Avacta Group PLC (AIM:AVCT) announced the sale of its subsidiary, Coris Bioconcept, to 3B BlackBio Dx Ltd, for £2.15 million in upfront cash plus up to £615,000 in potential earn-outs.
Completion is expected in August 2025, subject to closing conditions.
The deal follows the March sale of Launch Diagnostics and marks the company’s full transition to a therapeutics-focused model.
Coris recorded €5.22 million in unaudited revenue for 2024 but reported negative EBITDA of €0.215 million. The divestment supports Avacta’s strategy to concentrate resources on its pre|CISION platform for targeted cancer therapies.
“This disposal marks the pivotal final step in Avacta’s transition,” said chief executive Dr. Christina Coughlin, noting a strengthened cash runway extending into Q1 2026.
Avacta had previously recorded a non-cash impairment of £6.8 million tied to the disposal.
Proceeds will be used to advance its pipeline of peptide and Affimer® drug conjugates aimed at improving oncology treatment precision and safety.