Australian pharmaceutical manufacturing and drug development company IDT Australia Limited (ASX: IDT) announces it has executed an Active Pharmaceutical Ingredient (API) Development Agreement with The State Government of Victoria (Victorian Government).
The exact details of both the API and the commercial terms are confidential between IDT and the Victorian Government, however the agreement extends for a period of up to twelve months and the total consideration IDT stands to receive from the project is in excess of $2,000,000.
“IDT has significant GMP facilities for the development and manufacture of APIs at its Boronia site, and is pleased to be undertaking this substantial project for the Victorian Government,” said Graeme Kaufman, Executive Chairman of IDT. “It enables us to build on our expertise in an exciting new field of drug development,” he added.
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