Cosette Attempts to Terminate Mayne Pharma Deal

Mayne Pharma (ASX: MYX) is in a dispute with Cosette Pharmaceuticals, Inc. after receiving a notice from Cosette purporting to terminate the scheme implementation deed (SID) dated February 20, 2025. Cosette’s stated reasons for termination are based on clause 3.7(b) and clause 15.1(a)(ii) of the SID. Cosette also alleges a breach by Mayne Pharma of the ‘Mayne Representation and Warranty,’ indicating an intention to terminate if the alleged breach persists for five business days. Mayne Pharma intends to reject the Cosette Termination Notice, asserting that no ‘Mayne Material Adverse Change’ has occurred, thus providing no lawful basis for termination. Mayne Pharma is assessing Cosette’s additional notice concerning the alleged breach of warranty. The company has stated it will enforce its rights under the SID, including approaching the Court to challenge the validity of the Cosette Termination Notice and any termination attempt linked to the additional notice. Mayne Pharma emphasizes its commitment to completing the scheme and maintains that all relevant financial information has been disclosed, most recently in the earnings announcement released on April 22, 2025. Mayne Pharma intends to seek court approval for supplementary disclosure to shareholders and will provide further updates. Mayne Pharma is encouraging shareholders with questions to contact the Mayne Pharma Shareholder Information Line. The company is focused on commercializing novel pharmaceuticals and is a leader in dermatology and women’s health in the United States.