IDT Australia Limited
(ASX:IDT) has announced it will divest its clinical trial business CMAX to Japanese integrated healthcare company l’rom Group.
L’rom Group is an integrated healthcare company headquartered in Tokyo and listed on the Tokyo Stock Exchange.
As a result of the transaction IDT will receive a minimum of $14 million, with the potential to increase this should CMAX exceed revenue targets for FY17.
The divestment will see IDT refocus on its specialty generic strategy, with proceeds reinvested to support and drive this area of the business.
IDT Australia Limited posted a net loss of $4 million at 30 June 2016.
