The life sciences company bought Coris for an upfront cash consideration of £7.4m, with an earnout based on future business performance of up to £3m. The existing Coris management team will remain in place.
Coris, based in Gembloux, Belgium and established in 1996, develops, manufactures, and markets rapid diagnostic test kits, mainly lateral flow tests, for use by healthcare professionals.
The company’s 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 its portfolio, the company markets a Covid-19 lateral flow test and, as a result, Avacta has taken the commercial decision to halt the redevelopment of its own AffiDX SARS-CoV-2 antigen lateral flow test.
Coris markets its products through distributors across Europe, Asia, South America, Africa and Oceania.
Operationally, the firm employs 35 members of staff split across production, sales, marketing, quality control, regulation and administration. In March 2023, the business completed the construction of a new production, offices and warehouse facility in Gembloux.
“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 centralised, pathology laboratory diagnostics, as well as decentralised, point-of-care testing solutions outside the hospital setting,” said Dr. Alastair Smith, CEO of Avacta.
“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.
“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.”