Mayne Pharma Group Limited (ASX: MYX) announced that its shareholders have voted in favour of the Scheme of Arrangement with Cosette Pharmaceuticals, Inc., paving the way for Cosette to acquire 100% of Mayne Pharma’s shares. At the Scheme Meeting, 99.06% of the total votes cast supported the resolution, and 89.64% of Mayne Pharma shareholders present voted in favour. The results demonstrate strong shareholder support for the proposed acquisition.
The next step involves Mayne Pharma seeking approval from the Supreme Court of New South Wales at a hearing scheduled for September 18, 2025. However, this is contingent upon Mayne Pharma successfully challenging Cosette’s purported termination of the Scheme Implementation Deed. The legal challenge adds a layer of uncertainty to the timeline and ultimate completion of the acquisition. If the court approves the Scheme, it will mark a significant shift for Mayne Pharma, a specialty pharmaceutical company with a 40-year history of innovation, particularly in dermatology, women’s health, and drug delivery systems. The acquisition by Cosette would bring Mayne Pharma under the umbrella of Cosette Pharmaceuticals Holdings, Inc., potentially altering its strategic direction and market focus. The resolution passed with 35,835,625 votes for and 339,546 votes against. A total of 779 shareholders voted for, with 92 against.
