Highlights:

  • FIRB objects to Cosette Pharmaceuticals’ proposed acquisition of Mayne Pharma.
  • Second Court Hearing scheduled for 23 Nov 2025 has been vacated.
  • Mayne Pharma is reviewing available alternatives following FIRB decision.

Mayne Pharma (ASX:MYX) is specialty pharmaceutical company focused on commercialising novel pharmaceuticals. The company operates in dermatology and women’s health in the United States and provides contract development and manufacturing services globally. Over the past 40 years, Mayne Pharma has developed oral drug delivery technologies that have been commercialised in numerous products worldwide.

FIRB Blocks Acquisition
21 November 2025, Adelaide, Australia – Mayne Pharma Group Limited (ASX: MYX) has announced that the proposed acquisition by Cosette Pharmaceuticals, Inc. through a scheme of arrangement (Scheme) is unlikely to proceed after receiving notice from the Foreign Investment Review Board (FIRB).

Cosette informed Mayne Pharma shortly after market open that the Treasurer, following FIRB advice, has objected to the proposed Scheme. As a result, the FIRB condition precedent for the transaction will not be satisfied.

Court Hearing Vacated
The Second Court Hearing, initially scheduled for 23 November 2025, has been vacated due to the FIRB objection. Cosette also issued a notice under the Scheme Implementation Deed (SID) dated 20 February 2025, highlighting the failure of the FIRB condition and requesting consultation under clause 3.7(a)(ii) of the SID to explore available alternatives.

Next Steps for Mayne Pharma
Mayne Pharma is currently assessing its options and next steps in light of the FIRB decision. The company confirmed it will continue to keep the market informed as appropriate.

Share Price Snapshot

MYX was trading 23.14% lower at AUD 4.450 per share as of 21 November 2025.