Patrys (ASX:PAB) has completed the acquisition of Reliis, marking a significant milestone in the company’s strategy to broaden its clinical-stage therapeutic pipeline with a differentiated, lower-risk asset.
The transaction follows shareholder approval at Patrys’ General Meeting on 19 January 2026 and the successful completion of all remaining legal, technical and financial due diligence. With all conditions under the Share Sale Agreement now satisfied or waived, Reliis becomes a wholly owned subsidiary of Patrys.
Central to the acquisition is Reliis’ lead program, RLS-2201, a proprietary injectable formulation of quetiapine. The program has now been formally incorporated into Patrys’ clinical-stage pipeline and is designed to address delirium in acute care settings, including intensive care units, aged care, and palliative care. Delirium represents a significant and growing global healthcare challenge, associated with increased morbidity, longer hospital stays and higher costs, yet there are currently no approved treatments available.
By reformulating a well-established, regulatory-approved therapeutic, RLS-2201 is intended to leverage quetiapine’s known safety and pharmacology while offering potential advantages including rapid onset, predictable dosing and improved suitability for acute-care use through injectable delivery.
Patrys said it will now focus on advancing the program into its next phase of clinical development and integrating it within the company’s broader development platform.
Patrys Non-Executive Chair Peter Christie said the completion of the acquisition delivers on the company’s stated strategy to expand its pipeline with high-value, de-risked assets. He noted the potential of RLS-2201 to meet a significant unmet need in acute-care settings and expressed confidence in progressing the program under Patrys’ stewardship.
As part of the transaction, Patrys will proceed with the issue of consideration securities, including fully paid ordinary shares, performance rights, convertible note shares and facilitation shares, in line with shareholder approvals and previously disclosed terms.
The completion of the acquisition also brings changes to the Patrys Board. Effective immediately, Leanne Kite and Dino Cercarelli have been appointed as Non-Executive Directors. Both directors were nominated by Reliis as part of the acquisition process.
Ms Kite is a finance, governance and investor relations executive with more than 20 years’ experience across the biotech, resources and energy sectors. A co-founder of Reliis, she has held senior finance and strategy roles at Woodside Energy and currently leads investor relations for an ASX 200 mining company. She also serves as a Non-Executive Director of Mosaic Community Care, where she chairs key board committees.
Mr Cercarelli brings more than two decades of experience in healthcare and clinical research operations. His background includes senior roles at St John of God Health Care, where he led research and clinical trial operations. He is currently Chief Operating Officer of the Australian Clinical Trials Alliance, the national peak body for clinical trials and clinical quality registries.