Psychotropic medicines manufacturer bids for IDT Australia

Psychotropic medicines manufacturer Mynd Bio Pty Ltd has made a surprise bid to acquire listed pharmaceutical developer, Melbourne-based IDT Australia.

The bidder is part of a larger group which has already invested in a group of pharmaceutical companies that develop psychotropic medicines, planning to set up manufacturing in Portugal to tackle the European market.

The group includes R&D company Pacalis Pty Ltd, drug developer Adkl Labs, a pharma education business and patent attorney business, as well as contract manufacturing of active psychotropics MDMA and psilocybin.

The group’s bid for IDT, a small Melbourne company with formidable capabilities in pharmaceutical development and mRNA technologies, was pitched at 15 cents a share, compared to IDT’s most recent closing price on the ASX o 12.5 cents.

The bid from Myndbio is subject to a number of conditions but aims for a potential acquisition of all the shares in IDT.

IDT told investors: “IDT confirms that it is continuing to engage in discussions with Mynd in connection with the proposal.

“Mynd has been granted access to due diligence information on a non-exclusive basis to progress the discussions subject to customary non-disclosure and standstill provisions.

“The discussions with Mynd remain preliminary in nature and there is no certainty that these discussions will result in any binding transaction or that any offer would be made at a price within a range that would be recommended by the IDT board.”

Further reading:
IDT and Sanofi to manufacture mRNA vaccines under development
Victoria backs IDT Australia to make anti-cancer drugs

Picture: Mynd Bio