The ASX reacted with surprise to the historic news that IDT Australia has become the first company to produce an mRNA vaccine in Australia. The shares closed the day, up 40%.
Less surprised were long term shareholders who have been awaiting this development for several months. Australia now joins a very select group of countries who currently have the capability to produce cutting edge, mRNA vaccines.
Of the investors who purchased IDT stock today many may not be aware that there is potentially even bigger news to drop in the near term. Further details can be found here.
Government delays
Earlier in the year the government conducted an Approach to Market (ATM) to sound out industry on the prospect of producing population scale mRNA vaccines onshore and its decision on that is well overdue.
Alongside that the government has decisions pending on its lucrative Modern Manufacturing Initiative.
If IDT were to be selected for either the ATM or MMI, governments grants would likely total the company’s current market cap. Today’s announcement didn’t hurt that prospect.
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