LONDON: Avacta Therapeutics (AIM: AVCT), a life sciences company developing innovative, targeted oncology drugs, today announced the sale of Coris Bioconcept SRL to 3B BlackBio Dx Ltd for an upfront cash consideration of £2.15 million (including net cash & customary working capital adjustments) with an additional earn-out based on future business performance of up to £0.615 million. Completion of the sale is expected in August 2025, subject to customary closing conditions.
This sale follows the divestment of Launch Diagnostics completed in March 2025 and is the important final step in the Company’s goal of becoming a pure-play therapeutics business. The sale proceeds will be used to further Avacta’s pre|CISION® platform.
Coris reported unaudited revenue of €5.22 Million for the financial year ended 31 December 2024 (“FY24”), primarily driven by sales from non-COVID products. In FY24 Coris recorded negative EBITDA of €0.215 Million and its net assets at the year-end stood at €4.14 Million.
Following the sale of Coris, the Company’s cash runway will extend further into Q1 2026.
In the year ending 31 December 2024, the Group reported a noncash impairment charge of £6.8 Million as a result of this disposal.
Christina Coughlin, M.D., Ph.D., Chief Executive Officer of Avacta, said: “This disposal marks the pivotal final step in Avacta’s transition to a pure-play therapeutics company. We are now fully focused on advancing our promising peptide drug conjugate pipeline powered by our innovative pre|CISION® technology, which is delivering precision oncology treatments that have the potential to make a meaningful impact on patient outcomes.”