Zelira confirms completion of acquisition

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Zelira Therapeutics, formerly known as Zelda Therapeutics (ASX:ZLD), has announced the completion of the 100 per cent acquisition of Ilera Therapeutics.

"The merger between Zelda Therapeutics Limited and Ilera Therapeutics LLC will create a global medicinal cannabis company, which will be renamed Zelira Therapeutics Limited," said the company.

"The merger brings together a portfolio of revenue generating medicines and products undergoing clinical development that are expected to enter the market from 2020.

"Zelira’s disruptive ‘launch, learn and develop’ model will be deployed to rapidly commercialise products targeting large addressable markets such as pain, sleep and anxiety."

According to Osagie Imasogie, founder and chairman of Zelira, "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. "

Ilera Therapeutics and Zelda are an excellent and natural fit, given our respective clinical development strategies and operational expertise. Both companies have successful track records of creating substantial value for shareholders and, together, we will retain and further build on this focus.

"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.”

Zelira founder and deputy chairman, Harry Karelis, said, "This merger will create one of the world's leading medicinal cannabis companies with a rich pipeline of clinically validated products. Autism is already a focus of Zelda and the HOPE franchise complements our overall strategy, making Ilera Therapeutics a natural strategic fit with us.”