Avacta Group  has acquired Coris BioConcept for £7.4 million ($9.2 million) with an earnout based on future business performance, payable in cash, of up to £3 million.

Coris BioConcept, based in Belgium and established in 1996, manufactures and markets a variety of lateral flow tests for use in the healthcare industry. The company’s revenue split for the year ended 31 December 2021 was: 80% Europe; 12% America; and 8% from the Middle East, Africa and Asia-Pacific.

Through the acquisition, Avacta adds a range of marketed professional use rapid tests to its portfolio, allowing the company to tap into the rapid medical diagnostic kits market, which is forecast to reach a value of $23.1 billion by 2031.

“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,” said Dr Alastair Smith, CEO of Avacta Group.

This deal is consistent with Avacta’s M&A strategy and complements the acquisition of Launch Diagnostics, which was announced in October 2022, representing an important step for Avacta 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.

Further, Coris manufactures test kits for antimicrobial resistance, which has a growing market due to antibiotic resistance being a major global challenge. The acquisition means that it will be able to add this product to its portfolio.