Avacta Group PLC on Thursday said that it has bought Coris Bioconcept SRL, adding a range of professional-use rapid tests to its product portfolio.
Avacta is a Wetherby, England-based life sciences company, focused on developing targeted oncology drugs and diagnostics.
It has acquired Coris, a developer of diagnostic test kits, for £7.4 million, with an earnout based on future business performance of up to £3.0 million.
For 2022, Coris reported revenue of £4.6 million, the majority of which was non-Covid-19 related. Earnings before interest, tax, depreciation and amortisation were £350,000.
Following the acquisition, the Coris management team will remain with the business, working closely with Avacta.
Further, Avacta will transfer its lateral flow product development activities to Coris and support that activity through ongoing development of Affimer reagents for new products or to enhance existing ones.
‘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,’ said Avacta Chief Executive Officer Alastair Smith.
Avacta shares were trading 0.2% lower at 107.80 pence each in London on Thursday morning.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
