Biotech company Biotron Limited (ASX:BIT) has announced a bold step into the anaesthetics sector, acquiring Sedarex Limited, a private company developing a next-generation general anaesthetic, alongside a $2.5 million capital raising to support the deal and future development.
The move positions Biotron in a multi-billion-dollar global anaesthetics market – one increasingly focused on safer, more effective drugs that reduce cognitive side effects and speed recovery times.
“We are very pleased to announce this exciting transaction which we believe will strongly benefit Biotron shareholders,” said Managing Director Michelle Miller. “SedRx is a late-stage, largely derisked clinical asset that also offers additional upside with new indications. This deal with Sedarex transforms the Company while still pursuing its antiviral programs.”
Biotron Secures Late-Stage Anaesthetic Asset
Under the deal, Biotron will acquire 100% of Sedarex Limited, which owns the global patents for SedRx™, a reformulation of the general anaesthetic alfaxalone. The original drug, Althesin, was widely used in Europe in the 1970s and 1980s, commanding up to 50% of the UK day-care anaesthetic market before being voluntarily withdrawn due to allergic reactions caused by a now-removed additive.
SedRx replaces that additive with a FDA-approved solubilising agent (SBECD), eliminating previous safety concerns. Two head-to-head trials with propofol, the current market leader, have shown SedRx to deliver better safety, stability, and cognitive outcomes post-procedure – key factors in recovery and patient wellbeing.
The US FDA has supported a 505(b)(2) pathway, which could fast-track approval, while the European Medicines Agency may allow an abridged review process.
Expanding into Neuroscience
In addition to its late-stage anaesthetic program, Sedarex is developing a new neurological indication for SedRx, potentially extending patent life and opening access to high-growth international neuroscience markets.
“SedRx is a late-stage, largely derisked clinical asset that also offers additional upside with new indications,” Miller reiterated.
Acquisition Terms and Shareholder Conditions
Biotron will issue 500 million shares at $0.003 each for the acquisition, valuing Sedarex at $1.5 million. Two milestone-based tranches of $250,000 in shares each will follow upon key regulatory and efficacy achievements by 2026.
The transaction is subject to shareholder approval and due diligence, with completion expected in late November 2025. Half of the consideration shares will be under six months’ escrow, and the remainder under 12 months.
Upon completion, a Sedarex nominee will join Biotron’s board.
Capital Raising to Fund Expansion
To fund the acquisition and advance both companies’ programs, Biotron has secured commitments for a $1 million placement led by Peak Asset Management, with a $1.5 million non-renounceable rights issue to follow on the same terms.
Shares will be issued at $0.003 with one attaching option (exercisable at $0.02, two-year expiry) for every two shares.
Placement proceeds will be used to:
- Progress international regulatory pathways for SedRx
- Advance SedRx’s neurological program
- Cover Sedarex patent costs and corporate expenses
The subsequent rights issue will help progress Biotron’s Hepatitis B program, fund commercialisation of its antiviral portfolio, and support ongoing patent and operational costs.
“We welcome the strong support from Peak Asset Management,” Miller said.
Peak will receive a 6% fee on all funds raised and a commitment to underwrite any shortfall in the rights issue.
Timeline and Next Steps
Key dates for shareholders include:
- 22 October 2025 – Completion of Tranche 1 Placement
- 17 November 2025 – Annual General Meeting and Rights Issue prospectus lodgement
- 24 November 2025 – Completion of Tranche 2 Placement and acquisition
- 26 November 2025 – Rights Issue opens
- 12 December 2025 – Rights Issue closes
- 19 December 2025 – Completion of Rights Issue
With this acquisition, Biotron not only diversifies beyond its antiviral research roots but also positions itself in a high-value, late-stage clinical space – one that could deliver near-term regulatory progress and long-term growth.
“This deal with Sedarex transforms the Company while still pursuing its antiviral programs,” Miller said.
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