UK life sciences company Avacta Group plc (AIM:AVCT) has completed the acquisition of Coris Bioconcept SRL for an upfront cash consideration of GBP7.4m, Avacta announced on Thursday.

The deal includes an earnout based on future business performance, potentially amounting to GBP3.0m.

Coris, based in Belgium, develops, manufactures and markets rapid diagnostic test kits, primarily lateral flow tests, for healthcare professionals. With ISO 13485 certification, Coris distributes its products through various channels in Europe, Asia, South America, Africa and Oceania.

In 2022 Coris generated unaudited revenues of GBP4.6m, mainly from non-COVID-19 related tests, and had a gross margin of approximately 50%. The company has 35 employees and recently completed the construction of a new facility.

This acquisition aligns with Avacta's M&A strategy for its Diagnostics division and complements its acquisition of Launch Diagnostics in October 2022.

Coris' product portfolio comprises diagnostic tests for respiratory, gastro-enteric and blood-borne pathogens (bacteria, viruses and parasites) and for the detection of antibiotic resistance markers. As part of this portfolio, Coris markets a COVID-19 lateral flow test. Due to this, Avacta has decided to halt the redevelopment of its own AffiDX SARS-CoV-2 antigen lateral flow test.

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