Avacta Group plc has acquired Coris BioConcept for £7.4 million, approximately $9.2 million USD, with an earnout based on future business performance, payable in cash, of up to £3 million.
According to data captured in the LevinPro HC database, this marks the 63rd Laboratories, MRI and Dialysis transaction of the year and the 31st in the diagnostic subsector.
Coris BioConcept is a middle-sized company specialized in developing, manufacturing and marketing rapid diagnostic test kits, mainly lateral flow tests, for use by healthcare professionals. Coris BioConcept was established in 1996 and is based in Gembloux, Belgium.
Avacta Group plc is a life sciences company. The company is focused on improving people’s health and well-being through targeted oncology drugs and diagnostics. It has two divisions: diagnostics and therapeutics.
Through the acquisition, Avacta adds a range of marketed professional use rapid tests to its portfolio, allowing the company to tap into the rapid medical diagnostic kits market, which is forecast to reach a value of $23.1 billion by 2031.
This deal also complements Avacta’s acquisition of Launch Diagnostics, an independent in vitro diagnostic product distributor in the United Kingdom, which was announced in October 2022.
