AUSTRALIAN company Mayne Pharmaceuticals has agreed to be bought by US pharma Cosette for around A$672 million (PD breakingnews).
Mayne announced today that it has entered into a scheme implementation deed with Cosette Pharmaceuticals, under which Cosette has agreed to acquire 100% of the shares in Mayne Pharma for A$7.40 per share.
The scheme is fully funded and subject to limited customary conditions, including various regulatory approvals, approval by Mayne Pharma shareholders at the scheme meeting, and courtapproval.
The implementation date, pending regulatory and shareholder approval, will be late May to early Jun 2025.
A scheme booklet and an independent expert's report will be provided to Mayne Pharmashareholders.
The Mayne Pharma board unanimously recommends that shareholders vote in favour of the scheme, in the absence of a superior proposal and subject to the independent expert, saying the scheme is in the best interests of Mayne Pharmashareholders.
"We are pleased that Cosette has recognised significant value in Mayne Pharma, particularly in our women's health and dermatology businesses, and the offer provides shareholders with the opportunity to receive cash value at a significant premium," said Mayne Pharma Chair, Frank Condella.
"The Board believes that the proposed transaction is in line with the Board's priority to deliver value to our shareholders, and also provides significant benefits for our broader stakeholders."
Mayne Pharma CEO, Shawn Patrick O'Brien, added: "Attracting an offer from a strategic buyer who is active in the US dermatology and women's health markets, such as Cosette, reflects the excellent work our teams have been doing to strengthen our company over the last year and more."
Mayne Pharma's two largest shareholders have indicated they will vote in favour of the proposed transaction in the absence of a superior proposal.
Mayne Pharma is a leader in dermatology and women's health, provides contract development and manufacturing services to clients worldwide, and has a 40-year track record of innovation and success in developing new oral drug deliverysystems.
Cosette itself has a portfolio of products in women's health and dermatology, and a history in the manufacturing of complex dosage forms including topical creams, ointments, oral liquids/solutions and suppositories.
Shareholders will vote on the proposal in late Apr or early May. KB
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