IDT Australia Ltd. sold an initial 61% interest in its clinical trial business.

Japan's I'rom Group Co. Ltd. paid A$10 million for the stake, which will be managed by newly formed CMAX Clinical Research Pty. Ltd.; IDT Australia will retain the remaining 39% of the business.

IDT Australia will off-load the rest of its holdings to I'rom Group within the next 12 months for at least A$4 million.

"IDT is now free to move forward to deploy the initial proceeds to bolster its balance sheet and selectively grow our generic drug portfolio," IDT Australia Managing Director Paul MacLeman said.