IDT Australia to pioneer national ADC manufacturing with Victorian government grant

Small Caps05-06

Pharmaceutical manufacturing company IDT Australia (ASX: IDT) has been awarded a grant by the Victoria state government to partly fund the establishment of Australia’s first current good manufacturing...

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contract design and manufacturing organisation facility in Boronia.The US National Institutes of Health describes ADCs as an emerging class of pharmacological compounds that combine the potency of anti-cancer drugs  with the specificity of monoclonal antibodies to target the tumor site, thus integrating chemotherapy and immunotherapy.“It will position Victoria at the forefront of Australia’s sovereign capability to manufacture the latest cutting-edge drugs, while providing a significant growth catalyst for our fledgling advanced therapies business,” he said.IDT has already est","collect":0,"end_time":0,"defaultTopTitle":"smallcaps.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"ADC.AU":"ACDC Metals Ltd","BK4080":"零售业房地产投资信托","XJO.AU":"标普/澳交所 200指数","IDT":"万威","BK7501":"新冠治疗股","BK7095":"多种金属与采矿","BK4231":"零售房地产信托","IDT.AU":"IDT AUSTRALIA LTD","XKO.AU":"标普/澳交所 300指数","BK7096":"制药","ADC":"艾格里房产","XAO.AU":"标普/澳交所 普通股指数","BK4115":"综合电信业务"},"translate_title":"澳大利亚IDT公司获得维多利亚州政府资助，率先在澳大利亚制造ADC","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ADC":1,"ADC.AU":1,"IDT":1,"IDT.AU":1,"XAO.AU":1,"XJO.AU":1,"XKO.AU":1},"content_text":"Pharmaceutical manufacturing company IDT Australia (ASX: IDT) has been awarded a grant by the Victoria state government to partly fund the establishment of Australia’s first current good manufacturing practice antibody-drug-conjugate (ADC) manufacturing facility.\nThe grant, provided by the Victorian Industry Investment Fund stream of the Victorian Jobs and Investment Fund, will support IDT Australia’s new $3.8 million commercial contract design and manufacturing organisation facility in Boronia.\nThe US National Institutes of Health describes ADCs as an emerging class of pharmacological compounds that combine the potency of anti-cancer drugs (often called payloads) with the specificity of monoclonal antibodies to target the tumor site, thus integrating chemotherapy and immunotherapy.\nMajor growth sector\nThe global ADC market is forecasted to reach $211 billion over the next 15 years as it is expected to displace between 30% to 50% of the traditional chemotherapy market.\nIDT chief executive officer Paul McDonald said the new ADC facility is a strategically important asset for Australia and the company.\n“It will position Victoria at the forefront of Australia’s sovereign capability to manufacture the latest cutting-edge drugs, while providing a significant growth catalyst for our fledgling advanced therapies business,” he said.\n“Our efforts to build on IDT Australia’s unique world-class facilities and expertise will cement our market leadership position as the ‘go-to’ partner for pharmaceutical and biotech groups in Australia and internationally.”\nRelationships in place\nIDT has already established relationships with ADC biotech companies, including a master services agreement with renowned Japanese pharmaceutical supplier Nagase & Co to develop and manufacture linkers (the chemical component that connects the cytotoxic drug to the antibody), payloads and bioconjugation services for global pharmaceutical companies.\nThe funding of the government’s commitments will occur over a 12-month period in three tranches.\nIDT Australia will fund the balance of the project from internal resources and debt facilities financing.\nStrong momentum\nThe new grant comes shortly after IDT recorded a 48% increase in its third-quarter operating revenue, while its year-to-date sales have already exceeded the total for FY23 by 27%.\nThe company recorded continued strong growth across all three business pillars, lifting total 3QFY24 unaudited revenue to $3.2m.\nThe period also saw the company being awarded a key contract by Sanofi Australia with an initial value of $3m to 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