Wellnex Life (ASX:WNX) Completion of Pain Away Acquisition - ASX Announcement

Wellnex Life Limited (Wellnex, WNX or Company) (ASX:WNX), owner and developer of some of Australia's leading health brands, is pleased to announce the successful acquisition of Pain Away. The transformative acquisition is aligned with Wellnex's strategy of owning brands and intellectual property in defensive healthcare segments and provides the Company with significant product and geographical expansion prospects.



Announcement Highlights

  • Wellnex successfully completes the strategic and financially compelling acquisition of Pain Away.
  • Entitlement Offer and Shortfall Offer raise $13.6 million with additional interest received from institutional and sophisticated investors post Entitlement Offer allowing Wellnex to raise approximately $3.5 million through a placement to fund working capital and growth initiatives.
  • Acquisition adds to significant Company milestones in the past six months including:

    1. Launch of new products under Wakey Wakey and new brand Nighty Night ranged in all major pharmaceutical and grocery retailers.

    2. Global expansion of the Haleon supply agreement into Europe and the Middle East commencing in 2024.

    3. Appointment of new board members including Chemist Warehouse director, Mr Mario Tascone, as Chair, and Mr Andrew Vidler and Mr Jeffrey Yeh as Non-Executive Directors with effect from January 2024.


Wellnex's Non-executive Chair-elect Mario Tascone commented:

"I'm excited to be joining Wellnex as Chair, and to further strengthen the board after the appointment of Jeffrey Yeh and Andrew Vidler. As new appointments, we all look forward to ensuring the highest corporate governance and bringing our expertise to drive the business forward."


Wellnex's Managing Director Zack Bozinovski said:

"The Pain Away acquisition is perfectly aligned with Wellnex's strategy going forward. There are significant operational efficiencies to be realised when leveraging Wellnex's existing infrastructure, business processes and workforce which will supercharge Pain Away's growth in the short and medium term. Longer term, we are excited to utilise Wellnex's new product development pipeline to launch Pain Away into additional category segments and geographies and believe the brand is highly complementary to Wellnex's medicinal cannabis product launch strategy."


Barclay Pearce Capital Investment Pty Ltd and Ord Minnett Limited acted as Joint Lead Managers to the Equity Raising. View the full announcement here.


Exclusive Investor Insights:

Listen to Zack Bozinovski from Wellnex Life (ASX:WNX) as he discusses key investor highlights, covering the acquisition of #painAway, JV with Chemist Warehouse, global partnership with Haleon and the company strategy over the next 6 to 12 months.

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