I'rom Group Co., Ltd. (TSE:2372) entered into an agreement to acquire CMAX Clinical Research Pty Ltd from IDT Australia Limited (ASX:IDT) for AUD 14 million on October 28, 2016. Under the terms of the transaction, I'rom shall pay an initial consideration of AUD 10 million to acquire 61%, and then AUD 4 million for the remaining 39% stake in CMAX. The payment of the second tranche (AUD 4 million) might increase due to an earn out provision, based on CMAX exceeding a specified target revenue for 2017. As of December 15, 2016, all conditions precedent to the transaction were satisfied, and the first tranche of the transaction was completed, whereby I'rom acquired the 61% stake and paid AUD 10 million as consideration for the same. PharmaVentures Ltd acted as financial advisor to IDT Australia Limited (ASX:IDT).

I'rom Group Co., Ltd. (TSE:2372) completed the acquisition CMAX Clinical Research Pty Ltd from IDT Australia Limited (ASX:IDT) for AUD 16.2 million on August 23, 2017. As of August 23, 2017, I'rom completed the second tranche of the transaction and paid AUD 6.2 million as consideration for the same.