Institute of Drug Technology Australia Limited (IDT) shares shot up 21c or
11% to $2.10 after it announced it had won a substantial contract with
pharmaceuticals manufacturer Pfizer Inc for the development and manufacture of a
new developmental drug candidate. IDT chairman and managing director Dr Graeme
Blackman said today the contract was a long-term, multi-million dollar
agreement.
While IDT said it was constrained from giving precise
financial details because of contract confidentiality, the company did reveal it
would be paid on a fee-for-service basis, which means the contract would make an
immediate contribution to the company’s revenue and earnings.
Dr
Blackman stated that the agreement was strategically significant for IDT.
"It provides us with an exciting opportunity to move further into the
manufacture of finished containment products and this offers the company
significant commercial growth opportunities," he noted.
Under the
contract, IDT said it would provide a range of services to Pfizer including the
process development and manufacture of active pharmaceutical ingredients, the
manufacture of sterile and solid dosage formulations, and clinical labeling and
packaging of drug supplies.
IDT noted that the contract also granted
Pfizer exclusive access to one of IDT’s state-of-the-art containment
manufacturing facilities in Boronia, Victoria.
Dr Blackman said the
agreement would build on the long-term relationship between Pfizer and IDT.
"The relationship recognizes IDT’s expertise in the manufacture of drug
products requiring containment," he commented.
"It also reflects IDT’s
high level of compliance with the good manufacturing practice required by the
Food and Drug Administration in the US," Dr Blackman added.
At 1141 AEST
IDT shares were 19c or 10% higher at $2.08.
Institute of Drug Technology Australia Limited (IDT) shares shot up 21c or
11% to $2.10 after it announced it had won a substantial contract with
pharmaceuticals manufacturer Pfizer Inc for the development and manufacture of a
new developmental drug candidate. IDT chairman and managing director Dr Graeme
Blackman said today the contract was a long-term, multi-million dollar
agreement.
While IDT said it was constrained from giving precise
financial details because of contract confidentiality, the company did reveal it
would be paid on a fee-for-service basis, which means the contract would make an
immediate contribution to the company’s revenue and earnings.
Dr
Blackman stated that the agreement was strategically significant for IDT.
"It provides us with an exciting opportunity to move further into the
manufacture of finished containment products and this offers the company
significant commercial growth opportunities," he noted.
Under the
contract, IDT said it would provide a range of services to Pfizer including the
process development and manufacture of active pharmaceutical ingredients, the
manufacture of sterile and solid dosage formulations, and clinical labeling and
packaging of drug supplies.
IDT noted that the contract also granted
Pfizer exclusive access to one of IDT’s state-of-the-art containment
manufacturing facilities in Boronia, Victoria.
Dr Blackman said the
agreement would build on the long-term relationship between Pfizer and IDT.
"The relationship recognizes IDT’s expertise in the manufacture of drug
products requiring containment," he commented.
"It also reflects IDT’s
high level of compliance with the good manufacturing practice required by the
Food and Drug Administration in the US," Dr Blackman added.
At 1141 AEST
IDT shares were 19c or 10% higher at $2.08.
