Australia's LBT Innovations jumps on deal to acquire partner's stake in JV

Clever Culture Systems

29/12/2021 01:24

** Shares of medical technology co  LBT.AX  jump as much as
7.7% to A$0.098, set for best day since Dec. 17
    ** LBT signs https://www.asx.com.au/asxpdf/20211229/pdf/454lxcqh3fmjxx.pdf
 binding agreement to acquire Germany-based Hettich Holding
Beteiligungs-und Verwaltungs-GmbH's 50% shareholding in Clever
Culture Systems joint venture (CCS) for A$4 mln ($2.89 mln)
 urn:newsml:reuters.com:*:nFWN2TD02D
    ** CCS is a joint venture between LBT and Hettich for
exclusive development and commercialisation of co's APAS
technology for automated culture plate reading 
    ** On deal completion, CCS will become a fully owned unit of
LBT with no outstanding debt to Hettich 
    ** Stock down 25.7% so far this year, as of last close 


($1 = 1.3829 Australian dollars)

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))