Avacta Acquires Coris BioConcept to Grow Diagnostics Product Portfolio

Avacta Group announced on June 1, 2023 that it has acquired Coris BioConcept, a Belgium-based provider of rapid diagnostic kits. The acquisition will give Avacta more routes into the diagnostics market, and Avacta will gain appropriate intellectual property-rich product portfolios. This move falls in line with Avacta’s strategy to strengthen its position in the centralized professional healthcare market following its October 2022 acquisition of Launch Diagnostics, a UK-based distributor of in-vitro diagnostics (1).

The transaction includes an upfront cash consideration of £7.4 million (US$9.3 million) and may include an additional earnout cash payment of up to £3.0 million (US$3.6 million) based on future business performance, according to a company press release. Coris recently completed construction of a new 10,700 ft2 facility in Gembloux, Belgium, in March 2023 that houses offices and warehouse space. Coris’ product portfolio consists of diagnostic tests for respiratory, gastroenteric, and blood-borne pathogens, including a COVID-19 lateral flow test, as well as diagnostic kits for the detection of antibiotic resistance markers.

“The acquisition of Coris provides [Avacta] with a broad, professional-use rapid test product portfolio,” said Alastair Smith, CEO of Avacta Group, in the press release. “Complementing the acquisition of Launch Diagnostics last year, the [Coris] 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.”

Reference

1. Avacta Group, Proposed Acquisition of Launch Diagnostics. Press Release, Oct. 18, 2022.

Source: Avacta Group