Life sciences company Avacta Therapeutics (AIM: AVCT) announced on Monday that it has agreed to sell Coris Bioconcept SRL to 3B BlackBio Dx Ltd for GBP2.15m in upfront cash, with an additional earn-out of up to GBP0.615m based on future performance. Completion is expected in August 2025, subject to customary conditions.

The transaction marks the final step in Avacta's strategic transformation into a pure-play oncology therapeutics company, following the sale of Launch Diagnostics in March 2025. Proceeds will support advancement of the company's proprietary pre|CISION platform.

Coris reported unaudited FY24 revenue of EUR5.22m, largely from non-COVID products, with a negative EBITDA of EUR0.215 million and net assets of EUR4.14 million at year-end. The sale is expected to extend Avacta's cash runway into Q1 2026, despite a related non-cash impairment charge of GBP6.8m in FY24.

Avacta's clinical-stage pipeline focuses on delivering targeted cancer therapies using its pre|CISION platform, which employs a fibroblast activation protein-specific mechanism to release potent payloads within tumours while minimising systemic toxicity.