Bridgewater-based pharmaceutical giant Cosette Pharmaceuticals, Inc. declared on Dec. 9 that it served a notice to Mayne Pharma Group Limited that it has terminated the agreement in which Cosette was to acquire all the outstanding shares of women’s health and dermatology group Mayne Pharma (Scheme Implementation Deed).
Cosette also confirmed that on Dec. 11 Mayne Pharma served its own notice of termination of the Scheme Implementation Deed on Cosette.
Both parties’ notices of termination follow a ruling from the Treasurer of Australia blocking the proposed transaction and the expiry of the end date under the Scheme Implementation Deed in November.
In May 2025, Cosette Pharmaceuticals made a $672 million cash takeover bid for Mayne Pharmaceuticals. Both companies’ boards of directors had approved the transaction. The deal was expected to close in the second quarter of 2025.
After the termination of the agreement, Cosette disputed Mayne Pharma’s claims that it had breached the Scheme Implementation Deed.
The company further stated that it has been transparent in its engagement with Australian regulators and complied with its legal obligations, including the Scheme Implementation Deed.
