ended 31 December 2021 were: 80% Europe; 12% America; and 8% from the Middle East, Africa and Asia-Pacific.\n \nUnaudited revenues for the year ended 31 Dece...