TPI Enterprises (ASX:TPE) has entered into a significant multi-year supply agreement with one of Europe’s leading pharmaceutical contract manufacturing organisations.
Under the agreement TPE will ship Narcotic Raw Material from its plant in Melbourne to its Norwegian operations where it will be processed into Codeine Phosphate Active Pharmaceutical Ingredient.
The Codeine Phosphate API will then be delivered to a European manufacturing sites for conversion into finished dosage tablets.
The contract is for a 3-year term with a minimum supply of 6 tonnes per annum.
Shares in TPI Enterprises (ASX:TPE) are trading up 6.15 per cent to $1.38