RNS.1 Jun 2023 07:02
RNS Number : 2568B
Avacta Group PLC
01 June 2023
01 June 2023
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ('MAR'). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ('RIS'), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Avacta Group plc
("Avacta" or the "Company" and, together with its subsidiary undertakings, the "Group")
Avacta acquires Coris Bioconcept, adding a broad range of marketed professional-use rapid tests to the Group
Acquisition consistent with Avacta Diagnostics M&A strategy and complements earlier acquisition of Launch Diagnostics
Avacta Group plc (AIM: AVCT), a life sciences company developing innovative, targeted oncology drugs and powerful diagnostics, is pleased to announce that it has acquired Coris Bioconcept SRL ("Coris") for an upfront cash consideration of £7.4 million (on a debt-free/cash-free basis and subject to customary working capital adjustments), with an earnout based on future business performance, payable in cash, of up to £3.0 million (the "Acquisition").
Avacta's Diagnostics division is driving ambitious growth through an M&A-led strategy with the aim of supporting healthcare professionals and broadening access to high quality diagnostics. The strategy is focused on both acquiring routes into the diagnostics market and appropriate IP-rich product portfolios. The first acquisition, Launch Diagnostics, in October 2022 provides the group with a well-established route to market in the centralised professional healthcare market, primarily in the UK and France.
Coris, based in Gembloux, Belgium and established in 1996, develops, manufactures and markets rapid diagnostic test kits, mainly lateral flow tests, for use by healthcare professionals. Coris is ISO 13485 certified and markets its products through distributors in Europe, Asia, South America, Africa and Oceania. Coris' revenue splits for the year ended 31 December 2021 were: 80% Europe; 12% America; and 8% from the Middle East, Africa and Asia-Pacific.
Unaudited revenues for the year ended 31 December 2022 ("FY22") were £4.6 million, the majority of which were non-COVID-19 related. FY21-22 gross margin was approximately 50%, with EBITDA in FY22 of £0.35 million and a loss-after-tax of £0.02 million. Net assets as at 31 December 2022 were £6.0 million.
Operationally, Coris employs 35 members of staff split across Production, Sales, Marketing, Quality Control, Regulation and Administration. In March 2023, the business completed the construction of a new 10,700ft2 production, offices and warehouse facility in Gembloux.
Coris' product portfolio comprises diagnostic tests for respiratory, gastro-enteric and blood-borne pathogens (ba
Sign In
Follow the stocks
