Avacta Group PLC on Monday celebrated ‘rapid’ progress on its joint venture in South Korea, following a second equity payment.

The Wetherby, England-based life sciences company said that the payment has increased its shareholding in AffyXell Therapeutics, which currently stands at 19%.

AffyXell is a joint venture to develop next-generation cell therapies between Avacta and Daewoong Pharmaceutical in South Korea.

The exact shareholding will be determined following a formal valuation of AffyXell.

‘We are delighted that such rapid progress has been made with the second target in our joint venture in South Korea. There is great potential for AffyXell’s novel, engineered mesenchymal stem cell platform incorporating Avacta’s Affimer technology to deliver significant improvements to the standard of care for patients with serious diseases,’ said Chief Executive Officer Alastair Smith.

‘We continue to work closely with our colleagues at AffyXell and Daewoong to advance this cutting edge therapeutic platform.’

Avacta shares were trading 2.8% higher at 111.00 pence each in London on Monday at afternoon.

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