Cosette to acquire Australia’s Mayne Pharma
US drugmaker Cosette Pharmaceuticals has entered into a definitive agreement to acquire all the outstanding shares of Australia-based Mayne Pharma (ASX: MYX) with the aim of expanding its health portfolio.
Cosette will pay A$7.40 per share, or a total of A$672 million (US$430 million), which observers noted is a fraction of its market cap of A$2 billion at peak, but the firm is now struggling with generic competition as well as a weaker US dollar, and posted a A$169 million loss for 2024.
The boards of Directors of both companies have approved the transaction and Mayne Pharma’s board of directors has unanimously recommended that its shareholders vote in favor of the transaction. The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions, including customary regulatory and shareholder approvals. Mayne’s shares closed up 33% at A$7.20 by close of trading today.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
More on this story...
Today's issue
Company Spotlight
More Features in Pharmaceutical
Copyright © The Pharma Letter 2025 | Headless Content Management with Blaze