IDT Australia Limited announced its successful bid for a Victoria State Government grant worth $3.8 million to support the creation of Australia’s inaugural cGMP Antibody-Drug-Conjugate (ADC) manufacturing facility.
The grant, awarded under the Victorian Industry Investment Fund (VIIF) stream of the Victorian Jobs and Investment Fund (VJIF), is designated for IDT Australia’s newly established $3.8 million commercial Contract Design and Manufacturing Organisation (CDMO) facility in Boronia, Victoria.
This facility is specifically geared towards the production of ADCs, a novel category of oncological drugs renowned for their ability to precisely target cancer cells while leaving healthy cells unaffected.
IDT Australia said it has already forged key partnerships within the ADC biotech landscape, including a master services agreement with Nagase & Co, Ltd, a prominent Japanese pharmaceutical supplier.
This collaboration aims to develop and manufacture crucial components for ADCs, such as linkers, payloads, and bioconjugation services, to meet the growing demand from global pharmaceutical companies.
Data reported by the ASX-listed company revealed the global ADC market is poised for substantial growth, with projections estimating its value to soar to USD 140 billion over the next 15 years.
With pharmaceutical companies increasingly relying on CDMOs for around 60 per cent of their ADC production, IDT Australia’s strategic investment in manufacturing capabilities positions it as a pivotal player in this sector.
Under the terms of the grant, IDT Australia is committed to achieving project milestones, including the funding of capital works and the creation of new advanced technology jobs.
The funding will be disbursed over a 12-month period in three installments, supplementing IDT Australia’s internal resources and debt facilities financing.
While the specific dollar value of the grant remains confidential due to Victorian Government stipulations, its impact on bolstering Australia’s sovereign capability in drug manufacturing cannot be understated.
The establishment of this state-of-the-art facility not only enhances IDT Australia’s competitive edge but also contributes to the growth trajectory of its Advanced Therapies (AT) business pillar.
Paul McDonald, CEO of IDT Australia, expressed gratitude to the government for their support, stating, “I like to thank the Allan Government for providing the grant to help kick-start this major project.”
“The new ADC facility is a strategically important asset for our nation and for our Company. It will put Victoria at the heart of Australia’s sovereign capability to manufacture the latest cutting-edge drugs, while providing a significant growth catalyst for our fledging AT business,” the CEO noted.
