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LONDON - Avacta Group PLC (AIM:AVCT) has agreed to sell its Coris Bioconcept SRL unit to 3B BlackBio Dx Ltd for £2.15 million in cash, with a potential additional earn-out of up to £0.615 million based on future performance, according to a press release statement issued Monday.
The transaction, expected to close in August 2025 subject to customary conditions, represents the final step in Avacta’s strategic shift to become a pure-play therapeutics business focused on oncology drugs.
This divestment follows the sale of Launch Diagnostics completed in March 2025. Proceeds from the Coris sale will be used to advance Avacta’s pre|CISION platform for targeted cancer treatments.
Coris Bioconcept reported unaudited revenue of €5.22 million for the financial year ended December 31, 2024, primarily from non-COVID products. The unit recorded negative EBITDA of €0.215 million for the period, with net assets of €4.14 million at year-end.
Avacta previously recorded a non-cash impairment charge of £6.8 million related to this disposal in its financial results for the year ending December 31, 2024.
The company stated that following the completion of this transaction, its cash runway will extend further into the first quarter of 2026.
"This disposal marks the pivotal final step in Avacta’s transition to a pure-play therapeutics company," said Christina Coughlin, Chief Executive Officer of Avacta, in the press release.
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