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In February 2026, Singapore-listed iX Biopharma's winning a US$41 million sole-source contract from the US Department of Defense was an incredible headline. Right now, shipping pharmaceutical products from Australia to the US invites up to 100% tariffs. |
They’ve awarded iX a contract to develop Wafermine, the company's sublingual ketamine wafer for acute pain.
After doing due diligence, the US is confident that Wafermine will pass its Phase 3 clinical trials and is providing iX with US$41 million to pay for the project's expenses.
To get the drug to the military faster, iX will rely on an Emergency Use Authorisation, which allows the use of unapproved but helpful drugs when there are no other treatments available.
To secure the FDA's Emergency Use Authorisation and comply with the Buy American Act, the manufacturing simply must happen on American soil.
Eddy Lee, Chairman and CEO of iX Biopharma.
iX is shipping its equipment to JV partner Orion Specialty Labs' facility in Nevada.
| The US Opportunity |
| "The US is the largest healthcare market in the world, and the Company is entering the longevity market, a key growth trend, through the manufacture of longevity products, hormones and needleless peptides." -- iX Biopharma |
Now, iX could just wait for the new freeze dryers that Orion and another JV partner, GLD Partners, have invested in, but those won't be commissioned until March 2027.
By shipping their own equipment now, iX accelerates US production by about two full quarters, according to iX.
iX adds that being in the US also opens the door to active pharmaceutical ingredients—like hormones and peptides—that face strict regulatory restrictions in Australia, letting the company tap into the massive US longevity market.
| The Shareholder Perspective: Intrinsic Value Realised |
For the patient investors who endured the lean years and setbacks since the company's 2015 IPO, this move is a big value unlock.
iX’s share price (38 cents) has already leapt ~2,100% over the past year thanks to the Pentagon contract.
In an industry where cash-rich big pharma companies frequently scoop up clinical-stage biotechs, having a solid US infrastructure makes iX, the parent company which is eyeing a dual-listing on Nasdaq, a potentially prized target.
A subsequent big price mover was a Phillip Securities Research 'buy' recommendation in April 2026 with a target price of $1.00 -- a rare 5X upside to the 20-cent trading level back then.
The bullish tone was in part also because iX is actively restructuring its consumer business for a possible spin-off listing on the SGX or Nasdaq.
iX Chairman and CEO Eddy Lee emphasises the company's future lies in the US when speaking to The Edge Singapore recently.
He is keenly aware of the acquisition appetite of larger biopharmaceutical players willing to pay top dollar, noting, "So, we believe that might happen to us and therefore we want to push forward our plans for the dual listing". Looking ahead, Lee says: "Our game plan is very clear for the rest of 2026. First, we will try to secure the EUA, which means we will be profitable by next January. |
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→ See also:Unlocking Value: iX Biopharma Creates Standalone US Business With Potential Spin-Off or Listing
