Drug manufacturer IDT Australia has signed an Active Pharmaceutical Ingredient (API) Development agreement with the Victorian state government.
The exact terms of the agreement have not been disclosure however an announcement has confirmed the deal will extend for 12 months, with IDT standing to receive more than $2 million from the project.
The company has extensive experience in the development and production of high potency and high containment pharmaceutical products for local and international buyers.
“IDT has significant GMP facilities for the development and manufacture of APIs at it Boronia site and is pleased to be undertaking this substantial project for the Victorian government,” said Graeme Kaufman, IDT’s executive chairman.
“It enables us to build on our expertise in an exciting new field of drug development.”