MAYNE Pharma has announced that it will commence proceedings against Cosette and its private equity backer Avista Healthcare Partners, a move flagged after its buyout by Cosette Pharma fell through (PD 11 Dec 2025).
Mayne Pharma is looking to claim substantial damages from Cosette for breach of the $600 million buyout scheme, as well as Avista and its managing partner and CEO David Burgstahler for inducing Cosette's breach of the scheme.
The Supreme Court of NSW ruled against Cosette's bid to terminate the scheme, and Cosette has filed an appeal.
Ultimately, however, the deal was defeated by Federal Treasurer Jim Chalmers, who acted on the recommendation of the Foreign Investment Review Board.
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