Avacta Group PLC said on Wednesday it increased its shareholding in its South Korean joint venture, AffyXell Therapeutics.

The London-based life biotechnology company’s holding in the joint venture now stands at 22%.

AffyXell was established in January 2020 by Avacta and Daewoong Pharmaceutical Co Ltd as a joint venture to develop novel mesenchymal stem cell therapies.

Avacta transferred intellectual property relating to Affimer proteins into AffyXell, triggering an agreed milestone in the joint venture agreement. In exchange for this, Avacta has received an increase in its equity stake in AffyXell.

Chief Executive Alastair Smith said: ‘AffyXell is uniquely positioned to develop novel and powerful cell therapies through the combination of two world-class technologies, Avacta’s Affimer platform and Daewoong’s proprietary technology for generating ’off-the-shelf’ allogeneic MSC therapies.’

Shares in Avacta closed up 1.8% at 114.00 pence on Wednesday in London.

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