Highlights
- Mayne Pharma ends SID after Cosette’s material breaches persisted for five business days.
- Termination releases Mayne Pharma from restrictions and does not trigger any break fee.
- Company reserves all rights against Cosette, Hamilton Lane, and Avista for related conduct.
Mayne Pharma Group Limited (ASX:MYX) has terminated the Scheme Implementation Deed (SID) with Cosette. The termination follows the company’s 3 December 2025 notice of intention to terminate, which outlined Cosette’s material breaches of the SID. These breaches continued for five business days, prompting Mayne Pharma to exercise its right to terminate under the SID provisions.
FIRB Condition and Termination Rights
While the FIRB condition was not satisfied, Mayne Pharma stated that the SID did not automatically end under its terms. The company confirmed that Cosette is not entitled to terminate due to its material breaches, which Mayne Pharma considers wilful and intentional. The termination decision was taken because the Scheme could not be implemented, releasing Mayne Pharma from the restrictions under the SID.
No Break Fee Obligation
Mayne Pharma clarified that termination under these circumstances does not give rise to any obligation to pay the break fee. The company confirmed that the termination now removes the restrictions imposed on it under the SID, allowing it to consider further actions regarding Cosette’s breaches.
Alternative Termination Options and Repudiation
The termination notice also addressed Cosette’s attempt to terminate the SID on 9 December 2025, confirming it was invalid. Mayne Pharma stated that it either accepted Cosette’s repudiation of the SID or terminated the SID itself pursuant to clause 3.7(b), both of which were valid alternatives under the agreement.
Ongoing Legal and Strategic Actions
Mayne Pharma continues to reserve all rights against Cosette and its owners, Hamilton Lane and Avista, in relation to conduct associated with the SID. The company has also notified Cosette of its intention to enforce the costs order issued on 16 October 2025 following Justice Black’s decision in substantive litigation.
Share Price Snapshot
MYX was trading 1.39% lower at AUD 3.175 per share as of 11 December 2025.






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