Avacta Group has completed its strategic transformation into a pure-play therapeutics company with the announced sale of Coris Bioconcept SRL to India-based 3B BlackBio Dx Ltd for £2.15 million upfront, plus potential earn-outs of up to £615,000 based on future business performance. The transaction, expected to close in August 2025, marks the final divestment in Avacta's pivot away from diagnostics toward oncology drug development.
Strategic Transformation Complete
The Coris sale follows Avacta's earlier divestment of Launch Diagnostics completed in March 2025, representing what CEO Christina Coughlin described as "the important final step" in the company's goal of becoming a pure-play therapeutics business. Coris Bioconcept, which specializes in developing, manufacturing and marketing rapid diagnostic tests, reported unaudited revenue of €5.22 million for 2024, primarily driven by sales from non-COVID products, though it recorded negative EBITDA of €215,000.
The acquirer, 3B BlackBio Dx Ltd, is based in Bhopal, India and specializes in molecular diagnostic kits. Avacta reported a non-cash impairment charge of £6.8 million in 2024 related to this disposal.
Focus on Precision Oncology Platform
With the diagnostic businesses divested, Avacta will concentrate entirely on advancing its preCISION platform, a proprietary payload delivery system designed to concentrate highly potent cancer therapies in the tumor microenvironment while sparing normal tissues. The platform is based on a tumor-specific protease called fibroblast activation protein (FAP).
"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," Coughlin stated.
Financial Impact and Runway Extension
The sale proceeds will be used to further develop Avacta's preCISION platform and its pipeline of peptide drug conjugates (PDC) and Affimer drug conjugates (AffDC). Following the transaction, the company's cash runway will extend further into the first quarter of 2026, providing additional financial stability for its therapeutic development programs.
Avacta's shares climbed 7.2% to 50.83 pence in London following the announcement, reflecting investor confidence in the company's strategic focus on its innovative cancer therapy platform that aims to provide unique benefits over traditional antibody drug conjugates through its tumor-specific release mechanism.
