- Two medicinal hemp players have merged to unlock new potential in the global market
- Zelda Therapeutics, listed in Australia, officially merged today with American company Ilera Therapeutics
- The choice to merge combines Ilera's growing licences, with Zelda's therapeutic and medical backing
- The newly formed "Zelira Therapeutics" has already promised for a pipeline of new products going into 2020
- Shares in the existing "Zelda Therapeutics" stock code on the Australian market last opened at 6.8 cents each
Australian-listed Zelda Therapeutics (ZLD) has completed a merger with American company Ilera Therapeutics.
The agreement was reached with overwhelming backing from Zelda shareholders. This deal represents a major boost for Zelda into the global hemp market.
The two companies will now operate under the newly formed "Zelira Therapeutics".
Ilera Chairman Osagie Imasogie will retain his position going into Zelira, while Zelda Chairman Harry Karelis will take up the position of Deputy-Chairman.
"We are very excited to commence our launch, learn and develop model across Australia, Germany and the United Kingdom to add to our USA footprint," Zelira Chairman Osagie Imasogie said.
Ilera Healthcare was one of a handful of American medicinal hemp growers that won a licence in Pennsylvania since the industry boom. Earlier this year, it achieved a milestone of over 80,000 medicinal hemp patients.
The merger represents playing two strengths from both sides. Due to American federal prohibition, Ilera was unable to clinically validate its product — despite having the physical and market presence to warrant it.
On the other hand, Zelda had not been directly involved with medicinal hemp products — but had the research to present the therapeutics viewpoints of hemp.
"Ilera Therapeutics and Zelda are an excellent and natural fit, given our respective clinical development strategies and operational expertise," Osagie Imasogie added.
"Our ability as a merged company to immediately capture growth opportunities in the rapidly expanding global medicinal cannabis market will be significantly enhanced."
"Ultimately, our objective is to deliver high quality, clinically validated products and options to patients and physicians."
Going into the next year, newly formed Zelira management have already promised for a rich year ahead with medicines and products undergoing clinical development.
"This merger will create one of the world's leading medicinal cannabis companies with a rich pipeline of clinically validated products," Zelira Deputy Chairman Harry Karelis said.
"Jointly, this will enable the newly formed Zelira Therapeutics to accelerate plans that will disrupt the medicinal cannabis and pharmaceutical markets globally in the world's largest and fastest emerging industry."
Zelira will be focused on treating pain, sleep, and anxiety through medicinal hemp.
Shares in the existing "Zelda Therapeutics" stock code on the Australian market last opened at 6.8 cents each.