|
Avacta Group PLC shares climbed on Monday, after it agreed to sell Coris Bioconcept SRL to 3B BlackBio Dx Ltd for £2.2 million upfront. The Wetherby, West Yorkshire-based life sciences company said the deal includes an additional earn-out, based on future business performance, of up to £615,000. Coris Bioconcept specialises in developing, manufacturing and marketing rapid diagnostic tests. 3B BlackBio is based in Bhopal, India and specialises in molecular diagnostic kits. Avacta, which is targeting oncology drugs, said it expects the sale to complete in August. It said the sale is the ‘important final step’ in its goal of becoming a pure-play therapeutics business. The proceeds will be used to further its preCISION platform. Coris reported revenue of €5.2 million for 2024, primarily driven by sales from non-Covid products. It recorded negative earnings before interest, tax, depreciation and amortisation of €215,000. Avacta said following the sale, its cash runway will extend further into the first quarter of 2026. In 2024, it reported a non-cash impairment charge of £6.8 million as a result of this disposal. ‘We are now fully focused on advancing our promising peptide drug conjugate pipeline powered by our innovative preCISION technology, which is delivering precision oncology treatments that have the potential to make a meaningful impact on patient outcomes,’ said Chief Executive Officer Christina Coughlin. Shares in Avacta Group were up 7.2% at 50.83 pence in London on Monday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
