Zelda Therapeutics Ltd. is merging with Ilera Therapeutics to create a medicinal cannabis company.
Under the proposed merger of equals, Perth, Australia-based Zelda will acquire the entirety of Ilera Therapeutics via an all-scrip transaction.
The combined entity will be known as Zelira Therapeutics Ltd. and will commercialize products for pain, sleep and anxiety.
Ilera Therapeutics is a medicinal cannabis company recently spun out of Newtown Square, Pa.-based Ilera Healthcare LLC, and has clinical networks and distribution channels across North America. In March, Zelda entered into an agreement to jointly develop and commercialize medicinal cannabis products.
Ilera Healthcare Chairman Osagie Imasogie is proposed to hold the same role at Zelira, while Ilera Vice Chair Lisa Gray and Chief Scientific Officer Oludare Odumosu are expected to join as board directors.
Zelda Executive Chairman Harry Karelis will become Zelira's deputy chairman, joined by Richard Hopkins, Zelda's managing director, and Jason Peterson, a director at Zelda — both serving as Zelira board members. Mara Gordon and Stewart Washer are stepping down from the board as of the merger's approval, with Gordon joining Zelira's advisory board.
Hopkins will serve as Zelira's CEO and managing director, except for the U.S., while Odumosu will serve as CEO and managing director for the U.S.
Ilera Healthcare COO Tom Borger will serve as Zelira's chief business officer for the U.S. Deborah Cooper will serve as director of clinical operations, excluding the U.S., and Meghan Thomas will become manager of operations ex-U.S.
The transaction is subject to approval from Zelda shareholders and is expected to conclude by mid-December.
