Listed MedTech Avacta Therapeutics has sold Coris Bioconcept SRL to 3B BlackBio Dx for an upfront fee of around £2.2m.
The London-based life sciences company, which is developing targeted oncology drugs, is looking to shift towards becoming a dedicated therapeutics business and this deal follows the divestment of Launch Diagnostics in March of this year.
Completion of the sale is expected in August 2025, subject to customary closing conditions.
The proceeds will be used to further Avacta’s pre|CISION platform – a targeted drug delivery system designed to release powerful treatments directly into tumours while avoiding healthy tissue. It uses a tumour-specific enzyme – fibroblast activation protein (FAP) – to activate the treatment only where it’s needed.
Coris reported unaudited revenue of £3.9m for its latest financial year, with negative EBITDA of £160,000.
Following the sale of Coris, the company’s cash runway will extend further into Q1 2026.
“This disposal marks the pivotal final step in Avacta’s transition to a pure-play therapeutics company,” said Christina Coughlin, CEO of Avacta.
“We are now fully focused on advancing our promising peptide drug conjugate pipeline powered by our innovative pre|CISION® technology, which is delivering precision oncology treatments that have the potential to make a meaningful impact on patient outcomes.”
The firm is currently listed on the London Stock Exchange and has a market cap of £198.3m.
Following the news of the sale, its share price has spiked – rising to 49.02p from the 47.4p at which it stood at the close of play on Friday.
Administrators appointed at trading arm of listed London company