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Mayne Pharma Group Limited (ASX:MYX)

ALERT: Price-sensitive ASX Announcement for MYX
Current share price for MYX : $2.810 -3.39 (-54.68%)+
Announcement
Release
31 Oct 2025 9:57AM
Price at Release
$6.200
Full Release
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Summary
Mayne Pharma Group Limited has provided an update on its proposed acquisition by Cosette Pharmaceuticals, Inc. through a scheme of arrangement. The Australian Treasurer's preliminary view suggests that the acquisition may not be in the national interest due to potential negative impacts on the Australian economy, particularly concerning plans to dispose of or close Mayne Pharma's Adelaide manufacturing site. This site is significant for Australia's pharmaceutical manufacturing capabilities, supported by recent investments and government grants. Mayne Pharma disputes the commercial rationale behind closing the site and has sought to communicate directly with the Foreign Investment Review Board (FIRB), which has not yet granted direct communication. FIRB has requested a deadline extension to 1 December 2025 for its decision, but Mayne Pharma is engaging with Cosette to expedite the process to meet the 20 November 2025 scheme implementation end date. The arrangement remains subject to court approval and other conditions.
Key Points
  • Treasurer's preliminary view is against the acquisition due to national interest concerns.
  • Concerns focus on potential closure of the Adelaide manufacturing site.
  • Site is key to Australia's pharmaceutical capabilities with recent investments.
  • Mayne Pharma disputes the commercial rationale for site closure.
  • No direct communications with FIRB or governmental agencies have been permitted.
  • FIRB has requested an extension to 1 December 2025.
  • Mayne Pharma is urging Cosette to expedite FIRB approval process.
  • Scheme remains subject to court approval and conditions precedent.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.