IDT Australia (ASX: $IDT) awarded grant to build first commercial ADC facility

IDT Australia Limited (ASX: $IDT) has been awarded a grant by the Victorian Government to partially fund the establishment of Australia's first commercial Antibody-Drug-Conjugate (ADC) manufacturing facility. The $3.8M cGMP facility will be the first of its kind in Australia and will enable IDT to develop cutting-edge ADC clinical trial material, enhancing its competitive advantages in high potent and high containment manufacturing.

Executive Commentary on Grant Award

IDT Australia's Chief Executive Officer (CEO), Paul McDonald, expressed gratitude to the Victorian Government for providing the grant, emphasizing the strategic importance of the new ADC facility for the nation and the company. McDonald highlighted the facility's role in positioning Victoria at the forefront of Australia's sovereign capability to manufacture advanced drugs and its significance as a growth catalyst for IDT's Advanced Therapies business.

Summary of Grant Award and Outlook

The grant from the Victorian Government will support the establishment of IDT's $3.8M cGMP Antibody-Drug-Conjugate (ADC) manufacturing facility, marking a significant milestone for the company and the country. The new facility is expected to further enhance IDT's competitive advantages, provide a key growth catalyst for its Advanced Therapies business, and solidify its market leadership position as a manufacturing partner for pharmaceutical and biotech groups. With the global ADC market forecasted to reach US$140 billion in the next 15 years, the establishment of this facility positions IDT to capitalize on the growing demand for ADCs, contributing to its strong growth outlook.