Azenta, a provider of life sciences services including genomics, cryogenic storage, automation, and informatics, has announced changes to its board in return for a commitment from activist investor Politan Capital Management not to push for seats, according to a report by Reuters.

The announcement came as the company also revealed strong earnings, with shares jumping by nearly 12% in after-hours trading on Monday as a result.

As part of the deal, two new directors will join the board while two current directors will retire, the company said, adding that it will make an additional $500m in share repurchases in fiscal 2024 and will focus on "smaller tuck-in acquisitions."

In return, Politan, which is one of the company's biggest shareholders with a 7.5% stake, withdrew its notice to nominate director candidates for election, which was seen as a precursor to a possible proxy fight.

The report cites unnamed sources with knowledge of the mater as revealing that Azenta and Politan have held a series of private discussions to find ways of increasing shareholder value.