Invex Therapeutics Ltd (ASX:IXC), a biopharmaceutical company focused on the development and commercialisation of Exenatide for neurological conditions relating to raised intracranial pressure, today announced the discontinuation of exclusive negotiations with a rare neurological disease therapeutics development company. This decision was triggered by instability and uncertainty stemming from a s249D requisition notice seeking the removal of two out of three Invex directors. The company made the announcement following an ASX price query on September 23, 2025.
According to Invex, the target company and its shareholders expressed serious concerns regarding the potential change in the direction, strategy, and control of Invex following the proposed removal of Chairman Mr David McAuliffe and Executive Director Dr Thomas Duthy. The target noted the absence of proposed replacement directors and the resulting uncertainty in the company’s future leadership. These concerns ultimately led to the target’s decision to discontinue negotiations on September 29, 2025, despite earlier confirmation from the ASX that Listing Rules 11.1.2 and 11.1.3 would not apply to the proposed transaction.
The Invex board conveyed its disappointment regarding the outcome and the lost opportunity, attributing the circumstances leading to the target’s decision as regrettably beyond their control. The board had viewed the proposed transaction as superior to other proposals reviewed, representing a significant opportunity for Invex.
Despite this setback, Invex intends to continue pursuing its strategy of identifying complementary neurological treatment assets to diversify its portfolio. However, the board acknowledged the challenges of attracting suitable opportunities amid the volatility and uncertainty created by the director removal requisition. Invex has confirmed that a general meeting will be held on November 10, 2025, to address the resolutions outlined in the Requisition Notice, with meeting documentation to be dispatched to shareholders in due course.
