OXFORD, England, October 28, 2016 /PRNewswire/ --
PharmaVentures is pleased to announce that it acted as adviser toIDT Australia Limited for the successful divestment of CMAX, a dedicated clinical trials business, to the Japanese healthcare company I'rom Group Co. Ltd. for a minimum AUD 14,000,000.
The acquisition is subject to the satisfaction of certain
IDT will receive an initial cash payment of AUD 10,000,000 in consideration for 61% of the CMAX business. A second payment for the remaining 31% of the CMAX business will be a minimum of AUD 4,000,000 (payable at I'rom Group's election in cash or a combination of cash and forgiveness of IDT shares). The second consideration payment may increase subject to an earn-out provision and a third payment on achieving a specific business milestone.
Stephen Waterman, Managing Director, PharmaVentures said; "We are delighted to have used our expertise in the CRO sector to assist IDT in its strategic move into the specialty generics space."
Fintan Walton, Chairman and Chief Executive of PharmaVentures said: "This deal both establishes PharmaVentures as a player in the CRO M&A space as well as continuing to demonstrate its expertise in cross-border transactions in the Asia-Pacific region."
For the past 24 years, PharmaVentures has acted as an advisor to over 700 global pharmaceutical and biotechnology clients in transactions; covering licensing, mergers, acquisitions, divestments and joint venture activities for companies.
IDT Australia Ltd recently acquired a portfolio of 23 generic drugs to manufacture and sell via US distribution partners. With IDT's 2013 Temozolomide ANDA filing this signifies IDT's move to rapidly become a specialty generics business with near term revenue build up.
IDT (ASX:IDT) is a public Australian pharmaceutical manufacturing company based in Boronia, Victoria, Australia. It has extensive experience in the development and production of high potency and high containment pharmaceutical products for local and international clients. IDT's facilities are fully cGMP compliant and are regularly audited by the US FDA and Australian TGA. With an experienced team of specialists within world-class facilities, IDT provides a full-scale service for new drug development and scale-up, commercial active drug manufacture as well as a variety of oral and injectable finished drug dose forms.
Through CMAX, its clinical research services business based adjacent to the new Royal Adelaide Hospital in South Australia, IDT also provides full Phase I clinical trials management and delivery, recruitment in specific disease states for Phase II and Phase III trials as well as offering trial packaging, distribution and pharmacy services from the cGMP Boronia facilities.
Click here to see IDT's Press Release
I'rom Group Co. Ltd is an integrated Japanese healthcare company listed on the Tokyo Stock Exchange. I'rom Group's primary business is the provision of clinical trial site management services as a Site Management Organisation ("SMO"). I'rom Group have been an IDT shareholder since 2013. I'rom Group believes that the acquisition of the CMAX business will help grow profits and help the company and its shareholders through an increased corporate value. Furthermore, I'rom Group will be able to acquire knowledge that will assist in growing the company's existing clinical trial and advanced therapeutics business domains.
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PharmaVentures is a premier transaction advisory firm; a leader in partnering, M&A deals and strategic alliances.
Our unrivalled bank of specialist experience, deal analytics and network of contacts among innovators and large pharma makes them uniquely placed to support your business in all aspects of deal making and strategic planning. PharmaVentures is well known for its deep insight into deal structures and its success for generating partnering interest.
Find out more http://www.pharmaventures.com
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Now in its 25th year, PharmaVentures is based in Oxford, UK, and employs over 20 professionals and has associates in N. America, Latin America, and Asia-Pacific.
FOR FURTHER INFORMATION, CONTACT: Dr Fintan Walton Chief Executive PharmaVentures Ltd +44 1865 332700 [email protected] Twitter | LinkedIn
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