South Australian firm MedTEC Pharma has signed a A$10m product supply contract with an unnamed “world-leading pharmaceutical business” ahead of a possible IPO next year.
The Herald Sun reports the parties have agreed a three-year deal for cannabis biomass to be delivered from MedTEC’s production facility in SA’s Riverland region.
Founded in 2019, the company has developed a 20-hectare cultivation and production site, and is working with research groups including the South Australian Health and Medical Research Institute (SAHMRI) to deliver clinical evidence for medicinal cannabis.
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SA firm MedTEC inks A$10m supply deal with ‘major pharma company’
