RMIT sells toxicology testing business to vivoPharm
RMIT University and vivoPharm jointly announced the sale of RMIT Drug Discovery Technologies Pty Ltd (RDDT) to vivoPharm Pty Ltd. As a result of the share based transaction RMIT will become a 20% shareholder in vivoPharm.
RDDT is a Good Laboratory Practice (GLP)-compliant pre-clinical toxicology testing company founded and owned by RMIT. RDDT’s operations will continue at the RMIT Bundoora campus, which will become vivoPharm’s Australian headquarters.
The addition of RDDT allows vivoPharm to expand its suite of toxicology testing services and make them available to its international as well as Australian customers. RDDT also brings a vast network of existing contacts and a strong client base.
RMIT, with support from the Victorian Government, established RDDT as a premier provider of toxicology services in Australia in 2004. Recently RMIT initiated an investigation, through independent adviser Bob Atwill, reviewing strategic options to take the business into international markets, and resulting in the identification of vivoPharm as a strong partner with suitable administration, infrastructure and international marketing activities.
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