Wellnex Life expands global reach with UK market entry and new product approval
Wellnex Life (ASX: WNX) has achieved another breakthrough in its expansion plans with a new market authorisation (MA) for its liquid paracetamol plus caffeine soft gel.
The MA comes after Wellnex made a successful submission to Australia’s Therapeutic Goods Administration for the latest addition to its product range.
The company had previously been granted MAs for liquid paracetamol, liquid paracetamol plus ibuprofen and liquid mini-ibuprofen.
International interest
Managing director Zack Bozinovski said the approval would further drive revenue opportunities for Wellnex Life, with its existing MAs being utilised by domestic and international companies such as Chemist Warehouse and Haleon.
The company views the four MAs as a validation of its philosophy of being either ‘first’ or ‘fast’ to market with innovative consumer health products.
“The approval of liquid paracetamol plus caffeine soft gel market authorisation is a great testament to the company and its internal capabilities,” Mr Bozinovski said.
“This unique product will provide opportunities not only for use in the company’s own brands but also to licence it to third parties.”
UK market order
Wellnex Life recently continued its global expansion with the delivery of its TGA-registered paracetamol soft gel liquid analgesic to Haleon and the UK market, building on the product’s successful Australian market launch in FY23.
The company signed a supply agreement in March 2022 for the soft gel paracetamol to be retailed under Haleon’s pain relief brand in Australia and New Zealand.
Wellnex Life also continues to progress its proposed dual listing on the London Stock Exchange, with clear advancement of work streams required to commence the marketing campaign in the UK.
Leading UK-based broker SP Angel has been appointed as joint broker to the UK raise, along with Orana, which is being supported by Australian-based Barclay Pearce Capital.
Pain Away acquisition
On the local front, Wellnex Life has recently acquired leading Australian topical pain relief brand Pain Away.
The company believes the acquisition will both complement and accelerate the potential growth of the company’s business operations.
“This transformational acquisition gives added impetus to Wellnex Life’s financial growth and scale and reinforces its place as a major and respected participant in the growing healthcare market, both in Australia and overseas,” Mr Bozinovski said.