Wellnex Life Limited (ASX: WNX) has unveiled a AU$13.6 million entitlement offer to facilitate the acquisition of Pain Away, a move anticipated to reshuffle their market position. The acquisition, valued at $20.85 million with an additional targeted inventory value of AU$1.15 million, is set to be financed through equity raising, drawing on existing funding and cash reserves. The acquisition of Pain Away, a significant provider of topical pain relief products in Australia, is viewed as strategically and financially advantageous for Wellnex. This purchase not only promises substantial growth potential but also offers synergy with their existing brands, broadening their customer base and product range.
The Pain Away acquisition aligns with Wellnex’s objective to position itself as a prominent health brand nationally, leveraging Pain Away's strong market presence and its range of 25 products across various categories. The move is further supported by commitments from Wellnex directors and major shareholder Homart Pharmaceuticals. This initiative is expected to rejuvenate Wellnex's standing, aiming to return to trading on the ASX by December 11, 2023, following the completion of the entitlement offer.
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