Cosette Pharmaceuticals and Mayne Pharma Group have formally terminated their agreement under which Cosette was to acquire all outstanding shares of Mayne Pharma, following a decision by the Treasurer of Australia to block the proposed transaction and the passing of the scheme end date in November. Cosette said it served a notice of termination to Mayne Pharma on 9 December 2025 and acknowledged that Mayne Pharma issued its own termination notice on 11 December.
The proposed acquisition had been structured via a Scheme Implementation Deed and previously received court and shareholder approvals before being halted by the Australian government on foreign investment grounds. In its statement, Cosette rejected Mayne Pharma’s allegations that it breached the scheme agreement and asserted that Mayne’s recent ASX announcements contained what it described as material inaccuracies. Cosette stated it has complied with all legal and regulatory obligations and indicated it would vigorously defend itself against any claims.
Cosette also plans to continue appealing an adverse judgment from the Supreme Court of New South Wales related to the transaction and said it may pursue claims against Mayne Pharma for alleged harm arising from Mayne’s conduct. Despite the collapse of the deal, Cosette emphasized that it remains focused on its growth strategy in women’s health and dermatology and highlighted a diversified portfolio that includes branded and generic products and U.S. manufacturing capabilities. Mayne Pharma has issued separate statements to the ASX outlining its own position on the termination and its views on Cosette’s conduct around the proposed scheme.
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