Australian medicinal cannabis company merges with US-based counterpart

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Medicinal cannabis company Zelda Therapeutics (ASX:ZLD) has announced a "merger of equals" with privately-held US-based counterpart Ilera Therapeutics.  

The Australian company said it is proposing to acquire 100 per cent of Ilera Therapeutics through an all-scrip transaction.   

Ilera Therapeutics is a therapeutically focused medicinal cannabis and cannabinoid science company recently spun-out of Ilera Healthcare with which Zelda has had a strategic partnership since March this year.  

Ilera's operations are centred in Pennsylvania and Louisiana while its clinical networks and distribution channels span North America.   

The merged entity will be renamed 'Zelira Therapeutics Limited'.

"The merger brings together a world-class portfolio of revenue-generating medicines and products undergoing clinical development that are expected to enter the market from 2020," said Zelda in a statement, adding that three members of Ilera Therapeutics will join the Zelira Therapeutics board. 

“This is a transformational opportunity for both companies. The merger will create one of the world’s leading medicinal cannabis companies with a rich pipeline of clinically validated products under development and unique access to the world’s largest and fastest-growing cannabis markets," said Zelda chairman, Harry Karelis.