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Divestment of selected generic product portfolio

In keeping with the Company’s recently announced Generics Strategy, whereby IDT is to advance a
selected generics portfolio and to build on the Company’s existing Commercial API and Contract
Manufacturing businesses, IDT Australia has divested a majority of the Company’s generic ANDA
product portfolio to ANI Pharmaceuticals Inc.
Under the terms of the divestment, IDT will receive USD 2,734,643 in upfront consideration for the
ANDA products listed in the Schedule enclosed (the Divested ANDAs). In addition to the upfront
payment, IDT will receive a share of the profits generated by the sale of Prazosin for 60 months post
launch of the product. IDT will also retain the right to manufacture and supply Doxazosin Mesylate
and Calcium Leucovorin (the Divested ANDA products currently manufactured in IDT’s Boronia
facilities) on a contract manufacture for profit basis.
ANI Pharmaceuticals will now be responsible for all commercialisation costs along with all
pharmacovigilance and regulatory costs associated with the Divested ANDA product portfolio.
“This transaction allows IDT to monetise a specific group of non-specialised generic assets and for
IDT to focus on developing selected generic products. These new products will complement the
Company’s temozolomide product and play to IDT’s niche strengths of dealing with cytotoxic drugs
and other highly potent high containment products.” said Alan Fisher IDT’s Chairman. “Importantly
IDT is able to immediately free itself from the high fixed costs associated with having a portfolio of
19 US generic product filings, many of which have been affected by the changed market conditions
for generics in the US.”
IDT’s focus will now be on increasing revenues in its Commercial API and Contract Manufacturing
businesses, reducing costs and accelerating the development of a portfolio of high value niche
generic products.