Listed MedTech Avacta Therapeutics has sold Coris Bioconcept SRL to 3B BlackBio Dx for an upfront fee of around 拢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 –聽 fibroblast activation protein (FAP) – to activate the treatment only where it鈥檚 needed.
Coris reported unaudited revenue of 拢3.9m for its latest financial year, with negative EBITDA of 拢160,000.
Following the sale of Coris, the company’s cash runway will extend further into Q1 2026.
鈥淭his disposal marks the pivotal final step in Avacta’s transition to a pure-play therapeutics company,鈥� said Christina Coughlin, CEO of Avacta.
鈥淲e are now fully focused on advancing our promising peptide drug conjugate pipeline powered by our innovative pre|CISION庐 technology, which is delivering precision oncology treatments that have the potential to make a meaningful impact on patient outcomes.鈥�
The firm is currently listed on the London Stock Exchange and has a market cap of 拢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