IDT Australia Completes CMAX Transaction
Australian pharmaceutical manufacturing and drug development
company IDT Australia Limited (ASX: IDT) announces the final completion of the staged divestment
of its CMAX clinical trial business to Japanese integrated healthcare company I’rom Group Co., Ltd
IDT confirmsreceipt of $6,159,892 in cash for IDT’sremaining 39% stake in the CMAX business. The
final consideration payment increased from an AUD 4,000,000 minimum, as a result of the earn‐
out provision based on CMAX exceeding a specified revenue target for FY 2017. This takes the total
consideration IDT has received for the CMAX business to AUD 16,159,892 in cash.
I’rom will now own 100% of the shares of the newly formed CMAX Clinical Research Pty Ltd (CCR);
and I’rom Group will now fully integrate the CCR business into their broader regulatory and clinical
CMAX was established in 1993 within the Royal Adelaide Hospital in South Australia and was
acquired by IDT in 2002. In 2016 IDT re‐located CMAX into a brand new purpose built clinical trial
facility adjacent to the New Royal Adelaide Hospital. CMAX offers a fullsuite of clinical trialservices
including Phase I clinical trials management and delivery, along with recruitment in specific disease
states for Phase II and Phase III trials.