Hungry Avacta completes second deal
AVACTA Group, the York-based science company, which helps biopharmaceutical developers and manufacturers get their products to market quicker, has acquired a second business in as many weeks.
The Leeds University spin-out has bought Theragenetics – a personalised medicine diagnostics company – for £2.05m.
The deal follows Avacta’s acquisition of Curidium Medica for £6.81m earlier this month.
Avacta will pay for its most recent purchase with the issue of up to 67,566,667 ordinary shares of 0.1p each fully paid at 3p per share – 14% premium to the closing midmarket share price on January 14 and £23,000 in cash.
Both Theragenetics and Curidium operate in the field of personalised medicine for central nervous system (CNS) disorders such as schizophrenia and depression.
The acquisitions combined with Avacta’s commercialisation skills will help to provide important new technology and services to the healthcare sector.
Avacta’s strategy is to develop and apply its proprietary analytical skills and technology towards the need for rapid identification and diagnosis at the molecular level, whether in healthcare, pharmaceutical development or in other industrial field applications.
Alastair Smith, chief executive of Avacta, said:”This is an opportunity for Avacta to develop further its business in the diagnostics sector.
“The anticipated integration of Theragenetics and Curidium within the enlarged group will create a strong intellectual property position in CNS personalised medicine that has the potential to be a significant asset to the group.”
Ian Gilbert, corporate partner at law firm Walker Morris, which acted on both deals, said: ” Avacta is a long-standing client of the firm, having acted for them since they were spun out of Leeds University, and so it is particularly pleasing to see the company grow and enjoy such success.”
Avacta was founded by colleagues Professor Alastair Smith, one of the leading biophysicists in the UK, Simon Webster and Kurt Baldwin, two experienced molecular physicists and technology developers in 2004
The diagnostics specialist was listed on AIM in August 2006 via a reverse takeover of Readybuy, which was renamed Avacta Group.
The group comprises Avacta Analytical, its contract research services division, and Avacta, an innovative technology developer.
