SYDNEY: Biotron Limited (ASX:BIT) announced Wednesday it will acquire Sedarex Limited, a company holding global patents for SedRx™, a next-generation general anaesthetic, in a transaction supported by a $2.5 million capital raising.
The acquisition includes an initial issuance of 500 million Biotron shares, valued at $1.5 million, with additional milestone-linked shares tied to regulatory and development achievements. Sedarex shareholders have unanimously approved the sale.
SedRx, a reformulated version of the historic anaesthetic alfaxalone, is designed to eliminate safety issues associated with earlier formulations. Clinical trials have shown SedRx maintains blood pressure, respiration and cognitive function better than propofol, the current market-leading anaesthetic.
The U.S. Food and Drug Administration has supported an expedited 505(b)(2) regulatory pathway for SedRx, with potential for abridged approval in Europe.
To fund continued development, Biotron will raise $1 million through a placement led by Peak Asset Management and an additional $1.5 million through a rights offer to existing shareholders. Both offers are priced at $0.003 per share and include attaching options.
Biotron Managing Director Michelle Miller described the deal as “transformative” for the company, which will continue to advance its antiviral drug programs alongside the new anaesthetic portfolio.
The placement and acquisition are scheduled to complete in late November, subject to shareholder approval. A rights issue prospectus is expected to be lodged with ASIC on Nov. 17, 2025.