Coris Bioconcept acquired by Avacta

The life sciences company focused on developing targeted oncology drugs and diagnostics, Avacta Group plc (London, UK), has acquired Coris Bioconcept (Gembloux, Belguim) for an upfront cash consideration of £7.4 million. Avacta is focused on increasing access to high quality diagnostics and previously acquired Launch Diagnostics (Kent, UK) in October 2022.

The Chief Executive Officer at Avacta, Dr Alastair Smith, commented:

“The acquisition of Coris provides the group with a broad, professional-use rapid test product portfolio. Complementing the acquisition of Launch Diagnostics last year, the acquisition represents an important step in establishing a full-spectrum in vitro diagnostics business covering centralized, pathology laboratory diagnostics, as well as decentralized, point-of-care testing solutions outside the hospital setting. Antibiotic resistance is a major global challenge and we strongly believe that the market for antimicrobial resistance (AMR) testing is one with good future growth prospects. We are particularly pleased, therefore, to have added an AMR product portfolio to the group with this acquisition.”

Coris Bioconcept develops and manufactures rapid diagnostic test kits – particularly lateral flow tests – and markets the products in Europe, Asia, South America, Africa and Oceania. The company has a portfolio of different diagnostic tests focusing on respiratory, gastro-enteric, blood-borne pathogens and the detection of antibiotic resistance markers. In recent years, Coris Bioconcept has also marketed a COVID-19 lateral flow test.

Smith concluded:

“With this acquisition, our diagnostics division has taken another important step towards realising its mission to support healthcare professionals and broaden access to high quality diagnostics.”

Source: Avacta press release: www.avacta.com/avacta-acquires-coris-bioconcept-adding-a-broad-range-of-marketed-professional-use-rapid-tests-to-the-group/