Australian pharma company Mayne Pharmaceuticals has agreed to be bought by US pharma Cosette for around A$672 million.
Mayne Pharma has announced that it has entered into a scheme implementation deed with US pharma company Cosette Pharmaceuticals, under which Cosette has agreed to acquire 100% of the shares in Mayne Pharma for A$7.40 per share.
The Mayne Pharma board unanimously recommends that Mayne Pharma 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 Pharma shareholders.
“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.”
More details in today’s issue of Pharmacy Daily.
