Mayne Pharma Group Divests Mayne Pharma International for $55.5 Million

Aakashdeep

06 November 2026 11:23 AM AEDT

Mayne Pharma Group Divests Mayne Pharma International for $55.5 Million

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Mayne Pharma Group (ASX:MYX) has announced the divestment of Mayne Pharma International (MPI) for total cash consideration of $55.5 million, with completion expected in the third quarter of FY27, subject to satisfaction of customary conditions including approval from the Australian Competition and Consumer Commission.

Key Points

Total cash consideration for the sale of MPI is $55.5 million, representing 0.79x FY26 MPI revenue of $70.7 million and 12.1x FY26 MPI direct contribution of $4.6 million.
Pro-forma cash and marketable securities on transaction completion are stated at $122.8 million, comprising $67.3 million in cash and marketable securities as at 30 September 2026 and $55.5 million in transaction proceeds.
The transaction is not subject to Foreign Investment Review Board approval and does not require shareholder approval under ASX Listing Rule 11.2.
Completion is expected in the third quarter of FY27 and is not subject to a financing condition.

Transaction Terms and Conditions Precedent

According to the filing, the transaction requires notification to, and a determination permitting completion by, the Australian Competition and Consumer Commission under the mandatory merger notification regime in Part IVA of the Competition and Consumer Act 2010 (Cth). The filing states that MPI does not constitute Mayne Pharma's main undertaking and the transaction does not require shareholder approval under ASX Listing Rule 11.2. The transaction is not subject to a financing condition, and expected completion is in the third quarter of FY27, subject to satisfaction of customary conditions. The buyer has been identified as Evaris Pharma.

MPI Operations Being Divested

MPI includes an Australian commercial operation holding the Australian rights to NEXTSTELLIS®, which was PBS-listed from 1 October 2025 and recorded demand cycles growth of 127% in FY26. MPI also holds Australian rights to BLISSEL®, licensed in September 2026 with launch targeted in FY28. The business encompasses a manufacturing, packaging and development facility in Salisbury, South Australia, which underwent an $18 million facility upgrade inaugurated in FY26, including $4.8 million in Modern Manufacturing Initiative funding from the Commonwealth Government. MPI employs approximately 240 people and recorded a delivered in full on time rate of 97.4% at 30 June 2026.

Post-Transaction Strategic Direction

The filing states the divestment completes Mayne Pharma's transition to a specialty pharmaceutical company with 100% focus on the United States, specifically in Women's Health and Dermatology/DistributeRx. The company disclosed that all management attention and capital will be directed to these US segments following completion. The filing also states the transaction removes ongoing capital requirements of an owned manufacturing facility and provides greater financial flexibility, with potential for portfolio additions via acquisitions or in-licensing activities. The post-transaction strategy includes expanding DistributeRx into additional therapeutic areas and targeted acquisitions of new FDA-approved brands.

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