LBT Innovations shares soar on AstraZeneca deal

LBT Innovations has struck a deal with AstraZeneca to supply five of its APAS automated laboratory devices, sending its shares sharply higher.

LBT Innovations managing director Brent Barnes.

LBT Innovations shares shot as much as 70 per cent higher after it announced an “initial” deal with AstraZeneca to supply five of its APAS automated laboratory devices.

The global pharmaceutical company will pay LBT more than $3.4m for the five devices and ongoing support, with most of the revenue to be received in the next six months.

AstraZeneca is expected to retain and continue to lease a sixth device.

The APAS Independence device uses artificial intelligence and machine learning software to automate the imaging, analysis and interpretation of microbiology culture plates.

LBT said on Wednesday that in January last year it received $1m from AstraZeneca to develop a new APAS module for the reading of culture plates in environmental modelling.

“In March 2024, LBT launched the APAS Independence in the pharmaceutical market after completion of its formal validation of the system demonstrating the performance of the system,’’ the company said.

Managing director Brent Barnes said it was a great milestone for the company.

“The purchasing agreement demonstrates the value the APAS technology provides and unlocks an initial rollout of five instruments across a number of their large manufacturing operations,’’ Mr Barnes said.

“This decision was made based on demonstrated performance of the technology within the AstraZeneca manufacturing processes and provides credibility for the technology more broadly.

“This milestone provides evidence and confidence that the APAS Independence is a fully validated technology that meets the stringent requirements for environmental monitoring during drug manufacturing, applicable to all customers globally for this application.

“Pleasingly, evaluations with additional multinational pharmaceutical customers are expected to commence in the current quarter.”

LBT shares were 40 per cent higher at 2.1c in early trade after trading as high on 2.6c on heavy trade.

Originally published as LBT Innovations shares soar on AstraZeneca deal